Consultation paper on the proposed Guidelines on setting up of International Trade Financing Services Platform

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:

1. Shall require a Certificate of Authorisation under these guidelines;
2. Shall be incorporated in IFSC under the Companies Act, 2013;
3. 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;
4. Shall possess or shall be willing to invest in the necessary infrastructure in IFSC
5. Including adequate office space requirement, equipment, communication facilities and manpower to undertake the permissible activities;
6. Shall comply with the net worth requirements.
7. Shall provide necessary information for the Authority to satisfy itself that the financial position of the parent entity of the applicant is sound;
8. 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;
9. 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;
10. 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;
11. 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.