Draft Guidelines on IFSCA (Assets, Liabilities, and Solvency Margin) Regulations 2023
These guidelines further specify the regulatory requirements towards maintenance of capital and solvency margins for transacting insurance business by IIOs registered with the Authority whether set up in an incorporated or in unincorporated form in the IFSC.
Frequently Asked Questions (FAQs) on IFSC Insurance Office
IFSCA vide circular dated 21.12.2023 has issued Frequently Asked Questions (FAQs) on IFSC Insurance Office (updated as on December 13, 2023). The revised Frequently Asked Questions provides clarifications regarding all IFSCA regulations.
Consultation paper on proposed Guidelines on IFSCA(Assets, Liabilities, and Solvency Margin of General, Health and Re-insurance business) Regulations, 2023
In addition to the forms, IIOs are required to submit a quarterly certificate demonstrating their solvency and compliance with capital requirements. For IIOs incorporated in an IFSC, this certificate must be signed by the appointed actuary and the principal officer. For unincorporated IIOs, the signing responsibility falls to the actuary or the principal officer of the parent entity. This certification process ensures that the IIOs maintain sufficient capital buffers and are solvent, which is crucial for policyholder protection.
Report of the Working Group on Direct Listing of Listed Indian Companies on IFSC Exchanges
The tax on dividend may be reduced to 10% for shareholders in IFSC. This would be in line with the DR framework.
Revised framework for upstreaming of clients’ funds by Stock Brokers (SBs) and Clearing Members (CMs) to Clearing Corporations
The Securities and Exchange Board of India (SEBI) recently issued a circular on December 12, 2023, addressing the upstreaming of clients’ funds by Stock Brokers (SBs) and Clearing Members (CMs) to Clearing Corporations (CCs). This circular revises the framework outlined in previous circulars and aims to enhance operational efficiency while ensuring the safety of clients’ funds.
Informal Guidance on AIF investments
SEBI has clarified that Investment in Mutual Funds is not covered under permissible investments by a Category III AIF.
NSE issues Periodic relaxation of Surveillance action for securities under Graded Surveillance Measure (GSM) framework
National Stock Exchange vide circular dated December 15, 2023 has issued Periodic relaxation of Surveillance action for securities under Graded Surveillance Measure (GSM) framework. As per the provisions of GSM framework, a periodic review of securities under GSM, to assess relaxation of surveillance actions has been carried out in coordination with the other Exchanges.
IFSCA Permits International Branch Campuses and Offshore Educational Centres at GIFT-IFSC to avail infrastructure services from Academic Infrastructure Service Providers
International Financial Services Centres Authority (IFSCA) has introduced the “Setting up and Operation of International Branch Campuses and Offshore Education Centres Regulations, 2022.” Foreign universities and educational institutions has expressed a need for a robust framework that facilitates the provision of infrastructure and support services in GIFT IFSC. Such services are envisioned to streamline the establishment of IBCs/OECs by offering comprehensive end-to-end campus infrastructure facilities. To operationalize this vision, a circular has been issued, outlining conditions for IBCs and/or OECs to avail themselves of infrastructure and support services from Academic Infrastructure Service Providers (AISPs).
Supreme Court’s verdict on the abrogation of Article 370
The Court, in its profound wisdom, has fortified the very essence of unity that we, as Indians, hold dear and cherish above all else. I want to assure the resilient people of Jammu, Kashmir and Ladakh that our commitment to fulfilling your dreams remains unwavering
NSE clarification regarding actions in case of failure to settle a deal on Request for Quote (RFQ) platform
Participants are requested to note that, there shall be no penal action effected for Individual Investors till December 31, 2023, in case of failure to settle a deal post execution of trade on the RFQ Platform.
