IFSCA has issued the Format and manner of seeking authorization as Payment Service Provider
An applicant shall fill up the application form and submit the information sought in English. Incomplete applications shall not be considered. In case the applicant has already answered a question elsewhere in the schedules, specific reference to that cell/section may be provided to avoid duplication.
IFSCA revises Reporting Norms for Capital Market Intermediaries
The Authority will continue to monitor Capital Market Intermediaries in IFSC and may supplement / update the reporting formats, if so required. Accordingly, at the end of each quarter, the CMIs shall access the latest reporting formats from the IFSCA website under the “Downloads” section (https://ifsca.gov.in/Downloadfile/Index).
IFSCA measures for Monitoring of investments from countries sharing land border with India
This circular underscores IFSCA’s commitment to maintaining the integrity and transparency of the financial ecosystem within the IFSC. By imposing robust compliance measures, the authority aims to instill confidence among investors while safeguarding against potential risks associated with cross-border investments.
IFSCA has issued clarification regarding Maintenance of net worth by Fund Management Entity
In case the net worth of any FME falls below the specified networth, such FME shall not launch new schemes in IFSC or onboard new clients towards any of the activities or undertake new business activities permitted under the Fund Management Regulations;
NSE Guidelines in pursuance of amendment to SEBI KYC (Know Your client) Registration Agency (KRA) Regulations, 2011
NSE has issued the Guidelines in pursuance of amendment to SEBI KYC (Know Your client) Registration Agency (KRA) Regulations, 2011. It is clarified that the clients whose KYC are not found to be validated by KRAs or clients with KYCs which are “On Hold” for any reasons (both AADHAAR and Non-AADHAAR based) uploaded from September 01, 2023 to January 31, 2024 shall neither be Permitted to trade on the Exchange, nor will they be able to square up their open positions, if any, w.e.f. February 17, 2024.
NSE clarification regarding Penalties at NCL
NSE has announced introduction of new functionality, “Penalties at NCL” menu on member portal where details of penalties levied by various departments of NCL are being made available.
BSE clarification regarding Submission of Corrective Action Report pertaining to System Audit of Stockbrokers / Trading members for the period ended September 2023 through BEFS (BSE Electronic Filing System)
All Stock Brokers / Trading members were directed to submit “Corrective Action Report” for “System Audit Report” for half year ended September 30, 2023 to the Exchange lates by February 29, 2024 in electronic form through BEFS (BSE Electronic Filing System). No documents are to be submitted in physical form.
BSE directs for Submission of Corrective Action Report pertaining to Cyber Security and Cyber Resilience Audit Report of Stockbrokers / Trading members for the period ended September 2023 through BEFS
All Stockbrokers / Trading members are directed to submit “Corrective Action Report” for “Cyber Security and Cyber Resilience Audit Report” for half year ended September 30, 2023 to the Exchange latest by February 29, 2024 in electronic form through BEFS (BSE Electronic Filing System). No documents are to be submitted in physical form.
International Financial Services Centers Authority (Payment Services) Regulations, 2024
The application shall be accompanied by a non-refundable application fee as may be specified by the Authority. A person authorized as a Payment Service Provider may provide one or more of Payment Services.
IFSCA issues eligibility criteria to qualify as accredited investors
The IFSCA has outlined clear eligibility criteria for Accredited Investors, encompassing a diverse range of entities. Individuals, Hindu Undivided Families (HUFs), partnership firms, trusts, and body corporates, including Limited Liability Partnerships, can qualify based on criteria such as income, net assets, and joint investments. The criteria ensure that only financially sophisticated entities or individuals can benefit from the Accredited Investor status.
