Any entity is permitted to provide custodial services by establishing a subsidiary at GIFT-IFSC

The International Financial Services Centers Authority through circular dated February 24, 2021 has provided that Any entity shall be permitted to provide custodial services by establishing a subsidiary at GIFT-IFSC. The subsidiary established shall be subject to prior approval by the Authority and comply with the following conditions

• The entity is from a Financial Action Task Force (FATF) compliant jurisdiction
• The subsidiary should have a net worth to the tune of USD 70 million. The entity shall submit a declaration to the Authority in this regard.