Online registrations for Yuva Sangam (Phase V) commence for participation
Interested youth in the age group of 18-30 years, mainly students, NSS/NYKS volunteers, employed/self-employed persons, etc. may register through the YUVA SANGAM portal to participate in the forthcoming Phase of this unique initiative which was launched in 2023. Registrations will be accepted till 21st October 2024.
IFSCA directions to Payment Service Providers
Auditor’s certificate of Net worth of PSP and Auditor’s certificate on Maintenance of
Balance in Escrow Account/s shall be submitted by a PSP in physical form or in soft copy form with the Unique Document Identification Number (UDIN) and the same shall be addressed to the Chief General Manager, Division of Payment and Settlement, Department of Banking, International Financial Services Centres Authority.
Guidelines for utilization of office space or manpower or both by Finance Company(ies)/ Unit(s) undertaking ship leasing activity in IFSC
The new guidelines, issued by the International Financial Services Centres Authority (IFSCA), provide a framework for finance companies registered for ship leasing to share office space or manpower with other entities under specific conditions. These rules offer practical solutions to operational challenges and promote efficient resource utilisation, contributing to the growth of the ship leasing industry in India.
IFSCA consultation paper on Principles to Mitigate the Risk of Greenwashing in ESG Labelled Debt Securities in the IFSC
Comments on the draft circular may be sent by email to Mr. Abhineet Panwar, Assistant Manager, IFSCA at abhineet.panwar@ifsca.gov.in and Mr. Chintan Panchal, Manager, IFSCA at chintan.panchal@ifsca.gov.in with a copy to Mr. Pavan Kishor Shah, General Manager, IFSCA at pavan.shah@ifsca.gov.in latest by October 25, 2024.
Master Circular for Credit Rating Agencies
An entity desirous of seeking registration as Credit Rating Agency with the Authority shall file an application through the SWIT System. The CRA registered with the Authority shall pay fees in accordance with the circulars issued by the Authority on “Fee structure for the entities undertaking or intending to undertake permissible activities in IFSC” dated May 17, 2023, February 06, 2024 and March 01, 2024 and as may be amended from time to time.
Single window IT-enabled system for application processing of entities desirous of setting up operations in GIFT IFSC
IFSCA has developed a Single Window IT System (SWITS) which, inter-alia, contains a Common Application Form (CAF), created by merging several existing forms including business-specific Annexure Forms. The SWITS aims to harmonise and simplify the process of submission of application under various Acts administered by IFSCA, in addition to the Special Economic Zones (SEZ) Act, 2005.
Guidelines on Cybersecurity and Cyber Resilience for regulated entities (REs) operating within GIFT IFSC
The primary aim of the consultation paper is to establish a principle-based cybersecurity framework that ensures the protection and resilience of financial institutions against evolving cyber threats. Given the growing complexity and sophistication of cyber-attacks, especially in international jurisdictions such as GIFT IFSC, securing the financial sector’s digital infrastructure is critical. This consultation seeks input from stakeholders to shape a robust cybersecurity framework, covering governance, third-party risks, audit mechanisms, and incident management.
IFSCA press release on conference on “Developing Alternative Dispute Resolution and International Arbitration Centre in GIFT-IFSC”
Panelists examined strategies for GIFT-IFSC to distinguish itself and effectively establish itself as a leading Arbitration hub. The discussion highlighted the importance of infrastructure, skilled professionals, and unique offerings which GIFT IFSC can offer. Experts shared insights into emerging trends such as digital arbitration and the integration of technology, emphasizing the potential for increased efficiency and accessibility in ADR processes.
DoT has provided for extension of timeline for registration of Unregistered Entities providing M2M services and/or WLAN/WPAN connectivity for M2M Services
The Department of Telecommunications vide circular dated 30.09.2024 has provided for extension of timeline for registration of Unregistered Entities providing M2M services and/or WLAN/WPAN connectivity for M2M Services till 30.09.2024.
TRAI has released a consultation paper on ‘Terms and Conditions for the Assignment of Spectrum for Certain Satellite-Based Commercial Communication Services’
Written comments on the issues raised in the consultation paper are invited from stakeholders by 18th October 2024 and counter-comments by 25th October 2024, respectively. The comments & counter comments may be sent, preferably in electronic form, at advmn@trai.gov.in.
