IFSCA had issued the draft IFSCA (Payment Services) Regulations, 2023 on June 13, 2023 for seeking public comments. Based on the public comments received, the draft regulations have been substantially redrafted and published as a consultation paper. The objective of this consultation paper is to seek comments/views/suggestions from the public on the proposed International Financial Services Authority (Payment Services) Regulations, 2023.
The following changes are made to draft regulations:
- The regulations clearly specify the services that are included within the definition of payment services and those that are excluded from the definition.
- The regulations also specify the entities providing one or more payment service/s which are exempted from the requirement of authorisation.
- Criteria that shall be used by the Authority to evaluate the applications received by the Authority has been laid down in the regulations.
- Procedure for revocation of authorisation by the Authority and surrender of authorisation by the payment service provider has been clearly spelt out.
- Governance arrangements for the payment service providers including management of service relationships have been clearly laid down.
The draft regulations are 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 Mr. Vaibhav Sattavan at vaibhav.sattavan@ifsca.gov.in on or before November 10, 2023 in the attached format. The comments may be provided in MS Word or MS Excel format only.
