International Financial Services Centres Authority (Finance Company) Regulations, 2021- Clarification

Last updated: 11 August 2021

Notice Date : 09 August 2021

International Financial Services Centres Authority

CIRCULAR

F. No 172/ IFSCA/Finance Company Regulations/2021-22/08

August 09, 2021

To,

All entities operating in the International Financial Services Centres (IFSC)

Subject: International Financial Services Centres Authority (Finance Company) Regulations, 2021- Clarification

Reference is drawn to the International Financial Services Centres Authority (Finance Company) Regulations, 2021 (hereinafter referred to as ‘Finance Company Regulations’), notified on March 25, 2021.

2. In order to facilitate financial services under Finance Company Regulations, it is clarified that an entity which has obtained a certificate of registration or authorisation for a specific activity either under a framework or a regulation administered by IFSCA, shall not be required to seek a fresh registration under the Finance Company Regulations for carrying out the same activity, which is a permissible activity under regulation 5 of the said Regulations.

However, a certificate of registration under Finance Company Regulations shall be required to be obtained by an entity intending to carry out such permissible activities which are not covered under the regulations/framework under which it has already been granted registration/authorisation, if any.

3. This Circular is issued under Section 12 of IFSCA Act, 2019 read with Regulation 10 of the Finance Company Regulations and is available on IFSCA website at www.ifsca.gov.in at “Legal →Circulars”.

Yours faithfully,

(R. Kumar)
Head, Department of Banking
rag.kumar@ifsca.gov.in