International Financial Services Centres Authority (Payment Services) Regulations, 2024

International Financial Services Centres Authority has issued consolidated International Financial Services Centres Authority (Payment Services) Regulations, 2024. Any person seeking to provide Payment Services in or from IFSC shall require certificate of authorisation under these regulations. An applicant making an application for authorisation shall be required to be incorporated as a Company with its registered office in IFSC.

While evaluating an application, the Authority shall take into account all matters which it deems relevant for grant of authorisation, including, whether:

1. Relevant persons of the Applicant possess adequate experience, including an existing authorisation to provide similar services in any other jurisdiction, in the activities that it seeks to provide as a Payment Service Provider;
2. The applicant possesses the necessary infrastructure like adequate office space, equipment, communication facilities and manpower to effectively discharge its activities;
3. The Applicant satisfies the net worth requirement, as specified in these regulations;
4. The financial soundness of the Applicant;
5. The Applicant and Relevant Persons satisfy the “fit and proper” requirements;
6. The Applicant or its Group Entities have in the past been refused authorisation by the Authority and if so, the ground for such refusal;
7. The Applicant or the Relevant Persons are not subject to any proceeding for breach of law by the Authority; and

The interests of Payment Services Users, including the terms and conditions governing their relationship with a Payment Service Provider shall be adequately protected if such authorisation is granted.