Caution to Public against Dealing with Unauthorized Entities in IFSC
The investors and the general public are cautioned against dealing with any unauthorized entities in the IFSC. Any person dealing with entities in the IFSC for any financial services should ensure that such entity is regulated by IFSCA for carrying out permissible activities in the IFSC.
IFSCA Banking Handbook – Conditions for opening a Global Administrative Office (GAO) and Representative Office (RO)
The amendment provides that the firms operating a representative office (RO) or a Global Administrative Office in an IFSC shall maintain Banking company’s track record in complying with Anti-Money laundering/Combating the financing of terrorism (AML/CFT) guidelines in its home jurisdiction.
IFSCA seeks suggestions for review of IFSCA (Bullion Exchange) Regulations, 2020
IFSCA has invited suggestions for review of IFSCA (Bullion Exchange) Regulations, 2020 from public and regulated entities. Suggestions may be sent by email to Mr. Ramaneesh Goyal, Deputy General Manager at ramaneesh.goyal@ifsca.gov.in with a copy to Mr. Kamlesh Sharma, Chief General Manager, at kamlesh.sharma27@ifsca.gov.in latest by November 30, 2023.
Modifications under the International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022
Financial Groups are required to implement Group-wide programmes for the purpose of discharging obligations under the provisions of Chapter-IV of the Act, Rules and Guidelines including group- wide policies and procedures for sharing of information required for the purpose of CDD and ML/TF risk management.
Discontinuation of Reporting of Bank Account Balances
it is clarified that the period of last submission which would be applicable to member for daily bank balance reporting shall be October 28, 2023.
SEBI guidelines to enhance their Business Continuity Plan (BCP) and Disaster Recovery (DR) capabilities
SEBI’s guidelines for BCP and DR aim to strengthen the resiliency of Qualified Registrar and Transfer Agents (QRTAs) in the Indian securities market. These measures are vital to ensuring continuous operations, maintaining data integrity, and minimizing recovery time in the event of a disaster. By adhering to these guidelines, QRTAs can contribute to the stability and reliability of India’s financial markets, ultimately safeguarding the interests of investors.
NSE cautions against telegram channels providing assured/guaranteed returns on investment in stock markets
The investors may note that for any kind of disputes relating to such prohibited schemes none of the NSE recourses will be available to investors.
SEBI revised framework for fund raising by issuance of debt securities by large corporates (LCs)
SEBI’s new framework for Large Corporates introduces a structured approach to borrowing and encourages listed entities to issue debt securities as part of their capital structure. By offering incentives and dis-incentives, the framework aims to enhance transparency and regulatory compliance among LCs. It is essential for LCs to understand and adhere to these provisions to ensure smooth compliance with SEBI’s regulations and contribute to the integrity of the Indian financial market.
Modifications under the International Financial Services Centers Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022
Where higher risks are identified in payout by insurers in IFSCA, they shall be required to inform Senior Management before the payout of the policy proceeds, to conduct enhanced scrutiny on the whole business relationship with the policyholder, and to consider making a Suspicious Transaction Report.
Consultation paper on proposed IFSCA(Payment Services) Regulations, 2023
Comments and suggestions can be sent via email to the designated authorities, Mr. Supriyo Bhattacharjee and Mr. Vaibhav Sattavan, by November 10, 2023.
