IFSCA Consultation paper on the proposed Guidelines on setting up of International Trade Financing Services Platform. The objective of this consultation paper is to seek comments/views/suggestions from the public on the proposed Guidelines on setting up of International Trade Financing Services Platform (‘ITFS’).
An Entity desirous of setting up as an ITFS operator:
- Shall require a Certificate of Authorisation under these guidelines;
- Shall be incorporated in IFSC under the Companies Act, 2013;
- Shall satisfy the requirement of the parent entity of the applicant having experience of at least three years in operating trading infrastructure in financial markets or operating a financial technology(fintech) platform;
- Shall possess or shall be willing to invest in the necessary infrastructure in IFSC
- Including adequate office space requirement, equipment, communication facilities and manpower to undertake the permissible activities;
- Shall comply with the net worth requirements.
- Shall provide necessary information for the Authority to satisfy itself that the financial position of the parent entity of the applicant is sound;
- Shall provide necessary information for the Authority to satisfy itself that the applicant snd relevant persons satisfy the ‘fit and proper’ requirements as specified in these guidelines;
- Shall inform if the parent entity of the applicant have in the past been refused authorisation by the Authority and if so, the ground for such refusal;
- Shall confirm that the applicant or the relevant persons of the applicant are not subject to any proceeding for breach of law in any jurisdiction;
- Shall satisfy any other requirements as may be specified by the Authority from time to time.
A draft of the Guidelines is placed on the website of the IFSCA at https://ifsca.gov.in/PublicConsultation. General public and stakeholders are requested to forward their comments/suggestions through e-mail to Mr. Supriyo Bhattacharjee at supriyo.b@ifsca.gov.in and Ms. Riddhi Bhandari at riddhi.bhandari@ifsca.gov.in and Mr. T P Samuel Wesly at wesly.samuel@ifsca.gov.in; on or before September 20, 2024.
