The International Financial Services Centres Authority (IFSCA) has issued a circular dated November 03, 2023, amending the reporting norms for Fund Management Entities (FMEs) operating within International Financial Services Centres (IFSCs). This amendment modifies the circular previously issued on May 31, 2023, specifying new reporting requirements for FMEs.
Detailed Analysis:
1. Background: The circular issued on May 31, 2023, outlined the reporting norms for FMEs. However, in a partial modification, FMEs are now required to provide information in the prescribed formats on a quarterly basis instead of half-yearly.
2. Key Changes: All references to “half-year” or “half-yearly” in the circular dated May 31, 2023, have been replaced with “quarter” or “quarterly,” respectively. This change necessitates FMEs to adapt their reporting schedules to comply with the updated frequency.
3. Compliance Implications: FMEs operating within IFSCs must ensure timely compliance with the revised reporting norms. Adhering to quarterly reporting requirements is crucial to maintaining regulatory compliance and fostering transparency within the financial ecosystem.
4. Accessing the Circular: The circular detailing these amendments is available on the official website of the International Financial Services Centres Authority at www.ifsca.gov.in. FMEs and stakeholders are encouraged to review the circular thoroughly to understand the updated reporting obligations.
Conclusion:
The IFSCA’s recent circular signifies a significant change in the reporting norms for Fund Management Entities in IFSCs. With the shift from half-yearly to quarterly reporting, FMEs must promptly align their reporting processes with the updated requirements. Staying abreast of regulatory changes is vital for businesses to uphold compliance, enhance transparency, and contribute to the integrity of the financial services industry within IFSCs. For further inquiries or clarifications, FMEs are encouraged to reach out to the designated contact person mentioned in the circular.
This comprehensive analysis provides a detailed understanding of the recent amendment to the reporting norms for Fund Management Entities within IFSCs, ensuring readers are well-informed about the regulatory updates and their implications.
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International Financial Services Centres Authority
Circular No. F. No. 970/IFSCA/FME Supervision/2023-24/2 Dated: November 03, 2023
To,
All Fund Management Entities in International Financial Services Centres (IFSCs)
Dear Sir / Madam,
Sub: Amendment to Circular on Reporting Norms for Fund Management Entities under IFSCA (Fund Management) Regulations, 2022
1. IFSCA, vide circular dated May 31, 2023, specified the reporting norms for Fund Management Entities (FMEs).
2. In partial modification to the circular dated May 31, 2023, FMEs are advised to provide information in the prescribed formats on a quarterly basis. Accordingly, all the references to “half-year” or “half-yearly” in the circular dated May 31, 2023 shall be read as “quarter” or “quarterly”, respectively.
A copy of this circular is available on the website of International Financial Services Centres Authority at www.ifsca.gov.in.
Yours faithfully
Sd/-
Pavan Shah
General Manager
Division of Investment Funds – I and New Products & Services
Capital Markets Department
Email: [email protected]
Tel: +91-79-61809844
