431 FAQs on International Financial Services Center (IFSC) Authority in India

India’s ambition to emerge as a global financial hub has given rise to the establishment of International Financial Services Centers (IFSCs), a transformative initiative aimed at facilitating cross-border financial transactions, innovation, and investment. The IFSC Authority (IFSCA) serves as the apex regulatory body overseeing these specialized zones, such as the renowned GIFT City in Gujarat, ensuring seamless operations, global competitiveness, and alignment with international standards.

This comprehensive guide, “431 FAQs on International Financial Services Center (IFSC) Authority in India,” is designed to demystify the multifaceted aspects of IFSC operations and governance. Covering critical areas such as banking, taxation, insurance, capital markets, and regulatory compliance, this resource answers frequently asked questions with clarity and precision. It delves into the legislative framework, permissible activities, opportunities for stakeholders, and the procedural intricacies of establishing a presence in IFSCs.

Whether you’re a financial institution, investor, professional, or policymaker, this guide provides valuable insights into the opportunities and challenges within India’s IFSC ecosystem. By navigating the FAQs, readers can gain a comprehensive understanding of how IFSCs operate, the role of the IFSCA, and how these centers contribute to India’s economic growth and integration into the global financial landscape.

(A) Meaning for International Financial Services Center (IFSC) in India

1. For introduction on IFSC

(i) IFSC’s authority (IFSCA) is established on April 27, 2020 under International Financial Services Centres Authority (IFSCA) Act, 2019 passed by India’s parliament having headquarter as located at GIFT City, Gandhinagar (Gujarat).

(ii) IFSC’s authority is established as unified regulator with holistic vision to promote ease of doing business in IFSC + also to provide world class regulatory environment (both) in India.

(iii) IFSC’s authority is established for IFSC’s high degree of inter-regulatory co-ordination within financial sector.

(iv) IFSC’s authority is established for devel-oping strong global connect + to focus on In-dian economy’s needs + to serve as international financial platform for entire region + also to whole global economy (all).

(v) RBI + SEBI have provided guidelines + also clarifica-tions through several circulars from time to time (all) for GIFT IFSC in India.

(vi) GIFT IFSC has compiled several FAQs + also submitted to RBI (both) for clarifications through Department of Economic of Affairs of India

(vii) RBI has provided response against FAQs + also suggested that FAQs be hosted on website of GIFT IFSC for guidance to IFSC entities vide letter dated February 07, 2019

(viii) IFSC’s authority is established for development + regulation of financial products + financial services + also financial institutions (all) in GIFT IFSC.

(ix) GIFT IFSC is working as IFSC.

(x) 4 Domestic financial regulators like Re-serve Bank of India (RBI) + Securities & Exchange Board of India (SEBI) + Insurance Regulatory Development Authority of India (IRDAI) + also Pension Fund Regulatory Development Authority of In-dia (PFRDAI) all were regulating IFSC’s business before IFSCA’s establishment.

2. For Overview on IFSC

(i) Abovementioned 4 domestic financial regula-tors’ powers have been transferred to IFSC authority (IFSCA) on April 27, 2020 for development + regulation of financial products + financial services + also financial institutions in GIFT IFSC.

(ii) GIFT IFSC has improved India’s strategic position as global hub for financial services over and above to provide global financial platform + easy access to Indian economy amongst largest + also fastest growing economies in world (all)

(iii) GIFT IFSC has provided unprecedented opportunity to Global investors for setting up businesses in certain areas like:

(a) Banking business

(b) Investments business like green fi-nance + also social impact capital (both)

(c) Insurance business

(d) Reinsurance business

(e) Capital market activity

(f) Asset management activity

(iv) GIFT IFSC has emerged as leading fund-raising destination for Indian issuers + also foreign issuers (both)

(v) GIFT IFSC has become global hub for fin-tech start-ups.

(vi) GIFT IFSC has registered entities + branches to operate + to innovate + to succeed + also to facilitate (all) internationally comparable regulatory frameworks under special off-shore status (in India).

(vii) Latest Global Financial Centers Index (LGFCI) London has placed GIFT IFSC in top 15 centers globally in September 2020.

3. For Objects on IFSC

(i) To support India’s fast growing USD 3 Trillion (Tn) economy + also 5^th largest GDP

(ii) To support India’s GDP USD 45 Tn (by PPP) as 3^rd largest GDP

(iii) To support India’s Consumption expendi-tures USD 6 Tn (by 2030)

(iv) To support India’s Foreign Direct Invest-ments (FDIs) inflow USD 70 billion (Bn)

(v) To support India’s Urban population 600 million / Mn (by 2030)

(vi) To support India’s average age group 29 Years

(vii) To support India’s internet users 600 Mn

(ix) To support India’s to improve ease of doing business rating

(x) To support India’s digital payments market USD 1 Tn

(xi) To support India’s banking assets USD 5 Tn(by 2025)

(x) To support India’s digital lending USD 100 Bn

(xi) To support India’s Mutual Funds AUM USD 47 Tn (by 2025)

(xii) To support India’s IT-BPM accounts GDP’s 8%

(xiii) To support India’s IT-BPM USD 350 Bn (by 2025)

(xiv) To support India’s No. 1 IT sourcing destination globally

(xv) To support India’s fintech software mar-ket USD 4 Bn

(xvi) To support India’s fintech transaction value USD 73 Bn

(xvii) To support India’s No. 3 largest domestic aviation market

(xviii) To support India’s aircraft purchases USD 224 Bn (by 2040)

(xix) To support India’s No. 1 in Global Retail Development Index (GRDI)

(xx) To support India’s No. 3 largest retail market in Asia

(xxi) To support India’s No. 4 largest economy after US + China + Japan

(xxii) To support India’s No. 3 largest consumer economy (by 2025)

(xxiv) To support India’s E-commerce market USD 200 Bn (by 2027)

(xxv) To support India’s employees target in constructions’ activities 75 Mn

(xxiv) To support India’s No. 3 largest in construction activities with USD 1 Tn (by 2025)

(xxvii) To support India’s contribution in con-struction GDP’s 15% (by 2030)

4. For Banks to oper-ate on IFSC

(i) Indian banks like public sector + also private sector (both) banks are permitted to set up IFSC Banking Unit (IBU) in GIFT IFSC to deal in foreign exchange in GIF IFSC

(ii) Also foreign banks already having presence in India (only) are permit-ted to set up IFSC Banking Unit (IBU) in GIFT IFSC to deal in foreign exchange in GIFT IFSC.

5. For RBI’s approval to operate

• Abovementioned eligible banks are required to obtain prior RBI’s permission under section 23(1)(a) of Banking Regulation (BR) Act, 1949 for opening IBU in GIFT IFSC

6. For Indian banks’ Minimum capital

(i) Parent bank (in India) is re-quired to provide minimum capital USD 20 million or equivalent in other currency to its IBU in GIFT IFSC + also same is to be maintained at all times (both).

(ii) However minimum capital for IBU is to be maintained on on-going basis by parent bank in accordance with RBI’s regula-tions.

7. For Foreign banks’ Minimum capital

(i) Parent bank (outside India) is required to provide minimum capital USD 20 million or equivalent in other cur-rency to its IBU in GIFT IFSC + also is to be maintained at all times (both).

(ii) However minimum capital for IBU is to be maintained on on-going basis by parent bank in accordance with Home country’s regula-tions.

(iii) IBU in GIFT IFSC is required to submit certificate as to be obtained from parent bank on half yearly basis to RBI (International Banking Division, DBR. CO, RBI).

(iv) Moreover parent bank is required to provide Letter of Comfort (LoC) for extending financial assistance as and when required in form of capital or liquidity support (any) to IBU (in India)

8. For IBU’s permissible activities

IBU’s permissible activities are mentioned in para 2.6 of RBI’s circular DBR.IBD.BC.14570/23.13.004/2014-15 dated April 01, 2015

9. For Eligible bank’s accountholders

(i) 100% IBUs are permitted to open foreign currency current accounts in GIFT IFSC

(ii) Also 100% non-resident institutional investors are permitted to open foreign currency current accounts for trading + investment (both) activities in GIFT IFSC

10. For Deposits from non-banks

(i) 100% IBUs are permitted to accept fixed deposits from non-banks

(ii) Abovementioned IBUs are not permitted to re-pay against fixed deposits before maturities within 1^st year’s working

(iii) However IBUs are permitted to accept fixed deposits as collateral (only) from non-banks for availing credit facilities or to be deposited as margin in favor of International Exchange in GIFT IFSC

(iv) Moreover IBUs are permitted to adjust prematurely when default is made in repayment of loan or meeting margin’s call (any)

11. For Foreign Financial Insti-tution’s status

• 100% Foreign Financial institutions + also their branches (both) are treated non-resident (in India) under rule 2(b) of Foreign Exchange Management (International Financial Services Centre) Regulations, 2015 dated March 02, 2015

12. For Resident of India’s investments

(i) 100% Residents of India are permitted to invest in fi-nancial institutions as established through Joint Venture (JV) or Wholly Owned Subsidiary (WOS) under Foreign Exchange Management (IFSC) Regulations, 2015 dated March 02, 2015

(ii) Abovementioned investments are to be made under Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations,2004 notified vide Notification No. FEMA.120/RB-2004 dated July 07, 2004 + also further amended from time to time (both)

13. For Special Non-Resident Rupee Account (SNRR)

(i) 100% non-residents of India are also permitted to open + also to maintain (both) SNRR with bank in India (outside IFSC) under FEM (Deposits) Regulations, 2016 dated April 01, 2016

(ii) Abovementioned SNRR is permitted to be used for administrative expenses in INR in India (outside IFSC)

14. For Know Your Customer (KYC) norms

• 100% IBU’s customers (accountholders) are required to obey RBI’s guidelines issued through Mas-ter Directions on Know Your Customer (KYC) on February 25, 2016 + also further amended from time to time (both)

15. For Due diligence by 3^rd par-ty

• 100% IBUs are permitted to rely on customer’s due diligence as executed by 3^rd party in accordance with para 14 Master Direction on KYC 2016 issued by RBI + also further amended from time to time (both)

16. For Permissible busi-ness for Foreign Financial Institutions

• 100% Foreign financial institutions + also their branches are permitted to conduct business in foreign currencies + with resident of India + also with non-resident of India (all) under Foreign Ex-change Management (International Financial Services Centre) Regulations, 2015 dated March 02,2015 + further amended from time to time (both).

17. For Permissible bank accounts for foreign investors

(i) 100% foreign investors + foreign entities operating in IFSC + also Foreign Institutions Investors (FIIs) are permitted to open foreign currency accounts for certain purposes like:

(a) For foreign investment’s transactions

(b) Also for Foreign Portfolio Investments (FPIs) transactions (both) under FEMA (Transfer or Issue of security by a person resident outside India) Regulations,2017 (Notification No. FEMA 20(R))

(c) Also for holding foreign currency accounts in India + transferring funds from same account to other bank account in GIFT IFSC (both)

(d) Also for trading members or clearing members or other entities in GIFT IFSC to remit funds from their bank accounts in IFSC to other bank accounts of FIIs outside India or in India (any).

(ii) Non eligible persons are permitted to transfer funds from their bank accounts in India (outside IFSC) to beneficiary’s bank account

(iii) Individuals are not allowed to open accounts in GIFT IFSC

18. For Margin money to International Exchanges

• 100% deposits provided to International Exchanges are to be treated as margin in favor of clearing corporation defined under guidelines issued vide circular DBR.IBD. BC. 14570123.13.004/2014-15 dated April 01,2015

19. For Margin money’s liquida-tion by clearing / trading members

• Clearing member or trading member (any) is permit-ted for pre-mature liquidation of margin money which were received through fixed deposits from it’s client when default is committed in accordance with guidelines issued vide circular DBR.IBD.BC.14570/ 23.13.004/20 14-15 dated April 01, 2015

20. For Margin money’s liquida-tion by IBUs

• 100% IBUs are permitted for pre-mature liquidation of Core Settlements Guarantee Fund (CSGF) + also minimum capital (both) which were received through fixed deposits from clearing corpora-tions when defaults are committed in accordance with guidelines issued vide circular DBR.IBD.BC.14570123.13 .004 /2014-15 dated April 01, 2015

21. For Gift City in IFSC

(i) Gujarat International Finance Tec-City (Gift-City) is located in Gandhinagar (Gujarat) with 886 acres land for Multi-Service Special Economic Zone (SEZ) as India’s 1^st notified IFSC + also exclusive Domestic Tariff Area (DTA) both.

(ii) Abovementioned 886 acres land is to include 261 acres land demarcated for SEZ + also 625 acres land for DTA = 886 acres + additional commercial office space

(iii) Also land demarcated for social infrastructure over and above 886 acres like:

(a) For International schools

(b) For Medical facilities

(c) For GIFT City Business clubs

(d) For Indoor and Outdoor sports facilities

(e) For Leisure zones

(f) For Multi cuisine restaurants

(g) For 5-Star hotels

(iv) Abovementioned 886 acres is also not to include land for certain things like:

(a) Integrated well-planned residential housing projects to enable walk to work culture.

(b) State-of-art infrastructure development at GIFT City which has won several awards + also appreciation at various forums (both)

(v) Abovementioned infrastructure is to include certain facilities like:

(a) District Cooling System (DCS)

(b) Automated Waste Collection System (AWCS)

(c) Water Treatment Plant (WTP)

(c) Underground Utility Tunnel is contributing towards leading Smart city

22. For Business in IFSC

(i) Under head bank:

(a) Indian banks are permitted to work

(b) Foreign banks are permitted to work

(ii) Under head Insurance:

(a) Indian Insurers are permitted to work

(b) Foreign Insurers are permitted to work

(c) Indian Re-insurers are permitted to work

(d) Foreign Re-insurers are permitted to work

(e) Indian Intermediaries are permitted to work

(f) Foreign Intermediaries are permitted to work

(iii) Under head Capital Market:

(a) Stock Exchanges (SEs) are permitted to work

(b) Commodities Exchanges (CEs) are permitted to work

(c) Clearing Corporations (CCs) are permitted to work

(d) Depositories are permitted to work

(e) Brokers are permitted to work

(f) Registrar are permitted to work

(g) Share transfer agent are permitted to work

(iv) Under head Asset Management:

(a) Pension Fund Services (PFS) are permitted to work

(b) Alternate Investment Fund (AIF) are permitted to wor

(c) Investment Advisers (IAs) are permitted to work

(d) Wealth Managements (WMs) are permitted to work

(e) Portfolio Managers (PMs) are permitted to work

(f) Custodial Services (CSs) are permitted to work

(g) Trust Services (TSs) are permitted to work

(v) Under head Allied / Support Services:

(a) Global In-House Centers (GIHCs) are permitted to work

(b) Aircraft Leasing & Financings (ALFs) are permitted to work

(c) Fin-tech Hubs (FHs) are permitted to work

(d) Accounting & Audit Services (AASs) are permitted to work

(e) Legal & Consultancy Se

(f) rvices (LCSc) are permitted to work

(g) R&D Services are permitted to work

23. For Opportunities in IFSC

(i) To access large hinterland economy

(ii) To connect 30 Mn strong Indians working outside In-dia

(iii) To access international market

(iv) To connect India with global markets

(v) To create inbound + outbound gateways for International Finan-cial Services (IFS)

(vi) To increase foreign trade USD 120 Bn

(vii) To start IFS (by 2025)

(viii) To develop world’s leading Global In-house centre with most competitive cost structure globally

(ix) To access India’s 1^st International Bullion Spot Exchange

(x) To attract global innovators through fin-tech regulatory sandbox

24. For players in IFSC

S. No	Players’ name	Business activities	Players’ numbers
(i)	International Stock Exchanges	(a) Dollar denominated products (b) Total trading made for 22 hours	2 large International Exchanges
(ii)	IFSC Banking Units	(a) External Commercial Borrowing (ECB) Lending (b) Trade Finance	Large Indian + also Foreign Banks (both)
(iii)	Brokers + also Intermediaries (both)	(a) Broking Services (b) Proprietary trading (c) Depositories services	(a) Clearing Corporations (b) 100 brokers
(iv)	Insurers + also Intermediaries (both)	(a) Non-life insurance business (b) Re-insurance business (b) Intermediaries for insurance	18 entities
(v)	IT + also ITeS Companies (both)	(a) IT + also ITeS Services (both)	50 entities

25. For Taxation in IFSC

(i) Income tax @ 0% for 10 years out of 15 years

(ii) Minimum Alternate Tax (MAT) @9%

(iii) Commodity Transaction Tax (CTT) @ 0%

(iv) Securities Transaction Tax (STT) @ 0%

(v) Goods and Services Tax (GST) @ 0%

(vi) Stamp Duty @ 0%

(vii) Capital Gains Tax @ 0%

(viii) Withholding tax on interest paid on Debt Instruments listed on IFSC Exchanges @ 4%

(ix) Alternate Investment Fund (AIF) Tax Regime @ competitive

26. For Banking in IFSC

(i) Permitted for borrowings by banks

(ii) Permitted for lending by banks

(iii) Permitted for trading by banks

(iv) Permitted for clearing members by banks

(v) Permitted for deposits by banks

(vi) Permitted for guarantees by banks

(vii) Permitted for short-term loans by banks

(viii) Permitted for External Commercial Borrowings (ECBs) by banks

(ix) Permitted for trade finance by banks

(x) Permitted for derivative products by banks

27. For Capital Markets

(i) Permitted for stock exchange’s operations

(ii) Permitted for commodity exchange’s operations

(iii) Permitted for clearing corporations’ operations

(iv) Permitted for depositories operations

(v) Permitted for Brokers’ operations

(vi) Permitted for Registrars’ operations

(vii) Permitted for Share Transfer Agent’s operations

(viii) Permitted for Index derivative’s operations

(ix) Permitted for Commodities Future’s operations

(x) Permitted for Equity Listing’s operations

(xi) Permitted for Debt Listing’s operations

(xii) Permitted for Depository Receipts (DRs) operations

(xiii) Permitted for Single Stock Derivative’s operations

(xiv) Permitted for Currency Derivative’s operations

(xv) Permitted for REITs operations

(xvi) Permitted for InvITS operations

28. For Asset Management services

(i) Permitted for Pension Fund Services (PFSs)

(ii) Permitted for Alternate Investment Funds (AIFs)

(iii) Permitted for Investment Advisers (IAs)

(iv) Permitted for Wealth Managements (WMs)

(v) Permitted for Portfolio Managers (PMs)

(vi) Permitted for Custodial Services (CSs)

(vii) Permitted for Trust Services (TSs)

29. For Other services

(i) Permitted for trade in equity indices

(ii) Permitted for trade in currencies

(iii) Permitted for trade in commodities

(iv) Permitted for listing in debts like FCCB + also Masala Bonds (both) on 1 platform

(v) Permitted for listing for International Bullion Ex-change – SPOT Market

(vi) Permitted for Investment Advisory Services (IASs)

(vii) Permitted for Portfolio Management Services (PMSs)

(viii) Permitted for Managing Offshore Funds (MOFs)

(ix) Permitted for India Dedicated Funds (IDFs)

(x) Permitted for trading in global markets

30. For AIF business

(i) Permitted for set up offshore funds like global + also India (both) centric

(ii) Permitted for global + also India (both) centric funds

(iii) Permitted for global investors’ services

(iv) Permitted for fund ecosystem covers administrators

(v) Permitted for investment adviser services

(vi) Permitted for Law Firms

(vii) Permitted for Consultants

(viii) Permitted for Competitive tax regime

(ix) Permitted for Low-cost structure

(x) Permitted for skilled manpower

31. For Comparison between IFSCA Act 2019 and SEZ Act 2005

(i) IFSCA Act 2019

(a) IFSCA Act is introduced in statue for establishing International Financial Services Authority (IFSCA) + also to regulate financial services market in IFSC in India

(b) Also for promoting ease of doing business in India

(c) Also for developing global connectivity with India

(d) Also for serving international financial platform + to promote FDIs (both) in India

(ii) SEZ Act 2005

(a) SEZ Act is introduced in statue for governing businesses + also trades (both) with in country’s national borders with different laws than rest of country

(b) Also for generating economic activities in India

(c) Also for promoting exports from India

(d) Also for promoting investments in India

(e) Also for creating employment opportunities in India

(f) Also for developing infrastructure in India

(B) Meaning for International Financial Services Centres Au-thority (IFSCA) in India

32. For IFSCA (Book-keeping + Accounting + Taxation + Financial Crime) Regulations, 2024

(i) Abovementioned regulations are framed to establish regulatory frame- work for developing + registering + book-keepings + accountings + taxing + also financial crime compliance servicing (all) within GIFT IFSC

(ii) Also to develop GIFT IFSC as global offshore centre for Book-keeping + Accounting + Taxing + Financial Crime Compliance Servicing (BATF) + also to create large employment opportunities (all) for talented Indian work-force

33. For Regulation’s effective date

• IFSCA (Book-keeping + Accounting + Taxation + Financial Crime Compliance Services) (BATF) Regulations, 2024 is applicable from June 06, 2024.

IFSCA Regulations, 2024 ◉

34. For BATF’s Permissible services

• IFSCA Regulations, 2024’s services are to include 4 categories like:

(i) Book-keeping services

(ii) Accounting services

(iii) Taxation services

(iv) Financial crime compliance services

35. For Book Keeping (BK) Services

• Book-keeping services are to include certain categories like:

(i) Classifying transactions

(ii) Recording transactions

(iii) Payroll ledgers

36. For Accounting (A) Services

• Accounting services are to include certain categories like:

(i) Reviewing for annual + also interim financial statements (both) + other accounting information’s without attestation or assurance (any)

(ii) Compiling for financial statements from information’s provided by client without attestation or assurance (any) towards accuracy of resulting statements

(iii) Preparing for financial statements

(iv) Compiling for income statements + balance sheets + also other financial information’s (all)

(v) Analyzing for financial statements

(vi) Providing for valuation support services

(vii) Providing for other related accounting support services

37. For Taxation (T) Services

• Taxation services are to include certain categories like:

(i) Providing for tax consultations

(ii) Providing for tax statements

(iii) Providing for tax planning

(iv) Providing for advices + guidance against taxes + also filing (all) tax returns

38. For Financial Crime Compliance (FCC) services

• Financial crime compliance services are to include certain categories like:

(i) Providing services for Anti-Money Laundering (AML) compliances

(ii) Providing services for Countering Financing of Terrorism (CFT) compliances

(iii) Providing services for measures + Financial Action Task Force (FATF) recommendations + also other related activities (all).

39. For Obtaining Certificate of Registra-tion (CoR)

• IFSCA is required to provide CoR to entity like individual or partnership firm or LLP or company or etc. intending to provide book-keeping or accounting or taxation or financial crime compliance services (any) in IFSC.

(C) Meaning for Book-keeping + Accounting + Taxation + Financial Crime (BATF) Services

40. For Registration of BATF

• Abovementioned entities are permitted for obtaining CoR from IFSCA for providing some services un-der head book keeping + accounting + taxation + also financial crime compliance services (BATF) after completing certain process like:

(i) Submitting Initial Business Plan (IBP) by entities

(ii) Submitting application by entities in prescribed format to IFSCA + also to SEZ Authority (both) with application fee.

(iii) Issuing in-principle approval by IFSCA

(iv) Granting CoR by IFSCA

41. For Registration’s exemption

(i) Existing BATF service provider entity is permitted for registration’s exemption when same is already undertaking book-keeping or accounting or taxation or financial crime compliance services (any) under head BATF service providers in IFSC before June 06, 2024

(ii) However abovementioned existing BATF service provider entities are required to submit willingness to operate (by August 04, 2024)

(iii) IFSCA is required to issue Letter of Continuation (LoC) to abovementioned entities after receiving willingness to operate till August 04, 2024.

42. For Key Managerial Personnel’s (KMP’s) qualifications

• Principal Officer (PO) + also Compliance Officer (CO) both are required to be professionally qualified like:

(i) Chartered Accountant (CA)

(ii) Company Secretary (CS)

(iii) Cost and Management Accountant (CMA)

(iv) Certified Public Accountant (CPA)

(v) Chartered Financial Analyst (CFA)

(vi) Any other equivalent qualification from professional bodies or institutes or post-graduate degree in finance or accountancy or business manage-ment or commerce or economics or taxation or degree in law from university or institution recognized by UGC or AICTE or other equivalent authority in India or outside India (any).

43. For Service providers

• Existing BATF service provider entities are required to ensure that his business in IFSC has not set up through splitting or re-constructing or re-organizing existing or transferring or receiving existing contracts or work arrangements (any) from group entities in India under regulation 8 + also 9 (both) of IFSCA Regulations 2024 read with 1^st schedule

45. For Service recipients

• Abovementioned service provider entities are required to ensure that service recipients are non-residents + also not from jurisdiction identified as High Risk by Financial Action Task Force (FATF) both

45. For Reporting + compliances

• Abovementioned service provider entities are required to comply with reporting + compliance requirements under IFSCA Regulations 2024 + also AML-CFT (all) like:

(i) Submitting information’s for operations to IFSCA in specified manner + also intervals (both).

(ii) Submitting annual financial reports in USD except otherwise specified by IFSCA

(iii) Submitting compliance certificate as obtained from independent professional up to June 29, 2024.

46. For Service providers (after June 06, 2024)

(i) Abovementioned BATF service provider entities are required to obtain registrations under IFSCA Regulations 2024 till June 05, 2027

(ii) Abovementioned BATF service provider entities are not permit-ted to undertake any operation other than BATF.

(iii) Abovementioned BATF service provider entities are required to comply with certain conditions + also to deposit 1 time registration fee + also non-refundable annual fee (both).

47. For Service providers’ office space

• BATF service provider entities are required to ensure minimum 60 sq. ft. per employee office space in IFSC.

48. For Foreign currencies

• BATF service provider entities are permitted to undertake business in certain foreign currencies (only) like:

(i) US Dollar (USD)

(ii) Euro (EUR)

(iii) Japanese Yen (JPY)

(iv) UK Pound Sterling (GBP)

(v) Canadian Dollar (CAD)

(vi) Australian Dollar (AUD)

(vii) Swiss Franc (CHF)

(viii) Hong Kong Dollar (HKD)

(ix) Singapore Dollar (SGD)

(x) UAE Dirham (AED)

(xi) Russian Rouble (RUB)

(xii) Swedish Krone (SEK)

(xiii) Norwegian Krone (NOK)

(xiv) New Zealand Dollar (NZD)

(xv) Danish Krone (DKK)

• INR is permitted for administrative + also statutory (both) expenses only.

49. For Registration’s fee

(i) @ USD 1000 per activity application fee for registration

(ii) @ USD 5000 per activity authorization fee for registration

(iii) Annual Fee

(a) @ USD 5000 per activity when employees are not exceeding 500

(b) @ USD 7500 per activity when employees are not exceeding 1000

(c) @ USD 10000 per activity when employees are exceeding 1000

50. For Registration fees mode

(i) BATF service provider entities are required to remit registration fee to IFSCA in USD only:

(ii) Bank details

(a) Account Name : International Financial Services Centers Au-thority

(b) Account Number : 970105000174 in India

(c) Type of Account : USD Current Account

(d) Current Account Bank Name : ICICI Bank Limited in India

(e) SWIFT Code : ICICINAAXXX

(f) NOSTRO Details : CHASUS33XXX

(g) Current Account Bank Name : JP MORGAN CHASE BANK NA, NEWYORK in USA

(h) Account Number : 833999532 in USA

(iii) BATF service provider entities in India are permitted to pay application fee + also registration fee (both) in INR in below account.

(a) Account Name : IFSCA FUND 2

(b) Account Number : 39907189884

(c) Name of Bank : State Bank of India

(d) Type of Account : INR Current Account

(e) IFSC Code : SBIN0060228

♦ Latest RBI’s reference rates are available for remitting fee in INR at 00

♦ More details for payment of fees are available vide IFSCA Fee circular dated May 17, 2023 + also further amended from time to time (both).

51. For Interpretations / clarifications

• BATF service provider entities are permitted to communicate to Division of BATF services, GIC and BATF of IFSCA for obtaining interpretation’s clarifications.

(D) Meaning for business setting’s flow chart

(E) Meaning for Ship leasing finance companies’

52. For Permissible transactions

(i) Ship leasing lessor finance companies are not permitted for transferring or leasing ships or ocean vessels to Indian clients (entities) in IFSC when same is being used in outside IFSC by Indian clients (in India) in same financial year for shipping business

(ii) (a) Indian Ship leasing lessor finance companies are permitted for expanding its shipping business through undertaking global operations or bidding foreign contracts

(b) Also desiring to set-up in IFSC (in India) as Indian Ship leasing lessor finance companies (both together)

(iii) IFSCA’s registered ship leasing lessor finance companies are permitted for acquiring ships or ocean vessels on lease or ownership basis from non-residents or foreign markets (any) to serve to Indian clients

(iv) IFSCA’s registered ship leasing lessor finance companies are permitted for purchasing newly built ships or ocean vessels from ship building yard in India + outside India to cater to Indian clients + also to foreign clients (all)

53. For Not permissible transactions

(i) IFSCA’s registered ship leasing lessor finance companies are not permitted for using ships or ocean vessels to cater exclusively to Indian clients in 1 single financial year when taking on lease or acquiring on ownership or acquiring lease hold rights from Indian entities

(ii) IFSCA’s registered ship leasing lessor finance companies are permitted for using ships or ocean vessels to cater to Indian clients + also foreign clients (both) in 1 single financial year when taking on lease or acquiring on ownership or acquiring lease hold rights from Indian entities

(iii) Abovementioned is not applicable when IFSCA’s registered ship leasing lessor finance companies are purchasing newly owned ships from Indian ship building yards

54. For Not permissible business’ shifting

(i) IFSCA’s registered ship leasing lessor finance companies are not permitted for shifting existing business with Indian residents from non IFSC to IFSC

(ii) IFSCA’s registered ship leasing lessor finance companies are permitted for shifting existing business with Indian residents from non IFSC to IFSC when lessors are complying IFSCA’s requirements

(F) Meaning for FC + FU’s Registration

55. For Finance Company (FC)

(i) FC to include financial institution defined under section 3(1)(c) of IFSCA Act, 2019

(ii) Abovementioned FC is required to incorporate in IFSC for undertaking 1 or more than 1 permissible activity specified under 5(1) of FC regulation

56. For Not permissible activities

(i) FC is not permitted to accept public deposit from resident + also non-resident (both)

(ii) FC is not permitted to register with IFSCA as IBU.

57. For Public Deposit (PD)

(i) PD is to include amount raised from resident + also non-resident (both) in any form

(ii) PD is repayable on demand + deposit’s term + also specified by IFSCA from time to time (all)

58. For Finance Unit (FU)

(i) FU is to include financial institution defined under section 3(1)(c) of IFSCA Act, 2019 of sub-section (1) of section 3

(ii) Abovementioned FU is required to incorporate in IFSC for undertaking 1 or more than 1 permissible activity specified under 5(1) of FC regulation

59. For Not permissible activities

(i) FU is not permitted to accept public deposit from resident + also non-resident (both)

(ii) FU is not permitted to register with IFSCA as IBU.

60. For Mandatory conditions

(i) FU is required to incorporate in non-IFSC in home jurisdiction.

(ii) FU is required to engage in financial services’ business in non-IFSC.

(iii) FU is required to be regulated by financial sector regulator in non-IFSC.

(iv) (a) FU is required to obtain No-Objection Certificate (NoC) from finance sector regulator in non-IFSC for setting FU in IFSCs.

(b) However FU is not required to obtain NoC when intending to undertake activity for Global or Regional Corporate Treasury Centre (GRCTC) as FU.

61. For Permissible legal forms

♦ FC is permitted to set up certain kind of legal forms like:

(i) Subsidiary

(ii) Joint Venture (JV)

(iii) New incorporate company under Companies Act (CA) 2013

(iv) Any other form specified by IFSCA from time to time

62. For Not permissible promoters

(i) Registered FC + also FU (both) are not permitted to allow promoters or founders or group entities or directors or shareholders or Ultimate Beneficial Owners (UBOs) from countries or jurisdictions which are identified by FATF as High-Risk Jurisdictions like blacklist

+ (plus)

(ii) Also FC + FU (both) are required to comply with requirements laid down under Prevention of Money Laundering Act (PMLA) 2002 + PML rules + IFSCA’s AML + CTF + also KYC (all) Guidelines, 2022 duly amended from time to time.

63. For Permissible activities

(i) Lending for loans + commitments + guarantees + credit enhancement + securitization + financial lease + sale + also portfolios’ purchase (all).

(ii) Undertaking for investments + subscribing + acquiring + holding + transferring securities + any other instrument specified by IFSCA from time to time.

(iii) Factoring + also receivables’ forfeiting (both)

(iv) Buying + also selling derivatives (both)

(v) Undertaking permissible activities as GRCTC

(vi) Undertaking permissible activities as Aircraft + also Ship Lessor (both)

(vii) Undertaking permissible activities as International Trade Financing Services (ITFS) Platform

(viii) Undertaking permissible activities without involving customer interface + also holding companies (both)

(viii) Undertaking activities specified by IFSCA from time to time.

64. For Permissible non-core activities on standalone basis

(i) Registered FC + also FU (both) are permitted for operating product’s lease + aircrafts lease + ships lease + also equipment’s lease specified by IFSCA from time to time (all).

(ii) Registered FC + also FU (both) are permitted for activities without involving customer interface like catering exclusively to group entities + also holding company (all)

(iii) Registered FC + also FU (both) are permitted for setting ITFS Platform.

(iv) Registered FC + also FU (both) are permitted for undertaking facilitator’s services for permissible activities specified by IFSCA from time to time.

65. For Permissible non-core activities additionally

(i) Registered FC + also FU (both) are permitted additionally certain non-core activities like:

(a) Investment Advisory services

(b) Portfolio Management services

(c) Financial products’ distribution services

(ii) Registered FC + also FU (both) are required to obtain separate registration from IFSCA for undertaking core activities + also non-core activities (both) simultaneously

66. For permissible activities as holding company

(i) FC is permitted for acting as holding company under 5(1)(iii)(m) of FC Regulations

(ii) Abovementioned activity is to include engaging in activities without customer interface like providing permissible activities under FC Regulations to group entities of holding company who is setting entity in IFSC.

67. For group entity

(i) Group entity to include 1 arrangement involving 2 or more than 2 entities related to each other through relationship like subsidiary entity & holding (parent) entity

(ii) Abovementioned subsidiary entity & holding (parent) entities are defined under Accounting Standards (ASs) like:

(a) Subsidiary- parent defined in AS-21

(b) Joint Venture (JV) defined in AS-27

(c) Associate defined in AS-23

(d) Related Party (RP) defined in AS-18

(e) Common Brand Name (CBN) + investment in equity shares minimum 20% (both).

68. For Permissible non-core activities

(i) Registered FC + also FU (both) are permitted to carry investment activities (only) for liquidity + also balance sheet management (both) part of normal business operations when registered to carry 1 or more than 1 non-core activities

(ii) Abovementioned investment activities is not treated core activities under FC Regulations

69. For Permissible derivative transactions

♦ Registered FC + also FU (both) are permitted to carry derivative transactions (only) for hedging underlying exposures beside registered to undertake non-core activities

70. For Permissible core + non-core activities

(i) Registered FC + also FU (both) are permitted to carry multiple core + also non-core (both) activities simultaneously

(ii) Abovementioned is permitted with specific frameworks + circulars + also regulations (all) issued by IFSCA like to obtain separate license or registration or authorization (any) for undertaking desired activity.

(iii) (a) FC is already permitted to undertake core activities like operating lease for aircraft under FC Regulations

But

(b) FC is required to obtain separate registration when intend to undertake non-core activities like distribution of financial products

+ (plus)

(c) Also FC is required to obtain separate registration from IFSCA under Distribution of Capital Market Products and Services under International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021 when intend to undertake distribution for capital market products.

+ (plus)

(d) Also FC is required to obtain separate registration from IFSCA under Insurance Products and Pricing Regulations, 2022 when intend to undertake distribution for insurance products

+ (plus)

(e) Also FC is required to obtain separate registration from IFSCA for undertaking non-core activities like operating lease for aircrafts beside already registered for core activities like lending through loans

+ (plus)

(f) Also FC is required to obtain separate registration from IFSCA for holding equity stake in group entities beside already registered for GRCTC

71. For Fresh registration of FC + FU

♦ FC is not required to obtain fresh CoR for carrying same activities under 5 of FC Regulations when CoR already obtained under other framework or regulations issued or notified by IFSCA (any)

72. For New registration of FC + FU

(i) FC is permitted to obtain new registration under 5 of FC Regulations for undertaking new permissible activities when entity is already authorized for registered or license to operate under regulatory frameworks issued by IFSCA

(ii) However FC is required to obtain NOC from IFSCA before making application for new registration under 5 of FC Regulations

73. For Fresh requirements against expanding scope

♦ FC + also FU (both) are required to satisfy certain fresh requirements for expanding activities’ scope within FC Regulations like:

(i) FC + also FU (both) are required to satisfy specific requirements of 11 + 12 + also 13 (all) 5 of FC Regulations

(ii) FC + also FU (both) are required to incorporate activity in Memorandum of Association (MoA) to undertake new activity

(iii) FC + also FU (both) are required to submit application letter duly signed by director or Authorized Representative (AR).

(iv) FC + also FU (both) are required to submit Board of Director’s (BoD’s) approval for expanding activities’ scope

(v) FC + also FU (both) are required to apply to Administrator, IFSCA for expanding activities’ scope in Letter of Approval (LoA) + also to provide LoA’s copy to IFSCA.

(vi) FC + FU (both) are required to submit revised business plan for next 3 years incorporating assumptions + also expected business under new activity

(vii) FC + also FU are required to pay applicable fees vide Circular dated May 17, 2023 for expanding activities’ scope + also modifications of terms and conditions of CoR (all)

(viii) FC + also FU (both) are required to submit additional documents when required by IFSCA for processing request.

74. For Owned Fund (OF)

♦ OF under 2(1)(i) of FC Regulations to include:

(i) Paid up capital

(ii) Free reserves

(iii) Share premiums

(iv) Capital reserves representing surplus arise from assets sale –

(minus)

(i) Reserves created from asset’s revaluation

(ii) Accumulated losses

(iii) Intangible assets

(iv) Deferred revenue expenditures

75. For Minimum Owned Fund (MOF)

♦ MOF requirements are varying for different FCs + also FUs (both) for undertaking core + non-core (both) activities

S. No	Activity’s name	MOF Requirements (in USD or freely convertible currency)
(i)	When entity is undertaking 1 or more than 1 non-core activities only without core activities.	(i) @ USD 0.2 million or amount required by IFSCA for specific non-core activities at time of registration whichever is higher Or (ii) Any higher amount specified by IFSCA.
(ii)	When entity is undertaking 1 or more than 1 core + also non-core (both) activities without for GRCTC	(i) @ USD 3 million or amount required by IFSCA for specific core + also non-core (both) activities at time of registration whichever is higher Or (ii) Any higher amount specified by IFSCA.
(iii)	When entity is undertaking of GRCTC	@ USD 0.2 million or amount required by IFSCA for specific GRCTC at time of registration whichever is higher

76. For Prudential regulatory requirements

♦ Prudential regulatory requirements are to include certain parameters for undertaking permissible core activities under 4 FC Regulations like:

(i) Capital Ratio (CR)

(ii) Liquidity Coverage Ratio (LCR)

(iii) Exposure Ceiling (EC)

77. For Capital Ratio (CR)

(i) FC + also FU (both) are required to maintain minimum CR @ 8% of regulatory capital for risk weighted assets or specified by IFSCA (any)

(ii) Guidelines for computing minimum CR are available in IFSCA’s circular under titled guidelines on Computation of Regulatory Capital dated April 26, 2021

78. For Liquidity Coverage Ratio (LCR)

(i) FC + also FU (both) are required to maintain minimum LCR on 100% standalone basis determined by IFSCA

(ii) FC + also FU (both) are permitted to maintain minimum LCR based on specific approval from IFSCA

(iii) Guidelines for computing minimum LCR are available in IFSCA’s circular under titled guidelines on Liquidity Risk Management dated June 24, 2021

79. For Exposure Ceiling (EC)

(i) FC + also FU (both) are required to maintain maximum EC @ 25% of available eligible capital base without approval from IFSCA for 100% exposures to 1 counter party of group of connected counterparties

(ii) Guidelines for computing minimum EC are available in IFSCA’s circular under titled guidelines on Framework on Computation of Exposure Ceiling dated May 25, 2021

80. For Corporate governance + disclosures (both)

(i) FC + also FU (both) are required to maintain minimum corporate governance and disclosure requirements specified in IFSCA’s circulars

(ii) Guidelines for maintaining Corporate Governance and Disclosure Requirements in IFSCA’s circular under titled guidelines on Corporate Governance and Disclosure Requirements dated August 09, 2021

81. For Management change’s approval

(i) FC + FU are required to take prior approval from IFSCA + also to satisfy requirements specified by IFSCA (all) for change in management like:

(a) FC + also FU (both) mergers

(b) FC + also FU (both) acquisitions

(c) FC + also FU (both) takeovers

(d) FC + also FU (both) change in control for minimum 25% of total share capital

(e) FC + also FU (both) major business decisions under agreements

(ii) FC + also FU (both) are required to intimate IFSCA within 15 days from abovementioned any event under para i (a) to i (e).

82. For Relaxation on prudential requirements

(i) FC + FU are permitted for relaxation on Prudential regulations + Corporate Governance (CG) + also Disclosure requirements (all) under 4 + 8 of FC Regulations after satisfaction of certain guidelines like:

(a) To obtain Board of Directors (BoDs) approval for prudential policy

(b) Also to fulfill fit and proper criteria specified by IFSCA.

(ii) FC + FU are permitted for relaxation on Prudential regulations about Global or Regional Corporate Treasury Centre (GRCTC) after satisfaction of certain guidelines like:

(a) To obtain Board of Directors (BoDs) approval for prudential policy

(b) Also to fulfill fit and proper criteria specified by IFSCA

(iii) Guidelines for relaxation on Prudential regulations + Corporate Governance (CG) + also Disclosure requirements (all) in IFSCA’s circular under titled guidelines on Corporate Governance and Disclosure Requirements dated August 09, 2021

83. For Additional legal frameworks against core activities

(i) FC + FU are required to satisfy core activities’ additional legal frameworks over and above applicable for undertaking core activities like prudential regulations + CG + also disclosure requirements (all) specified under FAQ number 64 + 65 like:

S.No	Circular’s title	Circular’s date
(a)	Guidelines on distribution insurance products by FC/FUs	May 03, 2021
(b)	Information’s on various guidelines/circulars/directions applicable for undertaking non-core activities by an FC/FU	May 03, 2021
(c)	Guidance Framework on sustainable and sustainability linked lending by Financial Institutions	April 26, 2022

(ii) However FC + also FU (both) are permitted to avail exemptions from abovementioned prudential + CG guidelines for Exposure Ceiling (EC) without GRCTC where corporate governance norms are mandatory

(iii) Also intending to undertake core activities only for providing services to group entities

84. For Preferred mode

(i) FC + FU are permitted to submit application form + also supporting documents (all) through digital or physical format.

(ii) FC + FU are preferred to file application form digitally in readable + also in searchable format (all).

(iii) Abovementioned supporting documents are required to be notarized or apostilled by appropriate Authority.

(iv) 100% documents are to be submitted in English language + also requisite attested translations (both) be provided whenever is applicable.

85. For E-mail address

♦ FC + FU are required to use certain e-mail addresses to send application form + also supporting documents (all).

(i) applications@IFSCa.gov.in

(ii) financecomp-queries@IFSCa.gov.in

86. For Establishing 2^nd FC / FU

(i) Parent entity who already has 1^st FC or FU in IFSC is permitted to establish 2^nd FC or FU

(ii) Abovementioned parent entity is required to submit simplified application form to establish 2^nd FC or FU

(iii) Abovementioned simplified application form is available at following link https://IFSCa.gov.in/Pages/Contents/HowToApply

87. For Registration’s timeline

(i) 90 day’s timeline is allowed to obtain registration for FC (Core) + ITFS entities in India from date of complete application + information + also application fee (all)

(ii) 60 day’s timeline is allowed to obtain registration for FC (Non-Core) in India from date of complete application + information + also application fee (all)

(iii) Abovementioned timeline guidelines are available in IFSCA’s circular titled Time limit for disposal of applications dated December 26, 2023

(iv) (a) Generally IFSCA is taking final decision against 100% applications within 45 days

(b) However IFSCA is permitted to grant Provisional Registration (PR) to give additional time to applicant to comply conditions if needed

88. For Business commencement after Provisional Registration (PR)

♦ Entity is not permitted to commence business after obtaining PR under 3(1) of FC Regulations.

89. For Response’ timeline

(i) Applicant is required to provide replies + clarifications + also information’s (all) within 15 days from date of communications to him

(ii) IFSCA is required to send reminder when applicant has not provided response within abovementioned 15 days

(iii) IFSCA is permitted to reject application when applicant has not provided response against abovementioned reminder within 15 days from date of communication to him.

(iv) However applicant is required to file fresh application + also to pay application fee (both) when IFSCA has rejected original application

90. For Meeting with officials

(i) Applicant is not mandatory required to have meeting with IFSCA’s officials during application’s process

(ii) However IFSCA’s officials have sole discretion to meet with applicant when found necessary on case-to-case basis

91. For Exemption or relaxation’s request

(i) Generally applicant is not permitted to make request for any exemption or relaxation against FC regulations

(ii) However applicant is permitted to make request for any exemption or relaxation against FC regulations through application + duly substantiated with rationale + also BoD’s approval (all) for making request.

92. For Registration’s fee

(i) Applicant is required to pay fees under 3 categories like:

(a) Application fee is to be paid with application.

(b) Registration fee is to be paid within 15 days from date of granting Provisional Registration (PR).

(c) Recurring fee to be paid within 30 days from date of granting Certificate of Registration (CoR).

(ii) Applicant is required to pay abovementioned fee separately for each activity when he has applied for multiple activities.

(iii) Guidelines for abovementioned fee are available in IFSCA’s Fee Circular No. 865/IFSCA/Banking/ Fee Revision/ 2022-23 dated May 17, 2023.

93. For Registration fee’s remittance

♦ Applicant is required to remit fee strictly in accordance with IFSCA fee circular’s bank account number through certain modes like:

(i) RTGS

(ii) NEFT

(iii) Cheque

(iv) Swift payment system

94. For Fee’s currencies

(i) Applicant is permitted to remit application + also registration (both) fees in INR

(ii) (a) However applicant is not permitted to remit other fees like recurring fee + etc. in INR

(b) Hence applicant is permitted to remit other fees like recurring fee + etc. in USD only

95. For RBI’s reference rate

(i) Applicant is required to obey RBI’s reference rate against application fee’s payments in INR

(ii) RBI’s reference is available at: https://www.rbi.org.in/scripts/ReferenceRateArchive.aspx

96. For Multiple fee of FC + FU

(i) FC + also FU (both) are required to pay separate fee for each activity

(ii) Hence FC + also FU (both) are required to pay multiple fee for multiple activities

97. For Information on Management (IoM)

(i) FC + also FU (both) are required to submit IoM through natural person like promoters or founders or Directors or Partners or Designated Partners (DPs) or Key Managerial Personnel (KMP) or Persons or Shareholders having minimum 10% shares or voting rights or distributable dividend (directly or indirectly) trust’s BO (any)

(ii) Abovementioned each IoM is to be duly self-attested by each natural person

98. For key elements in business plan

(i) Detailed profile for applicant or applicant’s parent entity like:

(a) Business history

(b) Industry presence

(c) Market position

(d) Target customers

(e) Target markets

(f) Other relevant details for business operations

(ii) Brief on proposed business activities + relevant process flows or roadmap for implementation + also other relevant details (all).

(iii) Business’s projections for upcoming 3 consecutive years like:

(a) Projected balance sheet

(b) Projected incomes statement

(c) Projected cash flow statement

(d) Assumptions for computing abovementioned information’s under para iii (a) + (b) + also (c) (all).

(iv) Proposed source for owned fund requirements.

(v) Details for number of official to be posted in FC or FU.

99. For group structure’s information

(i) Vertical structure

(ii) Promoter’s names

(iii) Promoter’s shareholdings

(iv) Promoter’s Ultimate Beneficial Owners (BOs)

(v) Incorporation’s country for each entity

(vi) Incorporation’s country for each activity

(vii) 100% structure for setting GRCTC

(viii) Entity’s name who will intends to cater within group structure at registration application’s submission time

100. For COR’s annual renewal

(i) COR’s annual registration is not required when FC or FU is fulfilling fit and proper requirements laid down by IFSCA

(ii) Also entity has intimated to IFSCA for material changes in information’s submitted at registration’s time.

(iii) However IFSCA is permitted to take appropriate action when considered necessary like suspension or withdrawal or cancellation of CoR after providing opportunity for making submissions by entity.

101. For Compliance obligations after CoR received

(i) Entity is required to obey CoR’s specified conditions

(ii) Entity is required to obey 100% other rules + laws + regulations issued by IFSCA or issued by other relevant authority applicable to specific activity like FEMA, 1999 + Companies Act (CA) 2013 + also etc. (all).

(iii) Entity is required to obey IFSCA (Anti Money Laundering, Counter Terrorist- Financing and Know Your Customer) Guidelines, 2022

(iv) Entity is required to obey 100% compliances like mandatory reporting + also supervisory requirements (both).

(G) Meaning for International Financial Service Centre Insurance Office (IIO)

102. For Regulatory frameworks

(i) IFSCA has developed regulatory frameworks + regulations + guidelines to undertake insurance + also re-insurance businesses (all)

(ii) Abovementioned insurance + also re-insurance (both) businesses entities are required to register as International Financial Service Centre Insurance Office (IIO) with IFSCA

(iii) IFSCA Act, 2019 + Insurance Act, 1938 are applicable for undertaking insurance + also re-insurance business (all)

103. For International Financial Service Centre Insurance Office (IIO)

(i) IIO is treated financial institution under section 3 (1) (c) of IFSCA Act, 2019

(ii) Insurance + also re-insurance (both) businesses are covered under regulation 3(1)(k) of IIO Regulations

104. For Registration’s regulations + guidelines (both)

• IIO’s registration is permitted under IFSCA (Registration of Insurance Business) Regulations, 2021 read with IFSCA (Operations of International Financial Services Centers Insurance Offices) Guidelines

105. For Registration’s objectives

(i) IIO’s regulations + guidelines are developed for registration + operation by insurer + also re-insurer (all) in IFSC under regulatory purview of IFSCA Act, 2019

(ii) (a) Abovementioned regulations + also guidelines (both) are issued to deal with more technical details for day-to-day operational matters

(b) Also other compliance aspects like reporting formats + periodicity + fee structure + etc. (all)

106. For Registration’s eligibility

• Certain applicants are eligible to apply IIO’s registration under 3(1)(b) of IIO’s Regulations like:

(i) 100% insurers those are already registered with Insurance Regulatory and Development Authority of India (IRDAI) under section 3 of Insurance Act, 1938

(ii) 100% foreign insurer + also foreign re-insurer (both)

(iii) Society of Lloyd’s on behalf of Members of Lloyd’s

(iv) 100% branch offices of foreign insurers + also Lloyd’s India (both) registered with IRDAI

(v) 100% public limited companies or Wholly Owned Subsidiary (WOS) of insurer or re-insurer (any) formed + also registered (both) under Companies Act (CA) 2013

(vi) 100% insurance co-operative societies those are already registered under Co- operative Societies Act, 1912 (2 of 1912) or under other law for time being in force in State relating to cooperative societies or under Multi-State Cooperative Societies Act, 1984 (51 of 1984) any

(vii) 100% body corporates those are already incorporated under country’s law outside India but not permitted private limited companies

(viii) 100% Managing General Agents (MGAs) those are having valid binding agreement with specific foreign insurers or foreign re-insurers (any).

• Abovementioned applicants are eligible to apply after fulfilling certain conditions specified in FAQ 137.

107. For Incorporated / un-incorporated

(i) 1 st mode is incorporated format

(ii) 2 nd mode is un-incorporated format like:

(a) Business’s place form

(b) Business’s branch form

108. For Registration’s common requirements

(i) (a) 100% applicant entities + also promoters or partners or controlling shareholders (both) are required to be from FATF compliant jurisdictions

(b) Also abovementioned applicants are required to comply international standards set by FATF for combating money laundering + terrorist financing (both) activities

(ii) IFSCA is required to satisfy that applicant + also promoters or principal officers or Directors or partners or designated partners or Key Managerial Personnel (KMPs) both are fit and proper persons before grating registration

• Abovementioned common requirements are applicable for incorporated + also un-incorporated (both) forms

109. For Registration’s common requirements against un-incorporated format

(i) 100% applicant entities are required to be registered or licensed for transacting Insurance + also re-insurance (both) businesses in home country or incorporation’s country or domicile (any)

(ii) 100% applicant entities are required to obtain No Objection Certificate (NOC) from regulatory or supervisory authority in home country or incorporation’s country or domicile for setting IIO in IFSC.

(iii) 100% applicant entities’ Board of Directors (BoDs) are required to comply certain requirements like:

(a) Capital requirements

(b) Solvency requirements

(c) Other requirements specified by IFSCA from time to time

(iv) 100% applicant entities’ Board of Directors (BoDs) are required to meet 100% liabilities to be arises from IIO insurance + also re-insurance (both) businesses

(v) 100% applicant entities’ Board of Directors (BoDs) are required to submit officials’ reporting structure under 17(7) of IIO Regulations

110. For Registration’s specific requirements against un-incorporated format

(i) 100% Indian applicant entities as insurers + re-insurers are required to have satisfactory track records for regulatory + also supervisory compliances (all)

(ii) 100% Foreign applicant entities as insurers + re-insurers (both) are required to have satisfactory certain things like:

(a) Abovementioned entities are required to have satisfactory track records for regulatory + supervisory compliances in their home countries or incorporation’s countries or domiciles + also in other countries where they are functioning (all)

(b) Abovementioned entities are required to have Net Owned Funds (NOFs) specified under section 6(3) of Insurance Act, 1938 when it’s desires to transact re-insurance businesses in India

(c) Abovementioned entities are required to be already registered or certified for national regulatory environments when Government of India has signed Double Taxation Avoidance Agreement (DTAA)

(d) Abovementioned entities are required to have minimum credit rating with good financial security characteristics from internationally renowned credit rating agencies for minimum last 3 years

111. For Registration’s specific requirements against incorporated format

(i) Public limited companies or Wholly Owned Subsidiaries (WOSs) as insurers + also re-insurers (both) are required to register under Companies Act (CA) 2013 for setting IIO in IFSC.

(ii) Co-operative societies as insurers are required to register under Co-operative Societies Act, 1912 (2 of 1912) or under any other act for time being in force in any state for co-operative societies or under Multi-State Cooperative Societies Act, 1984 (51 of 1984) for setting IIO in IFSC + also required to comply certain things (both) like:

(a) Abovementioned body corporates are required to establish their place of businesses in IFSC under CA, 2013’s provisions

(b) Also be registered or certified in national regulatory environment where Government of India has signed DTAA with country located outside India.

112. For Permissible activities

• IIOs are permitted to carry certain activities under Regulation 10 of IIO Regulations + also to satisfy certain specified conditions (both) like:

(i) For Life Insurance Businesses

(ii) For General Insurance Businesses

(iii) For Health Insurance Businesses

(iv) For Re-insurance Businesses

• However IIOs set up in unincorporated format in IFSC are permitted to transact same businesses as permitted in their home countries by regulatory or supervisory authority located outside India.

113. For Insurance business’s scope

• IIOs are permitted to transact certain direct insurance businesses under regulation 13-15 of IIO Regulations like:

(i) Within IFSC

(ii) With other SEZs

(iii) With outside India

(iv) With Domestic Tariff Area (DTA) subject to provisions applicable under section 2CB of Insurance Act, 1938

114. For Re-insurance business’s scope

• IIOs are permitted to transact certain direct re-insurance businesses under regulations 13-15 of IIO Regulations like:

(i) With policyholders in IFSC

(ii) With other SEZ

(iii) With outside India

(iv) With Domestic Tariff Area (DTA) subject to IRDAI (Re-insurance) Regulations, 2018

115. For Currencies used

(i) IIOs are permitted to transact businesses in any Freely Convertible Foreign Currencies (FCFCs) under Regulation 11 of IIO Regulations.

(ii) IIOs are required to report 100% financial information’s in USD to IFSCA except specifically specified by IFSCA under Regulation 17(12)(ii) of IIO Regulations.

(iii) However IIOs are permitted to have INR account for amount received in FCFCs to make payments against administrative + also statutory + other purposes specified by IFSCA expenses (all) under Regulation 17(13)(ii) of IIO Regulations.

116. For Net Owned Funds (NOFs)

(i) NOFs are to include paid up capitals + free reserves + security premium accounts – (minus) accumulated losses – (minus) value of intangible assets under Regulation 3(1)(S) of IIO Regulations

(ii) (a) Abovementioned NOFs are to be computed based on last audited balance sheet

(b) However fresh capital raised, if any after balance sheet date should not be included in NOF

117. For NOF’s demonstration

(i) Foreign companies are required to demonstrate NOF when those are engaged in re-insurance businesses through it’s branch established in IFSC under Regulation 17(1) of IIO Regulations

(ii) IFSCA has specified NOF INR 1000 crores.

(iii) Foreign companies are permitted to demonstrate NOF in any FCFC.

118. For Capital in incorporated format

• IIOs are required to maintain minimum capital under regulation 17(3) of IIO Regulations as prescribed under section 6(1) of Insurance Act, 1938 like:

(i) INR 100 crore for life or general (any) insurance businesses

(ii) INR 100 crore for exclusive health insurance businesses

(iii) INR 200 crore for exclusive re-insurance businesses

• However Managing General Agents (MGAs) or service companies incorporating in IFSC are required to have minimum paid up share capital INR 5 lakh under clause 6(1) of schedule II + also clause 1(1) of schedule III (both) of IIO Regulations.

119. For Capital in un-incorporated format

• Foreign Company’s IIOs are required to maintain minimum assigned capital in any FCFC equivalent to USD 1.5 million under Regulation 17(1) of IIO Regulations like:

(i) Abovementioned assigned capital is permitted to held by foreign companies in home country or in incorporation’s country or domicile (any)

(ii) Abovementioned assigned capital is required to invest in accordance with legal requirements of home country regulatory or supervisory authority located outside India (any)

(iii) Abovementioned assigned capital is required to maintain by foreign companies during continuity of IIO’s registration by IFSCA

120. For Solvency margin’s requirements

(i) Detailed regulations are available on page no. 6 of IFSCA (Assets, Liabilities, Solvency Margin and Abstract of Actuarial Report for Life Insurance Business) Regulations, 2023

(ii) Also available on IFSCA (Assets, Liabilities and Solvency Margin of General, Health and Reinsurance business) Regulations, 2023

121. For Operation’s personnel need in un-incorporated format

• Minimum 3 officers are needed for IIO operation’s personnel need in un- incorporated format under Regulation 17(7) of IIO Regulations like:

(i) Minimum 1 Principal Officer (PO) is needed for day-to-day IIO’s administrations + also regulatory compliances (both)

(ii) Minimum 1 officer is needed for risk’s underwriting with relevant experience

(iii) Minimum 1 officer is needed for finance + accounts (both) with relevant experience

122. For Operation’s personnel need in incorporated format

• Minimum 3 Key Managerial Persons (KMP) are needed for day-to-day IIO’s administrations + also regulatory compliances (both) in incorporated format under Regulation 17(8) of IIO Regulations like:

(i) Minimum 1 Chief Executive Officer (CEO)

(ii) Minimum 1 Chief Finance Officer (CFO)

(iii) Minimum 1 Chief Underwriting Officer (CUO)

• However IFSCA is permitted to specify for additional KMP’s appointment from time to time.

123. For Officer appointment’s approval from IFSCA

• IIO POs + also KMPs (both) appointments are needed with approval from IFSCA under regulation 17(7) + 17(8) of IIOs Regulations.

124. For Indian officers’ appointment

• IIO is required to appoint officers those should be in-direct IIO’s employment + be resident in India under regulation 17(7)(iv)(i) + 17(8)(v)(i) of IIO Regulations (all)

125. For Appointment’s application forms in un-incorporated format

• Different categories of applicants are needed to use different forms under schedule I of IIO Regulations like:

(i) Form A for applicant when being appointed by Indian re-insurer

(ii) Form B for applicant when being appointed by foreign re-insurer + also Lloyd’s (both)

(iii) Form C for Joint application when being appointed by MGA + also foreign re- insurer (both)

126. For Appointment’s application forms in incorporated format

• Different categories of applicants are needed to use Form D under schedule I of IIO Regulations

127. For Downloading form A to D from website

• Forms A to D are available for download in editable format at IFSCA website under application process like:

https://IFSCa.gov.in/Pages/Contents/ApplicationProcess

128. For registration’s application

(i) IIO’s applicants are required to submit IIO registration’s application in abovementioned specified forms like Form A to D under Regulation 4(1) of IIO Regulations.

(ii) IIO registration’s application is available on IFSCA’s website like:

https://IFSCa.gov.in/Pages/Contents/ApplicationProcess

129. For Certificate of Registration (CoR) validity

• IIO’s CoR is continuously (un-interrupted) valid except when revoked or cancelled (any) by IFSCA under Regulation 7(2) of IIO Regulations

130. For Registration’s refusals by IFSCA

• IFSCA is permitted to refuse registration under Regulation 8-9 of IIO Regulations under certain circumstances like:

(i) (a) When IFSCA has opinion that registration cannot be granted after considering applicant’s application

(b) However IFSCA is required to communicate deficiencies to applicant with 30 days timeline for rectifying them.

(ii) (a) IFSCA is permitted to refuse registration when applicant is failed to rectify deficiencies within specified time

(b) However IFSCA is required to communicate refusal to applicant with reasons for same.

(iii) However IFSCA is not permitted for refusal without providing opportunity to applicant for being heard + also to make written submission (both).

131. For IRDAI (Reinsurance Amendment) Regulations, 2023

(i) IIO is permitted to transact re-insurance businesses at par with Foreign Re- insurer Branch (FRB) under Regulation 5(2)(A) of IRDAI (Re-insurance) (Amendment) Regulations, 2023

(ii) However re-insurer is required to invest 100% retained premiums which are received from insurer located in DTA in India.

132. For Re-insurance premium’s retentions

• IIO is permitted to retain premium not exceeding 50% of re-insurance businesses under Regulation 17(9) of IIO Regulations read with Chapter 3 of IFSCA (Operations of International Financial Services Centres Insurance Offices) Guidelines, 2021 dated October 27, 2021

133. For Grace’s timeline

(i) Grace period is to include specified time after premium’s due date thereafter insurer is not permitted to levy penalty or late fee for renewal or existing policy’s continuation (any)

(ii) Abovementioned policy can’t be lapsed during grace period.

134. For Premium payment’s warranty

• Premium payment’s warranty is to include a clause to be incorporated in insurance’s contract for time + also premium payment’s manner (both) under Regulation 3(1)(g) of MPRP Regulations

135. For Premium payment’s modes

• Certain premium payment’s modes are permitted by IIO for proposer or policy holder (any) under Regulation 4 of MPRP Regulations like:

(i) Recognized payment’s instruments like banking channels + also electronic mode (both)

(ii) Bank guarantees + also equivalent instruments (both) are to be issued by banks for premium’s payment when insured has failed to make payment

(iii) Cash deposit

(iv) Other method or other manner (any) specified by IFSCA from time to time

136. For Assumed risk without premium

• IIO is permitted to assume risk without premium’s receipt in advance in certain circumstances under Regulation 5 of MPRP Regulations like:

(i) When premium is received by IIO

(ii) When premium is guaranteed through bank guarantee for premium where insured has failed to make payment

(iii) When premium’s adjustment is specified by IFSCA from time to time

(iv) When other mode is specified by IFSCA from time to time

137. For Premium in installments

(i) Premium’s payment in installment is permitted when mutually agreed between IIO and insurer under Regulation 5 of MPRP Regulations.

(ii) Abovementioned installments’ time schedule + also payment’s manner (both) are to be mutually agreed through incorporating premium’s payment warranty clause in insurance’s contract.

138. For Premium’s refund

(i) IIO is required to make premium’s refund directly to insured person or entity under Regulation 9 of MPRP Regulations

(ii) IIO is required to refund when policy is cancelled or altered against terms and conditions or otherwise (any)

139. For Health insurance policy to Resident of India

(i) IIO + insurer located outside India are permitted to issue + also to continue health insurance policy (all) to Resident in India under Regulation 3 of Foreign Exchange Management (Insurance) Regulations, 2015

(ii) However payment to IIO in IFSC or remittance to insurer located outside India (any) is not to exceed USD 5 lac per financial year as permitted under RBI’s Liberalized Remittance Scheme (LRS) in India

(H) Meaning for Appointed Actuaries (AAs) by IIOs

140. For Appointed Actuary (AA)

• AA is to include person appointed under Regulation 3(1)(c) of AA Regulations

141. For Appointment’s criteria

• IIOs’ BoDs are permitted to appoint any person who has necessary qualifications + competencies + experiences + also professional status (all) to carry AA’s functions under Regulation 4(1) of AA Regulations

142. For Eligibility’s criteria

• AA is required to be fellow member of full member association from International Actuarial Association + also to satisfy certain other eligibilities (both) under Regulation 4(2) of AA Regulations like:

(i) AA is required to hold valid practice’s certificate issued by full member association

(ii) AA is required to have minimum 2 years post-fellowship experience in insurance industry relevant to IIO’s business like Life or general or health or re-insurance (any)

(iii) AA is required not to found guilty for professional or financial misconduct (any)

(iv) (a) AA is required not to act for other insurer.

(b) However parent entity is permitted to appoint AA when IIO is in unincorporated format

(v) AA is required not to function in other capacity which is conflicting in interest for performing AA’s role

• However un-incorporated IIO’s AA is to be appointed by parent entity under regulatory frameworks by supervisory authority in home country located outside India.

143. For Working’s independence

• IIOs BoDs are required to authorize AA to report directly to IFSCA for law’s non-compliance or regulatory requirements (any) by IIO

Also IIOs are required to ensure for certain measures are to be taken under Regulation 4(3) + also 4(5) (both) of AA Regulations like:

(i) IIOs are required to provide adequate resources + support to AA to perform his duties + also obligations (all).

(ii) (a) IIOs are required to allow AA to report directly to person who is holding IIO’s top executive position in incorporated format

or

(b) IIOs are required to allow AA to report directly to person who is holding parent entity’s top executive position in un-incorporated format

(iii) (a) IIOs are required to allow AA to have assess to 100% relevant information’s + documents available in possession + also in control (all) in incorporated format

or

(b) Parent entity is required to allow AA to have assess to 100% relevant information’s + documents in possession + also in control (all) in un-incorporated format under Regulation 5(1) of AA Regulations

(iv) (a) IIOs are required to facilitate AA to officer or employee (any) for information’s + also documents (both)

(b) Also abovementioned officer or employee (any) is required to provide 100% information’s + documents (both) under Regulation 5(2) of AA Regulations

144. For Duties + obligations (both)

• AA’s duties + also obligations (both) are specified under Regulation 6 of AA Regulations like:

(i) AA is required to render actuarial advice to IIO

(ii) AA is required to ensure solvency for IIO equivalent to 100% + also to maintain required control level (both) for solvency margin

(iii) AA is required to ensure that pricing policy is within overall underwriting business + also claims management policy (both) for IIO

(iv) AA is required to ensure adequacy for re-insurance arrangements

(v) AA is required to certify Actuarial Report + Abstract + also other returns (all) required by IFSCA

(vi) AA is required to coordinate calculation for mathematical reserves + to ensure appropriateness for methodologies + also underlying models used (all)

(vii) AA is required to inform IIO’s BODs + IFSCA for non-compliances + also other relevant information’s (all)

(viii) AA is required to complete details specified under AA’s regulations

(I) Meaning for Insurance Products and Pricing (IPP) Regulations, 2022

145. For Objectives of IPP

• Objectives of regulations are specified under Regulation of 2 of IPP Regulations like:

(i) To provide framework for designing + also pricing of insurance products (both) by IIOs

(ii) To ensure that IIOs have placed effective internal systems + also control (both) for certain matters like:

(a) For providing adequate capacity to identify + to mitigate product related risks + several issues from time to time like product’s design + product’s life cycle + also to provide appropriate distribution strategies taking into account about market characteristics (all)

(b) For protecting interests of policyholders while designing + also pricing (both) for insurance products

146. For Insurance products

• Insurance products are to include contracts for insurance sold or proposed to be sold to policy holder or prospect (any) under Regulation of 3(1)(m) of IPP Regulations

147. For Applicability of IPP

• AA’s regulations are applicable to 100% IIOs for transacting direct insurance business.

148. For Marketing + distribution’s approval

(i) IIOs are not required to obtain approval from IFSCA for marketing + also distribution of insurance products (both) under explanation to Regulation 4 of IPP Regulations through Product Oversight and Governance Policy

(ii) (a) However IIOs are required to submit final policy’s wording to IFSCA before marketing for insurance products + modifications + also revisions of products (all)

But

(b) IIOs are not required to submit final policy’s wording to IFSCA before marketing for insurance products + modifications + also revision of product against re-insurance products (all).

149. For Oversight + Governance Policy

• Product Oversight + also Governance Policy (both) are to include IIO’s BoDs approved policy prepared in accordance with applicable regulatory frameworks under Regulation 4 of IPP Regulations relating to certain matters like:

(i) Methods + also processes (both) for insurance product’s designing

(ii) Approving + monitoring + reviewing + also distributing (all) insurance’s products

(iii) Corrective steps are to be taken when insurance products are detrimental to interest of prospects + also to policyholders (both)

150. For Designing/marketing/distributing products

• IIOs are required to keep in mind certain considerations for designing + marketing + also distributing insurance product (all) under Regulation 7 of IPP Regulations like:

(i) IIOs are required to consider objectives + interests + also needs (all) for policyholders

(ii) IIOs are required to ensure that product’s terms and conditions are not adversely affecting policyholder’s interest

(iii) IIOs are required to ensure that proper management for conflict of interest with insurance intermediary involved in distribution of insurance products.

151. For IFSCA’s satisfaction

(i) IIOs are required to submit requisite information’s + documents + data’s + justifications for rates + terms + also conditions offered against insurance product (all) required by IFSCA under Regulation 9-11 of IPP Regulations.

(ii) IFSCA is permitted to take appropriate actions for suspensions + modifications + insurance product’s withdrawals when found that product is not in conformity with regulatory requirements + also not in interest of policyholders (all)

(iii) IIOs are required to stop marketing + also distributing (both) for insurance products when directed by IFSCA.

152. For Unique Identification Number (UIN)

(i) IIOs are not permitted to market + also to distribute (both) insurance products without allotting UIN.

(ii) Also IIOs are required to allot separate UIN for modifications or revisions in (any) existing insurance product under Regulation 12(2) of IPP Regulations

(iii) Also IIOs are required to submit UIN to IFSCA

153. For Product withdrawal’s notice to policyholders

(i) IIOs are required to inform IFSCA for decision to withdraw any insurance product before 3 months prior to scheduled date for withdrawal.

(ii) IIOs are required to allow existing insurance cover till its original expiry

154. For Option to cancel policy with policyholders

(i) Policyholders are permitted to surrender or to cancel life or general insurance policy with prior notice to IIO in accordance with terms and conditions specified in insurance policy

(ii) Also policyholders are permitted for premium’s refund against non-utilized period

155. For Policy cancellation’s grounds

• IIOs are permitted to cancel insurance policy when fraud or misrepresentation or moral hazards (any) conducted by insurer under Regulation 14(4) of IPP Regulations.

156. For Proposal form digitally

(i) IIOs are required to create + also to maintain proposal forms in physical or electronic mode (any) in accordance with Product Oversight and Governance Policy under Regulation 16(1)(a) of IPP Regulations

(ii) IIOs are required to make necessary arrangements to convert information’s furnished by prospects into electronic mode under Regulation 16(1)(c) of IPP Regulations

(iii) IIOs are required to facilitate necessary arrangements to create policy in Insurance Repository System (IRS) when policy is issued in electronic form + also policyholder (prospect) is requesting for IRS (both) under Regulation 16(1)(d) of IPP Regulations

157. For e-Insurance Account (eIA)

• Policyholders are permitted to open eIA with insurance depository where portfolio of policies are held in electronic form under Regulation 3(1)(e) of IPP Regulations

158. For Notice’s acknowledgement fee

(i) IIOs are required to collect maximum fee USD 5 for granting notice’s acknowledgement for transfer or assignment of insurance policies + also re-insurance policies (both) under Regulation 17 of IPP Regulations

(ii) IIOs are not permitted to collect other fee for rendering other services referred in section 38 of Insurance Act, 1938 + also recording fact for transfer or assignment (both).

159. For Registration / cancellation / nomination’s change fee

(i) IIOs are required to collect maximum fee USD 5 for registering or cancelling or changing nomination for life insurance + also e-insurance policies (both) under Regulation 18 of IPP Regulations.

(ii) IIOs are not permitted to collect other fee for other services like nomination referred in section 39 of Insurance Act, 1938

160. For Return’s inspection by any person

(i) Any person is permitted to seek inspection or to take copy (any) for 100% returns filed by IIO with IFSCA under section 20(1) of Insurance Act, 1938

(ii) Abovementioned any person is required to make application to IFSCA after making maximum fee USD 5

(iii) IFSCA is required to give inspection’s date or to furnish return’s copy within 30 working days from date of fee’s receipt.

161. For Seeking Memorandum and Article of Association (M&A)

(i) Policyholder is permitted for seeking M&A or similar document’s copy from IIO referred in section 20(3) of Insurance Act, 1938 under Regulation 19(2) of IPP Regulations

(ii) Policyholder is required to make application to IIO

(iii) IIO is permitted to charge fee maximum USD 5 each document for providing copy

(iv) IIO is required to provide document within 30 working days from date of fee’s receipt

(J) Meaning for Maintenance of Insurance Records (MIR) Regulations, 2022

162. For Objectives of MIR

• IIOs + IIIOs are required to maintain minimum information’s as specified by IFSCA for investigation + also inspection (all) referred in section 33 of Insurance Act, 1938 under Regulation 2 of MIR Regulations.

163. For IIO’s Employee records

• 100% IIOs are required to maintain certain records for employees

But

Not required for staff + also salaried field workers those are involved in solicitation etc. under Regulation 6 of MIR Regulations like:

(i) Employee’s Name

(ii) Employee’s identification number

(iii) Employee’s appointment date

(iv) Employee’s designation

(v) Employee’s PAN

(vi) Employee’s present salary + also perks (both)

(vii) Employee’s allowances + also other benefits (both)

(viii) Employee’s taxes + other related papers for cross-reference against appointment letter + also termination date if any

(ix) Employee’s travelling expenses like:

(a) Amount for travelling expenses

(b) Records for journey’s

(c) Purpose for journey

(d) Details for fares

(e) Details for allowances

164. For IIIO’s Employee records

• 100% IIIOs are required to maintain certain records for past + also present (both) employees under Regulation 7 of MIR Regulations like:

(i) Employee’s Name

(ii) Employee’s identification number

(iii) Employee’s appointment date

(iv) Employee’s termination date

(v) Employee’s designation

(vi) Employee’s qualifications

(vii) Employee’s license or Registration number

(viii) Employee’s license or registration’s validity

(ix) Employee’s date for certificate of training completion

(x) Employee’s date for passing test

(xi) Employee’s dates for renewal training when employees are qualified for solicitation of insurance business

(xii) Employee’s branch’s name or office’s name (any)

165. For Records timeline

(i) 100% IIOs + also IIIOs (both) are required to maintain records for minimum 7 years as specified in rule 39(8) of Insurance Rules, 1939 or period prescribed in with other applicable legal requirements whichever is later under Regulation 10 of MIR

(ii) (a) Abovementioned period is to be counted from last transaction’s date for respective records or from date for policy’s expiry whichever is later

Or

(b) From date for claim’s settlement

166. For Records place

• 100% IIOs are required to ensure that 100% issued policies’ records + claims made + re-insurance’ business records are held in data’s centres located + also maintained (all) in India under Regulation 4(3) of MIR Regulations.

(K) Meaning for IFSC Insurance Office Investment (IOI) Regulations, 2022

167. For Objectives of IOI

• IIOs are required to place regulatory frameworks + also processes (both) for IIOs asset’s investment

168. For Applicability of IOI

• IIOs are required to obey certain guidelines prescribed under Regulation 2 of Investment Regulations like:

(i) IIOs are required to undertake assets’ investments in accordance with IIOs’ investment norms or specified under IFSC investment regulations when IIOs were incorporated in IFSC

(ii) IIOs are required to undertake assets’ investments in accordance with parent entity’s investment norms or specified under IFSC investment regulations when IIOs not incorporated in IFSC

(iii) IIOs are required to undertake assets’ investments in accordance with parent entity’s investment norms or specified under IFSC investment regulations when established as branches for foreign insurer or Lloyd’s India + also registered with IRDAI (both)

169. For Timeline of IOI

• IIOs are required to obey investment regulations within certain timelines under explanation Regulation 2 of Investment Regulations like:

(i) IIOs are required to obey investment regulations within 1 month from notification’s date when IIOs are already registered with IFSCA

(ii) IIOs are required to obey investment regulations within 0 (zero) day from registration’s date when IIOs are seeking fresh registration from IFSCA

170. For Investments of IOI

• IIOs are required to deploy funds in financial assets or infrastructure assets (any) in accordance with investment regulations

But

IIOs are not permitted to deploy funds in financial assets or infrastructure assets (any) in accordance under Regulation 4(1)(k) of Investment Regulations in certain circumstances like:

(i) When release or relinquishment of assets against administrative or judicial order

(ii) When claim arising solely from:

(a) When commercial contract for sale of goods or services

(b) When extension of credit in connection with commercial contract for sale of goods or services

(iii) When investment in asset or backing through unit-linked or separate account insurance liabilities where these insurance liabilities are valued using Asset Replication Approach (ARA)

(iv) When investment in Government bond other than debt instruments issued or guaranteed by Central Governments like:

(v) When exposure to province

(vi) When municipality + also Public Sector Entity (PSE) both where investment is not permitted

171. For Financial assets of IOI

• Financial assets are to include certain assets under Regulation 4(1)(e) of Investment Regulations like:

(i) All types of bonds + debentures + convertible bonds + convertible debentures + also other fixed income instruments (all)

(ii) All types of listed equities or similar investments + warrants + also preference shares (all)

(iii) All types of debts + deposits + other rights + also securitized debts (all) when these are Asset Backed Securities (ABS)

(iv) All types of immovable properties + also property rights (both) like:

(a) Mortgages property rights

(b) Liens property rights

(c) Pledges property rights

(v) All types of loans on Life Insurance Policies (LIPs) within their surrender values

(vi) All types of Mutual Funds’ units + Real Estate Investment Trusts (REITs) + Infrastructure Investment Trusts (InvITs) + also Alternative Investment Funds (AIF) Category I or II (only)

(vii) All types of derivatives for hedging

(viii) All types of Money Market Instruments (MMI)

(ix) All types of other instruments + also assets (both) may be specified by IFSCA from time to time

172. For Infrastructure assets of IOI

• Infrastructure assets are to include certain assets under Regulation 4(1)(h) of Investment Regulations like District heating

173. For Permissible investments’ jurisdictions

• IIOs are permitted to invest in certain jurisdictions under Regulation 5(7) of Investment Regulations like:

(i) IIOs are permitted to invest in IFSC

(ii) IIOs are permitted to invest in India through regulatory frameworks as specified by Reserve Bank of India (RBI) or Securities and Exchange Board India (SEBI)

(iii) IIOs are permitted to invest outside India when parent entity is incorporated or domiciled after fulfilling compliances with conditions as specified by home country regulatory or supervisory authority (any)

(iv) IIOs are permitted to invest outside India when country or jurisdiction (any) is not identified in public statement issued by Financial Action Task Force (FATF) as high-risk jurisdiction subject to call for action.

174. For Investible assets in life insurance

• IIOs in life insurance business are permitted to invest in certain investible funds or investment assets (any) under Regulation 6 of Investment Regulations like:

(i) IIOs are permitted to invest from shareholders’ funds representing Solvency Margin

(ii) IIOs are permitted to invest from policyholders’ funds in certain funds like:

(a) Participating + also Non-Participating Funds (both)

(b) Funds of Variable Insurance Products + 1 Year Renewable Pure Group Term Assurance Business (OYRGTA) at their carrying value

(c) Non-Unit Reserves of Unit Linked Insurance Business (ULIB)

(d) Pension + Annuity + Group Superannuation business + funds of Variable Insurance products at their carrying value under guidelines issued through these regulations

(iii) IIOs are permitted to invest from policyholders’ Unit Reserves against ULIB + funds of Variable Insurance products at their market value under guidelines issued through these regulations.

175. For Investible assets in general insurance

• IIOs in general or health and/or re-insurance business are permitted to invest in certain investible funds or investment assets (any) under Regulation 6 of Investment Regulations like:

(i) IIOs are permitted to invest in funds maintained in account of Parent Entity

(ii) IIOs are permitted to invest from shareholders’ funds representing Solvency Margin

(iii) IIOs are permitted to invest from policyholders’ funds at their carrying value as shown in balance sheet prepared in accordance with applicable regulations.

176. For Investment’s rating categories

(i) IIOs are permitted to invest in assets rated as investment grade under Insurance Capital Standards- Rating Categories (ICS-RC) by international rating agencies as recognized by International Association of Insurance Supervisors (IAIS) under Regulation 7 of Investment Regulations.

(ii) However IFSCA is permitted to specify other than abovementioned

177. For Investment’s sovereign credit ratings

(i) IIOs are permitted to invest in govt. bonds or debt instruments (any) issued at Central Government level for countries having investment grade Sovereign Credit Ratings (SCR) from IAIS under Regulation 8(1) of Investment Regulations.

(ii) However IFSCA is permitted to specify other than abovementioned

178. For Investments in ’s securities

• IIOs are not permitted to invest in other than Central govt. securities under Regulation 8(2) of Investment Regulations like:

(i) State’s securities

(ii) Regional authority’s securities

(iii) Provincial authority’s securities

(iv) Public sector entity’ securities

(v) Municipalities securities

179. For Equity instruments’ limit

• IIOs are permitted to invest in equity instruments in accordance with Investment Asset Exposure Pattern Matrix (Matrix 1) under Regulation 9 of Investment Regulations

180. For Debt instruments’ limit

• IIOs are permitted to invest in debt instruments in accordance with Investment Asset Exposure Pattern Matrix (Matrix 1) under Regulation 9 of Investment Regulations

181. For Investments in AIFs

• IIOs are permitted to invest in AIFs in accordance with Investment Asset Exposure Pattern Matrix (Matrix 1) under Regulation 9 of Investment Regulations

182. For Investments in InvITs or REITs

• IIOs are permitted to invest in InvITs or REITs in accordance with Investment Asset Exposure Pattern Matrix (Matrix 1) under Regulation 9 of Investment Regulations

183. For Investments in MMIs

• IIOs are permitted to invest in MMIs in accordance with Investment Asset Exposure Pattern Matrix (Matrix 1) under Regulation 9 of Investment Regulations

184. For Investments in ULIPs

• IIOs are permitted to invest in ULIPs in accordance with Investment Asset Exposure Pattern Matrix (Matrix 1) under Regulation 9 of Investment Regulations

185. For Investments in other countries

(i) IIOs are permitted to invest in bond + debt + Deposit Exposure Matrix by Insurance Capital Standards (Matrix 2) in other country

(ii) Also IIOs are permitted to invest in bond + debt + Deposit Exposure Matrix based on Sovereign Credit Rating (Matrix 3) all in other country under Regulation 10-11 of Investment Regulations

186. For Investments in other countries’ limit

• IIOs are permitted to invest in other country within limit prescribed under Equity Exposure Matrix by Sovereign Credit Rating (Matrix 4) under Regulation 12 of Investment Regulations

187. For Property + Infrastructure exposures in other countries’ limit

• IIOs are permitted to invest in property + Infrastructure exposure in other country within limit prescribed under Property and Infrastructure Exposure by Sovereign Credit Rating (Matrix 5) under Regulation 13 of Investment Regulations

188. For Entity / Group / Industry exposures in other countries’ limit

• IIOs are permitted to invest in entity or group or Industry exposure in other country within limit prescribed under Investment Asset Exposure Matrix to Entity, Group and Industry (Matrix 6) under Regulation 14 of Investment Regulations

(K1) Meaning for IFSCA F&A Regulations, 2022

189. For Objectives of F&A

• IIOs are required to prepare + also to present (both) financial statements (Balance sheet etc.) under IFSCA (Preparation and Presentation of Financial Statements of International Financial Service Centre Insurance Offices) Regulations, 2022 commonly known as F&A Regulations

190. For Accounting year

(i) IIOs are required to prepare + also to present (both) financial statements (Balance sheet etc.) as on March 31^st every year when set-up is in incorporated entity format.

(ii) Also IIOs are required to prepare + also to present (both) financial statements (Balance sheet etc.) same as being followed by parent entity when set-up is in un-incorporated entity format under Regulation 4(1)(ii) of F&A Regulations.

191. For Policyholder’s funds

• Policyholders funds to include total estimated liabilities under Regulation 4(1)(ix) of F&A Regulations like:

(i) For Outstanding Claims (OCs)

(ii) For Incurred but Not Reported (IBNR)

(iii) For Incurred but Not Enough Reported (IBNER)

(iv) For Unexpired Risk Reserve (URR)

(v) For Premium Deficiency Reserve (PDR)

(vi) For Catastrophe Reserve (CR)

(vii) For Other liabilities net off other assets

• Total of abovementioned amounts under para (i) to (vii) are to be treated policyholder’s funds

192. For Shareholder’s funds

(i) Shareholder’s funds to include certain credit balances in incorporated entity format like:

(a) Share capital

(b) 100% reserves + also surpluses (both)

– (minus)

(c) Revaluation reserve + also fair value change account (both)

– (minus)

(d) Accumulated losses + also miscellaneous expenditures to the extent not written off till balance sheet date (both)

(ii) However Shareholder’s funds to be replaced with assigned capital in un-corporated entity format under Regulation 4(1)(x) of F&A Regulations

193. For Accounting standards

(i) IIOs in un-incorporated entity format are required to prepare financial statements in accordance with accounting standards applicable to parent entity

(ii) IIOs in incorporated entity format are required to prepare financial statements in accordance with accounting standards issued by Institute of Chartered Accountants of India (ICAI). However there are certain exceptions like:

(a) Cash Flow Statements are to be prepared only for Direct Method as provided under Accounting Standard 3 (AS 3)

(b) Segment Reporting are to be prepared in accordance with Accounting Standard 17 (AS 17) beside requirements for listing + also turnover mentioned thereon (both)

(c) Accounting Standard 13 (AS 13) is not to be used for Investments Accounting.

• IFSCA is permitted to specify for transitioning to IFRS or other accounting standard (any) when considered necessary.

194. For Financial statements

(i) IIOs in incorporated entity format are required to obey accounting principles + standards + disclosures + also other requirements (all) specified under Regulation 5-6 of F&A Regulations

(ii) Also IIOs in un-incorporated entity format are required to obey accounting standards applicable to parent entity

• IFSCA is permitted to specify for transitioning to IFRS or other accounting standard (any) when considered necessary.

(L) Meaning for IFSCA Re-Insurance (RI) Regulations, 2023

195. For Objectives of RI

• Objectives’ for IFSCA (Re-Insurance) Regulations, 2023 (hereafter referred as RI Regulations) is to provide framework to IIOs for oversight + control of inward + also outward (all) arrangements against re-insurance business

196. For Alternative Risk Transfer (ART)

• ART to include non-traditional structured re-insurance solutions tailored for specific needs + also IIO’s profile (both) under Regulation 3(1)(c) of RI Regulations, 2023 like:

(i) Indian Insurer

(ii) Foreign insurer

(iii) Foreign re-insurer

197. For Cedant of RI

• Cedant to include IIO who is underwriting direct insurance business + also contractually for reducing part of his risk to re-insurer under Regulation 3(1)(f) of RI Regulations, 2023

198. For Cession of RI

• Cession to include act when cedant is contractually for reducing part of his risk to re-insurer under Regulation 3(1)(g) of RI Regulations, 2023

199. For Cover note of RI

• Cover note to include written document having details for terms + also conditions (both) for re-insurance contract issued by re-insurer or composite or re-insurance broker authorized by re-insurer for cedant or by retrocessionaire (any) under Regulation 3(1)(h) of RI Regulations, 2023

200. For Domestic Tariff Area (DTA)

(i) DTA to include whole (100%) of India + territorial waters + also continental shelf (all)

– (minus)

(ii) Special Economic Zones (SEZs) established through Special Economic Zones Act, 2005 (28 of 2005) under Regulation 3(1)(i) of RI Regulations, 2023

201. For Fronting of RI

• Fronting to include process for transferring risk when IIO cedes or retro-cedes transfer wholly (100%) or partly (not 100%) risk to re-insurer or retrocessionaire (any) under Regulation 3(1)(h) of RI Regulations, 2023

202. For Insurance pool

• Insurance pool to include joint underwriting activity for insurance or re-insurance business when participating IIOs are assuming predetermined share in underwriting business under Regulation 3(1)(m) of RI Regulations, 2023

203. For Re-insurance’s contract

(i) Re-insurance’s contract to include commercial agreement as legally binding on 100% parties evidenced by re-insurance slip or cover note or other suitable document (any) under Regulation 3(1)(s) of RI Regulations, 2023

(ii) Abovementioned Re-insurance contract to include certain characteristics under Regulation 5 of RI Regulations like:

(a) It’s should meet risk transfer requirements for particular accounting year

(b) It should protect ceding insurer or retrocessionaire from negative financial impacts arising from underlying ceded insurance business.

204. For Re-insurance Slip

• Re-insurance Slip to include document for providing risk’s abridged details + terms + also conditions (all) offered for re-insurance under Regulation 3(1)(t) of RI Regulations, 2023

205. For Retrocession of RI

• Retrocession to include re-insurance transactions when partly (not 100%) re-insurance risk is further ceded to 2^nd re-insurer under Regulation 3(1)(w) of RI Regulations, 2023

206. For Re-insurance treaty

• Re-insurance treaty to include re-insurance contract between cedant and re-insurer or between re-insurer and retrocessionaire which stipulates technical particulars + also financial terms (both) applicable to re-insurance for defined class(es) or segment(s) of business (any) under Regulation 3(1)(h) of RI Regulations, 2023

207. For Re-insurance Strategy and Re-insurance Programme (RSRP)

(i) RSRP to include 100% IIOs those are required to develop + also to document (both) required to become integral part of IIO’s overall underwriting strategy and risk management philosophy under Regulation 4(1) of RI Regulations, 2023

(ii) Also RSRP to include policies + procedures (both) for selecting + monitoring re-insurance arrangements + management responsibilities + controls + re-insurance management systems (all) under Regulation 4(2) of RI Regulations, 2023

(M) Meaning for IFSCA ALSM LI Regulations, 2023

208. For Objectives of ALSM LI

• Objectives for IFSCA (Assets, Liabilities, Solvency Margin and Abstract of Actuarial Report for Life Insurance Business) Regulations, 2023 (hereinafter referred as “ALSM LI Regulations”) to specify requirements for capital + solvency + also submission of abstract of actuarial report (all) by IIO for undertaking Life Insurance Business

209. For Applicability of ALSM LI

(i) ALSM LI Regulations are applicable to 100% IIOs those undertaking Life insurance business under Regulation 2 of ALSM LI, Regulations 2023.

(ii) (a) ALSM LI Regulations are not applicable to IIOs set-up in un-incorporated format for solvency margin + also other requirements (both)

(b) However Abovementioned IIOs set-up in un-incorporated format are required to comply requirements as stipulated under Regulation 17(4) of IFSCA (Registration of Insurance Business) Regulations, 2021

(iii) Reporting formats as specified under ALSM LI, Regulations 2023 are applicable to IIOs set-up in incorporated format + also in un-incorporated format (both)

210. For Mathematical reserves

(i) Mathematical reserves are to include provisions made by insurer to cover liability arising from policies or contracts for Life insurance business under Regulation 4(1)(k) of ALSM LI, Regulations 2023.

(ii) Also mathematical reserves are to include specific provisions for adverse deviations from bases like:

(a) Mortality rates

(b) Morbidity rates

(c) Interest rates

(d) Expense rates

(e) Explicit provisions are made in valuation for liabilities under ALSM LI, Regulations 2023.

(iv) Abovementioned mathematical reserves are not to include liabilities arising from policy’s deposit back arrangements when amount is deposited by re-insurer with cedant

211. For Sum at risk of ALSM LI

• Sum at risk to include certain amount payable for Life insurance policy under Regulation 3(1)(s) of ALSM LI, Regulations 2023 like:

(i) 100% amount payable on death or other contingencies (any) covered in Life insurance policy

(ii) 100% benefit’s present value is consisting payment for annuity or lump sum or installments or other periodic payments’ kind on death or other contingency (any) when benefits under policy are in question.

212. For Reporting of ALSM LI

(i) 100% IIOs are required to prepare + also to submit (both) certain statements periodically to IFSCA under Regulation 5(1) of ALSM LI Regulations like:

(a) Statement for admissible assets in FORM ALSM-L-A as specified under Schedule- I

(b) Statement for liabilities’ amount in FORM ALSM-L-L as specified under Schedule- II

(c) Statement for solvency margin in FORM ALSM-L-SM1 + FORM ALSM-L-SM2 + also FORM ALSM-L-SM3 (all) as specified under Schedule- III

(ii) 100% IIOs are required to prepare + also to submit (both) certain statements periodically to IFSCA under Regulation 5(2) of ALSM LI Regulations like:

(a) Annual Actuarial Report prepared by Appointed Actuary (AA) to IFSCA in accordance with + also in manner (both)

(b) Valuation for Assets + Liabilities + also solvency margin’s computation (all) duly certified by AA

(c) Other reports as may be directed by IFSCA

• Abovementioned reporting’s are needed beside capital is being maintained in accordance with home country’s regulations under explanation to Regulation 5 of ALSM LI Regulations.

213. For Assets valuation’s pattern

(i) 100% IIOs are required to obey asset valuation’s pattern when certain assets are to be valued at 0 (zero) in accordance with Schedule – I of ALSM LI Regulations like:

(a) Movable + also immovable property (both)

– (minus)

Financial instruments + also other asset (both) as may be specified by IFSCA

(b) Agents’ balances + Intermediaries’ balances + also outstanding premiums in India (all) when not realized within 30 days

(c) Agents’ balances + Intermediaries’ balances + also outstanding premiums outside India (all) when not realizable

(d) Sundry debts when not realizable

(e) Advances + also receivables (both) when not realizable

(f) Furniture’s + fixtures + dead stock + also stationery (all)

(g) Deferred expenses

(h) Debit balance of Profit and loss appropriation account + also fictitious assets other than prepaid expenses (both)

(i) Reinsurer’s balances outstanding when exceeding 90 days

(j) Leasehold improvements

(k) Goods and Service Tax unutilized credit outstanding exceeding 90 days

(l) Other assets as may be specified from time to time by IFSCA.

(ii) 100% assets other than abovementioned are to be valued in accordance with applicable regulations + also instructions issued (both) by IFSCA.

214. For Solvency margin

• Available solvency margin is to include excess of assets’ value (furnished in Form ALSM-L-A) over value for life insurance liabilities (furnished in Form ALSM-L-L) + other liabilities for policyholder’s fund + also shareholder’s fund (all) under para 1(1) of Schedule – III of ALSM LI Regulations

215. For Solvency ratio

• Solvency ratio is to include available solvency margin to required solvency margin (furnished in Form ALSM-LSM3) under para 1(2) of Schedule – III of ALSM LI Regulations

216. For Solvency’s Control level

• Control level of solvency is to include specified level of solvency margin to be maintained by IIO without prejudice for taking other remedial measures considered necessary like minimum solvency ratio as currently specified is 150% under para 1(3) of Schedule – III of ALSM LI Regulations

(N) Meaning for IFSCA ALSM GI Regulations, 2023 ◉

217. For Objectives of ALSM GI

• Objectives’ for IFSCA (Assets, Liabilities, and Solvency Margin of General, Health and Re-insurance business) Regulations, 2023 (hereinafter referred as “ALSM GI Regulations”) to specify requirement for capital + solvency of IIOs those are undertaking general + health + also re-insurance business (all)

218. For Applicability of ALSM GI

(i) 100% IIOs are required to obey requirements when undertaking general + health + also re-insurance business (all) under Regulation 2 of ALSM GI Regulations, 2023

(ii) (a) 100% IIOs are not required to obey requirements when undertaking general + health + also re-insurance business (all) when set-up in un-incorporated format under Regulation 2 of ALSM GI Regulations, 2023

(b) However abovementioned IIOs are required to obey requirements stipulated under clause 17(4) of IFSCA (Registration of insurance business) Regulations, 2021.

(iii) Moreover 100% IIOs are required to obey reporting formats when set-up in incorporated + also un-incorporated (both) specified under ALSM GI Regulations

219. For Mathematical reserves

(i) Mathematical reserves are to include provisions made by insurer to cover 100% liabilities for policies or contracts against life insurance business

But

(ii) Abovementioned not to include 100% liabilities for deposit back arrangements when amount is deposited by re-insurer with cedant

+ (plus)

(iii) Also to include specially provisions for adverse deviations of bases like:

(a) Mortality rates

(b) Morbidity rates

(c) Interest rates

(d) Expense rates

(e) Other explicit provisions for liabilities’ valuation under Regulation 4(1)(k) of ALSM GI Regulations, 2023

220. For Not reported reserves

(i) Not reported reserves are to include amount payable on death or other contingencies for annuity or in lump sum or in installments or in other kind of periodic payments (any)

(ii) However not reported reserves are always lower than mathematical reserves under Regulation (3)(1)(s) of ALSM GI Regulations, 2023

(O) Meaning for Direct Listing Scheme (DLS)

221. For Objective of DLS

(i) DLS to include direct listing for companies’ equity shares when incorporated on International Exchange Scheme (IES) in India

(ii) DLS is specified in Schedule XI of Foreign Exchange Management (Non-debt Instruments) Rules, 2019

(iii) DLS is providing framework for issuing + also listing of equity shares of public Indian companies on international exchanges (both)

(iv) Indian companies were not allowed to issue + also to list of equity shares on international exchanges (both) before DLS’s introduction

222. For DLS under Companies Act (CA) 2013

• Eligible Indian public companies are permitted to issue + also to list equity shares (both) on foreign jurisdictions or other jurisdictions as may be prescribed under Section 23(3) through Companies (Amendment) Act, 2020.

223. For Indian public companies

(i) Eligible Indian public companies to include followings:

(a) 100% Public Indian listed companies

(b) 100% Public Indian unlisted companies

(ii) DLS is providing framework to issue + also to list of equity shares of public Indian unlisted companies (both) on International Exchange.

(iii) SEBI is in process for issuing operational guidelines for public Indian listed companies

224. For Private companies

• Private companies are providing minimum paid up capital through Article of Association (AoA)

(i) Private companies are restricting right to transfer its shares

(ii) Private companies are requiring maximum 200 members

(iv) However One Person Companies (OPCs) are permitting minimum 1 member

(v) Private companies are prohibiting invitation to public to subscribe for securities

• Abovementioned provisions are prescribed under section 2(68) of CA, 2013

225. For Public companies

(i) Public companies are providing minimum paid up capital through Article of Association (AoA)

(ii) Private companies are treated public companies when private companies are subsidiary of public companies

(iii) Abovementioned provisions are prescribed under section 2(71of CA, 2013

226. For Indian private companies

• Indian private companies are not permitted to issue + also to list of equity shares (both) on international exchanges.

227. For Eligibility criteria’s

• Indian public companies are permitted to issue + also to list of equity shares (both) on international exchanges after satisfying certain conditions like:

(i) When Indian public company or promoter(s) or promoter group or director(s) are not debarred from accessing capital market by appropriate regulator like SEBI in India.

(ii) When promoter(s) or director(s) of 1^st Indian public company is promoter or director of 2^nd Indian public company which is not debarred from accessing capital market by appropriate regulator like SEBI in India.

(iii) When Indian public company or promoter(s) or director(s) are not wilful defaulter

(iv) When Indian public company is not under investigation or inspection under Companies Act, 2013 (18 of 2013)

(v) (a) When promoter(s) or director(s) are not fugitive economic offender

(b) Additional eligibility conditions may be specified by international exchanges under their regulations when promoter(s) or director(s) are fugitive economic offender

228. For Indian Public companies

• Certain Indian public companies are not permitted to issue + also to list equity shares (both) under Rule 5 of Companies (Listing of equity shares in permissible jurisdictions) Rules, 2024 like:

(i) When Indian public companies are registered under section 8 or declared as Nidhi under section 406 of CA, 2013

(ii) When Indian public companies are limited by guarantee + having share capital (both)

(iii) When Indian public companies are having outstanding deposits accepted from public under Chapter V of CA, 2013 + also rules made thereunder (both)

(iv) When Indian public companies are having negative net worth

(v) (a) When Indian public companies are defaulted in payment of dues to banks or public financial institutions or non-convertible debenture holders or other secured creditors (any)

But

(b) This clause is not applicable when Indian public companies had made good the default + also 2 years had lapsed since date of making good the default (both)

(vi) When Indian public companies have made applications for winding-up under CA, 2013 or for resolution or winding-up under Insolvency and Bankruptcy Code, 2016 (31 of 2016) + also proceedings for winding-up under CA, 2013 or resolution or winding-up under Insolvency and Bankruptcy Code, 2016 (31 of 2016) are pending

(vii) When Indian public companies have defaulted in filing of annual return under section 92 or financial statements under section 137 of CA, 2013 within specified time.

229. For International exchange

(i) International exchanges are specified under rule 2(aaa) of Annexure XI of Foreign Exchange Management (Non-debt Instruments) Rules, 2019

(ii) Presently India has 2 International Exchanges like:

(a) India International Exchange in GIFT-IFSC

(b) NSE International Exchange in GIFT-IFSC

(iii) Abovementioned 2 International Exchanges are under IFSCA’s regulatory supervision

230. For Indian Public unlisted companies

(i) Indian public unlisted companies are permitted to issue equity shares on international exchanges under DLS after satisfying compliances with Companies (Listing of equity shares in permissible jurisdictions) Rules, 2024

(ii) Also Indian public unlisted companies are required to obey regulatory frameworks of international exchanges in GIFT-IFSC

231. For Indian Public listed companies

(i) Indian public listed companies are permitted to issue equity shares on international exchanges under DLS after satisfying compliances with Scheme and Companies (Listing of equity shares in permissible jurisdictions) Rules, 2024 issued by Ministry of Corporate Affairs (MCA)

(ii) Also Indian public listed companies are required to obey compliances with conditions and other requirements under norms notified by SEBI

(iii) SEBI is in process of issuing operational guidelines for Indian listed public companies.

(iv) Also Indian public unlisted companies are required to obey regulatory frameworks of international exchanges in GIFT-IFSC

232. For Prospectus’s filing

(i) Indian public unlisted companies are required to file prospectus in e-form LEAP-1 within 7 days after same is finalized and filed in permitted international stock exchange under rule 4(4) of Companies (Listing of equity shares in permissible jurisdictions) Rules, 2023

(ii) Also abovementioned e-Form LEAP-1 is required to file in MCA-21 Registry electronically for record purposes.

233. For Prohibited FDIs

• Indian public companies are not permitted to issue or offer (any) equity shares against FDI in prohibited sectors under DLS.

234. For Deemed FDIs

• Equity shares listed on international exchanges are to be treated deemed FDI

235. For Permissible shareholders

• Residents of India are not treated permissible shareholders at International Exchanges for investing or trading or holding (any) in equity shares of Indian public listed companies under para 2 of Scheme in Foreign Exchange Management (Non-debt Instruments) Rules, 2019

236. For Residents’ eligibility

• Residents of India are not permitted to purchase or to sale equity shares of Indian public listed companies under Para 2 of DLS in Foreign Exchange Management (Non-debt Instruments) Rules, 2019

237. For Non-Indian Residents land bordering countries’ eligibility

(i) Although non-residents of India from land boarding countries are permitted to purchase or to sale equity shares of Indian public listed companies under Para 2 of DLS in Foreign Exchange Management (Non-debt Instruments) Rules, 2019 like:

(a) Bhutan

(b) Bangladesh

(c) China

(d) Myanmar

(e) Nepal

(f) Pakistan

But

(ii) Approval from Central govt. is needed to purchase or to sale equity shares of Indian public listed companies on International Exchanges

238. For Indian rules + regulations’ applicability

• Indian companies are required to obey Indian rules + regulations to issue + also to list of equity shares (all) on international exchange like:

(i) Securities Contracts (Regulation) Act, 1956 + rules + also regulations (all)

(ii) SEBI Act, 1992 + rules + also regulations (all)

(iii) Depositories Act, 1996 + rules + also regulations (all)

(iv) Foreign Exchange Management Act (FEMA) 1999 + rules + also regulations (all)

(v) Prevention of Money-laundering Act (PMLA) 2002 + rules + also regulations (all)

(vi) Companies Act (CA) 2013 + rules + also regulations (all)

239. For Beneficial Owner (BO)

• BO is to include as defined under rule 9(1) of Prevention of Money-laundering (Maintenance of Records) Rules, 2005

240. For Indian Public unlisted companies

(i) Indian public unlisted companies are not permitted to issue + also to list (both) on International Exchanges without listing on Domestic Exchanges

(ii) However Indian public unlisted companies are permitted to issue + also to list (both) on International Exchanges with listing on Domestic Exchanges simultaneously

241. For Domestic mutual funds

• Resident in India’s domestic mutual funds are not permitted to invest or to trade (any) in equity shares of Indian public listed companies on International Exchanges under explanation 1 of para 2 of DLS

242. For Offer for sale

• Existing shareholders are permitted to offer for sale through direct listing of Indian public companies on International Exchange under para 1 of DLS in Foreign Exchange Management (Non-debt Instruments) Rules, 2019

243. For Companies’ benefits

(i) Indian public companies are able to access global capital through listing in International Exchanges in addition to listing in Domestic Exchanges

(ii) Indian public companies established by start-ups are able to expect better valuation based on global standards for scale + also performance (both)

244. For Regulatory frameworks

(i) IFSCA’s regulatory frameworks under DLS are defined in IFSCA Act, 2019 + rules + also regulations (all) notified thereunder.

(ii) Also IFSCA (Issuance and Listing of Securities) Regulations, 2021 for initial listing + disclosure requirements + continuous listing obligations + also etc. (all) for Indian public listed companies on International Exchanges in GIFT IFSC.

245. For Holders’ benefits

(i) Foreign investors are permitted to participate for value creation in Indian public listed companies + also to earn higher Return on Investments (RoI) both

(ii) Foreign investors are permitted to transact in foreign currencies to eliminate currency’s risk against their investments in India.

(iii) Foreign investors are permitted for extended trading hours like more than 20 hours in a day to enable them to transact at their convenient working hours under ease of doing business in India.

(iv) Foreign investors are additionally permitted for various tax incentives provided under Income Tax Act, 1961 like Capital gains arises from transfer of equity shares of Indian public listed companies in GIFT-IFSC is 100% exempted from capital gains tax.

246. For IFSC of DLS

(i) IFSC is established under section 18 of Special Economic Zones (SEZ) Act, 2005

(ii) Also regulated under International Financial Services Centres Authority (IFSCA) Act, 2019

(iii) IFSCA is established to bring financial services + also financial transactions (both) in India which were being carried from outside India.

(iv) IFSCA is established to develop strong global connect + to focus on needs of Indian economy + to serve as international financial platform for entire region + also for global economy (all).

247. For IFSCA’s powers

(i) IFSCA is established under IFSCA Act, 2019 as unified regulator for developing + also regulating of financial products + financial services + also financial institutions (all) GIFT in IFSC

(ii) IFSCA is established with 100% powers which were available with 4 financial sector’s regulators in India for regulating financial services market in GIFT IFSC + also for matters connected or incidental (any) like:

(a) RBI

(b) SEBI

(c) IRDAI

(d) PFRDA

248. For Market Infrastructure Institutions (MIIs)

(i) 2 Stock Exchanges are working for listing + also trading (both) in GIFT IFSC like:

(a) India International Exchange (IFSC) Limited as subsidiary of BSE Limited

(b) NSE IFSC Limited as subsidiary of NSE Limited

(ii) 2 clearing corporations are working for clearing + also settlement of trades (both) to be executed on abovementioned 2 Stock Exchanges as depository services in GIFT IFSC like:

(a) India International Clearing Corporation (IFSC) Limited as subsidiary of BSE Limited

(b) NSE Clearing Corporation (IFSC) Limited as subsidiary of NSE Limited

(P) Meaning for FC + FU registration’s applications (IFSC)

249. For Objective of FC + FU Registrations

(i) Interested entities are permitted to engage with IFSCA’s development team to seek information’s for opportunities available in IFSC at GIFT Gandhinagar (Gujarat)

(ii) Abovementioned entities are required to follow process flow for setting business in IFSC at GIFT.

(iii) Abovementioned entities are required to seek time for presentation on their business plan in writing to development team at development@IFSCa.gov.in

(iv) Abovementioned development team is required to provide broad overview for taxations + also business regulations (both) in IFSC at GIFT.

(v) Abovementioned development team is required to take certain details in short Video Conference (VC) meeting based on entities request through their emails.

250. For Process of FC + FU Registrations

(i) Interested entities are required to connect with concerned regulatory team for query about regulatory framework or application process (any)

(ii) Abovementioned regulatory team is required to available for short video or Tele-call (any) during working hours.

(iii) Abovementioned entities are required to connect with concerned regulatory team like:

Division’s Name	Officer’s email	Application Form for
Capital Market Intermediaries	arjun.pd@IFSCa.gov.in	Capital Market Intermediaries
Sustainable Finance	abhilash.mk@IFSCa.gov.in	Capital Market Intermediaries
Market Infrastructure Institutions	praveen.kamat@IFSCa.gov.in	(a) Clearing Corporation (CC) (b) Depository (c) Stock Exchange
Angel Funds, Family Investment Funds	pavan.shah@IFSCa.gov.in	Angel Funds + also Family Investment Funds (both)
Fund Management Entities (FME), Funds, Pension	mihir.upadhyay@IFSCa.gov.in	(a) FME’s registration (b) Scheme’s registration + also FMEs fund’s registration (both)
Banking Regulation	supriyo.b@IFSCa.gov.in	Banking Handbook
Fin-tech	joseph.joshy@IFSCa.gov.in	(a) Authorization (b) Innovation + Regulatory Sandbox (both) (c) Fin-Tech Entities (d) Accelerators
Finance Company, Aircraft Leasing + also Ship Leasing (both)	riddhi.bhandari@IFSCa.gov.in	(a) Registration of Finance Company (FC) + also Finance Unit (FU) both (b) Simplified for FC (c) ITFS (d) Sharing of office space or manpower (any) by aircraft lease entity in IFSC
Ancillary, Global In-house Centres + also Foreign University (both)	sathyaraj.cm@IFSCa.gov.in	Ancillary Services
Insurance	bhaskar.khadakbhavi@IFSCa.gov.in	(a) IFSC Insurance Intermediary Office (IIIO) registration Setting incorporated in Form-A Setting unincorporated in Form-B (b) IFSC Insurance Office (IIO) Setting unincorporated by Indian re-insurer in Form-A Setting unincorporated by Foreigner re-insurer in Form-B Setting unincorporated by MGA + also Foregin re-insurer (both) in Form-C Setting incorporated in Form-D (c) Insurance Web Aggregator (IWA) Setting incorporated (Schedule-1) in Form-A Setting unincorporated (Schedule-1) in Form-B CoR’s renewal (Schedule-4) in Form-A
Metals + also Commodities (both)	ramaneesh.goyal@IFSCa.gov.in	(a) Recognition or recognition’s renewal (any) for Bullion Exchange (b) Recognition or recognition’s renewal (any) for Bullion Clearing Corporation (BCC) (c) Registration for Bullion Trading Member (BTM) or Bullion Clearing Member (BCM)

251. For Final application

(i) Interested entities are required to submit final application to IFSCA at applications@IFSCa.gov.in

(ii) 100% Interested entities are required to mention business vertical in registration’s final application

(iii) Abovementioned final application’s copy is also to be send through e-mail simultaneously to respective division

152. For Approval process

(i) Concerned regulatory team is required to reach applicant for further queries within 7 working days from date of filing registration’s application

(ii) Interested entities are permitted to approach chairman for any difficulty at chairperson@IFSCa.gov.in

(iii) Abovementioned regulatory team is required to take final decision on 100% applications within 45 days from date of filing registration’s application.

(iv) Interested entities are required to refer relevant regulations + guidelines + circulars issued by IFSCA before making application + also after making application (all) to keep themselves update with latest regulatory frameworks like:

(a) Acts

(b) Rules

(c) Regulations

(d) Frameworks

(e) Notifications

(f) Circulars

(v) Interested entities are required to refer fee circular issued by IFSCA

(Q) Meaning for IFSCA (Anti Money Laundering + also etc.) Guidelines, 2022

253. For Application of IFSCA (Anti Money Laundering + also etc.) Guidelines, 2022

(i) 100% Registered Entities (REs) are required to obey IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022 specified under clause 1.2 of chapter I like:

(a) 100% IFSCA’s licensed entities

(b) 100% IFSCA’s recognized entities

(c) 100% IFSCA’s registered entities

(ii) Also 100% FUs of IFSCA’s regulated entities are required to obey guidelines as specified in Chapter-XII of abovementioned

254. For DD & PO’s appointment

• 100% REs are not permitted to appoint same person as DD & PO simultaneously

255. For DD’s eligibility

• 100% REs located in IFSC are required to appoint DD to lead entity

256. For PO’s eligibility

(iii) 100% REs located in IFSC are required to appoint PO under clause 2 (c) & (f) of Chapter-VIII of abovementioned guidelines

(iv) Abovementioned PO is required to have necessary seniority + also authority (both) within RE

(v) Abovementioned PO is required to be different from RE’s Internal audit + also business line functions (both)

257. For DD + PO’s qualifications

(i) Legal Entity (LE) + also Juridical Person (JP) both are not permitted to become RE’s DD or PO (any)

(ii) Hence Natural Person (NP) is permitted to become RE’s DD or PO (any)

258. For POs from FME

(i) PO of Fund Management Entity (FME) is not permitted to become RE’s PO under IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022

(ii) Hence PO of FME under IFSCA (Fund Management) Regulations, 2021 (FM Regulations) is not permitted to become RE’s PO

259. For DDs from FME

(i) DD of Fund Management Entity (FME) is permitted to become RE’s DD under PML (Maintenance of Records) Amendment Rules, 2022

(ii) Hence DD of FME under IFSCA (Fund Management) Regulations, 2021 (FM Regulations) is permitted to become RE’s DD

260. For DD + PO from non-IFSC

(i) DD + also PO from parent entity located in non-IFSC area are not permitted to become RE’s DD + also PO (both)

(ii) Hence DD + PO should have necessary seniority + also authority (all) within RE under clause 2(f) Chapter-VIII of abovementioned guidelines

261. For AIF’s DD + PO from FME

• FME’s DD + PO are permitted to become DD + also PO (all) for IFSCA’s registered Alternate Investment Fund (AIF)

262. For AML-CFT KYC policy’s formation

• 100% IFSCA’s entities are required to formulate AML-CFT KYC Policy duly approved by governing body or by committee when powers are delegated by governing body

263. For Governing body against AML-CFT KYC policy

(i) Board of Directors (BoDs) for company

(ii) Partners for partnership firm

(iii) Partner or designated partner (any) for Limited Liability Partnership (LLP)

(iv) Managing trustee for trust

(v) Management committee or anybody who is controlling + also managing (both) affairs for unincorporated association or Body of Individuals (BoIs)

(vi) Committee constituted at branch level with authorization from parent entity’s governing body for Regulated Entity (RE)

264. For Separate AML-CFT KYC policy’s formation

(i) (a) 100% REs are not required to have Separate AML-CFT KYC policy’s formation when already incorporated Key principles or elements of abovementioned guidelines (any)

(b) Also to obtain approval from governing body or committee (any) when powers delegated by governing body.

(ii) (a) 100% REs are required to have Separate AML-CFT KYC policy’s formation when already not incorporated Key principles or elements of abovementioned guidelines (any)

(b) Also to obtain approval from governing body or committee (any) when powers delegated by governing body.

265. For FIU-IND FIN-Gate 2.0’s registration

(i) 100% RE’s are required to have FIU-IND FIN-Gate 2.0’s registration

(ii) However FME’s AIFs are not required to have FIU-IND FIN-Gate 2.0’s registration

266. For FIU-IND FIN-Gate 2.0 registration’s authority

(i) 100% REs are required to have FIU-IND FIN-Gate 2.0’s registration with Director, Financial Intelligence Unit-India (FIU-IND).

(ii) Abovementioned REs are required to provide information’s referred in rule-3 of PML (Maintenance of Records) Rules, 2005 + also with terms of rule-7

267. For FIU-IND FIN-Gate 2.0 registration’s process

(i) 1^st step

• • RE’s registration

(ii) 2^nd step

• • DD + also PO (both) registration

(iii) Link for registration

https://www.fingate.gov.in/proactive-re-registration

(iv) Guidance video for registration

268. For Primary user for registering on FIU-IND registration portal

• DD + also PO (both) are permitted to become primary user for registering on FIU-IND registration portal

269. For Furnishing RE’s information’s to FIU-IND Director

(i) 100% Indian receipts by Non-Profit Organizations (NPOs) when value exceeding INR 10 lakh or its equivalent in foreign currency (any)

(ii) 100% Suspicious Transactions (STs) in cheque or in cash (any)

(iii) 100% foreign receipts when value exceeding INR 5 lacs or its equivalent in foreign currency beside origin or destination (any) in India

(iv) 100% immovable property’s purchases + also sales (both) by registered RE when value is minimum 50 lac

270. For Separate registration by Branch RE

• 100% regulated REs working in form of branch are required to register with FIU-IND at FIN-Gate 2.O portal for undertaking 100% reporting obligations provided under Rule 3 of PML (Maintenance of Records) Rules, 2005.

271. For Reporting 100% Cross Border Wire Transfer (CBWTR)

• 100% regulated REs are required to furnish 100% CBWTR to FIU-IND when value is exceeding INR 5 lakh or equivalent in foreign currency under Rule 8 of PML (Maintenance of Records) Rules, 2005 + also clause 1.3.33 IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022.

272. For Transactions from IFSC + to IFSC treated CBWTR

(i) 100% transactions to IFSC or from IFSC are treated CBWTR beside ordering entity or beneficiary entity (any) is located in IFSC under clause 1.3.10 IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022.

(ii) Also CBWTRs’ chain are treated CBWTR when total value is exceeding INR 5 lakh or equivalent in foreign currency under Rule 8 of PML (Maintenance of Records) Rules, 2005 + also clause 3.33 IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022

173. For Multiple registration with FIU-IND

(i) 100% registered REs are not required to have multiple registration with FIU-IND beside having multiple license or registration or recognition or authorization (any)

(ii) Hence abovementioned REs are required to have single registration with FIU-IND beside having multiple license or registration or recognition or authorization (any)

174. For Contact email against registration’s technical issue

• 100% registered REs are permitted to contact for registration’s technical issues on helpdesk-re@fiuindia.gov.in

175. For Authorized business facilitator

(i) Authorized business facilitator to include resident natural person (domicile) + also he is regulated or registered in jurisdiction which is not identified in FATF’s public statement as high-risk jurisdiction

Or

(ii) To include resident natural person (domicile) from country specified by govt. of India as authorized business facilitator through order or agreement or treaty with sovereign country under Point No. (4) of Guidance Note to Part III of Annexure-I of IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022

176. For Customers identity’s offline verifications

(i) Customer identity’s offline verifications are permitted through physical verification of original identification’s documents

(ii) Also to retain copy of same or to obtain Certified True Copy (CTC) from certain entities or persons for non-resident Individuals + also Non-Resident Indians (NRIs) both like:

(a) From Bank’s authorized official located in FATF compliant jurisdiction where individual has banking relationship

(b) From Notary Public located outside India

(c) From Court Magistrate located outside India

(d) From Judge located outside India

(e) From Certified public or professional accountant located outside India

(f) From Lawyer located outside India

(g) From Embassy or Consulate General of country where non-resident individual is citizen

(h) From Any other authority specified by IFSCA as referred under Point No. 6 of Guidance note to clause 4.3 of Chapter 5 of IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022.

277. For Customers identity’s video verifications

• Customers identity’s video verifications are permitted through Video based Customer Identification Process or V-CIP for on boarding Indian Nationals as referred under Annexure II of IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022.

278. For Customers identity’s using business facilitator verifications

• Customers identity’s using business facilitator verifications are permitted

279. For Customers identity’s using websites verifications

• Customers identity’s using website verifications are permitted like:

(i) Through downloading from publicly available information’s like regulator’s + also other official government (both) websites.

(ii) Through CDD information’s + also research report (both) obtained from reputable companies

(iii) Through information’s obtained from reliable + independent public information’s found on internet + also commercial databases (all) when commercial database is recognized by home regulator referred under Part III of Annexure-I of IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022.

280. For Officially Valid Documents (OVDs) by lawyer

• Lawyer located outside India is permitted to certify OVDs in his personal capacity for Non-resident individuals + also Non-Resident Indians (NRIs) both under clause 1.3.7 of IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022.

281. For Utility bill or bank statement as OVD

(i) Passport issued by foreign jurisdiction + also letter issued by foreign embassy or foreign mission in India (both) are accepted as OVD for residence’s proof when OVD presented by foreign national is not containing his address.

(ii) Also latest utility bill or bank statement as OVD is not accepted when foreign national is categorized as medium or high risk customer + also passport is not containing his address (both) as referred under 4^th proviso to clause 3.30 of IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022

282. For Deemed OVD as address proof

• Certain documents are accepted as deemed OVD when customer is unable to produce valid OVD for residence’s proof against low-risk customers under 3^rd proviso to clause 1.3.30 of IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022 like:

(i) Utility bill for not more than 2 months old like:

(a) Electricity bill

(b) Landline phone bill

(c) Post-paid mobile phone bill

(d) Piped gas bill

(e) Water bill

(ii) Property document like:

(a) Property tax receipt

(b) Municipal tax receipt

(c) City council tax receipt

(d) Other equivalent document, if any

(iii) Bank document like:

(a) Post office savings bank statement

(b) Domestic bank statement

(c) Foreign bank statement

(iv) Other important document like:

(a) Pension Payment Orders (PPOs) issued by govt.’s department or Public Sector Undertaking (PSUs) when same is containing customers address

(b) Allotment’s letter issued by employer or regulatory bodies employer or PSU employer

(c) Leave + also license agreement (both) are issued by commercial bank or financial institution or listed company (any)

(d) Official accommodation allotment letter issued by abovementioned entities

283. For Video Based Customer Identification Process (V-CIP)

• V-CIP is permitted for on boarding Indian National under IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022.

(R) Meaning for Alternative Investment Fund (AIF)

284. For Business risk assessment by FME

• FME managing AIF is permitted to undertake business risk assessment of same AIF

285. For Business risk assessment by 3^rd party

• 3^rd party is not permitted to undertake business risk assessment of AIF

286. For Customer Due Diligence (CDD)

(i) FME managing AIF + 3^rd party as referred under clause 1 of guidelines (both) are permitted to undertake AIF’s CDD under chapter VI + also other relevant provisions (all)

(ii) Also abovementioned 3^rd party is permitted under 3^rd party reliance framework as referred under IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022.

287. For Periodic CDD by FME or 3^rd party

(i) FME managing AIF + 3^rd party as referred under clause 1 of guidelines (both) are permitted to undertake AIF’s periodic CDD under chapter VI + also other relevant provisions (all)

(ii) Also abovementioned 3^rd party is permitted under 3^rd party reliance framework as referred under IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022.

288. For Suspicious Transactions Report (STR) to Director FIU-IND

(i) STR is required to be submitted to Director, FIU-IND under point no. 4 of guidance note to clause 10.3 of IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022.

(ii) Address for submitting STR to Director, FIU-IND:

• Director, FIU-IND, Financial Intelligence Unit-India,

6^th Floor, Tower-2, Jeevan Bharati Building, Connaught Place, New Delhi-110001,

Telephone: +9111-23314429, 23314459 Website: http://fiuindia.gov.in

289. For STR’s filling obligation

• PO is required to submit STR to Director, FIU-IND within schedule time under point no. 5(a)(iii) of guidance note to clause 10.3 of IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022.

290. For STR’s filling frequency

• PO is required to submit STR to Director, FIU-IND quickly after concluding that any transaction or series of transactions integrally connected are suspicious in nature

291. For Information’s disclosure against Suspicious Transactions

• Information’s disclosure against Suspicious Transactions (STs) is permitted under clause 10.4(b) of IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022 + also vide circular dated October 12, 2023 (both). There are certain circumstances when Information’s disclosure against STs is permitted like:

(i) Disclosure is permitted to officer or employee or agent (any) of Regulated Entity (RE) for any purpose connected to performance of that person’s duties

(ii) Disclosure is permitted to lawyer for obtaining legal advice on matter

(iii) Disclosure is permitted to supervisory authority to enable him to carry his supervisory role

(iv) Disclosure is permitted for complying court’s order

(v) Disclosure is permitted for information sharing among entities in 1 Financial Group

292. For Matching particulars against designated individuals

• Regulated Entities (REs) are required to immediately inform to state nodal officer of Unlawful Activities (Prevention) Act (UAPA) 1967 + IFSCA + also FIU-IND (all) through Central designated Nodal Officer by Fax + telephone + also email (all) when customer’ particulars are matching with particulars of individuals or entities (any) in sanctioned list like:

(i) Under UAPA Order bearing file no.14014/01/2019/CFT dated February 2, 2021 link:

https://www.mha.gov.in/sites/default/files/ProcedureImplementationSection51A_30032021.pdf

(ii) Under Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005 (’WMD, Act’) link:

https://IFSCa.gov.in/Pages/Contents/WMD-ActDesignated-Lists

(iii) Abovementioned particulars to include certain information’s like

(a) Entities’ funds

(b) Financial assets

(c) Economic resources

(d) Related services held in bank accounts or stocks or Insurance policies or etc. (any)

293. For Timeline against communicating customer’s particulars

(i) REs are required to immediately inform without delay within maximum 24 hours under circular dated November 22, 2023 on procedure for implementation of Section 12A of Weapons of Mass Destruction

(ii) Also under Delivery Systems (Prohibition of Unlawful Activities) Act, 2005

(iii) Also under Section 51A of Unlawful Activities (Prevention) Act, 1967 (UAPA)

294. For Preventing individuals / entities against conducting financial transactions

(i) (a) 100% REs are required to prevent designated persons for conducting financial transactions

(b) Also to intimate Central designated Nodal Officer like IFSCA + FIU-IND without delay under UAPA or WMD by Fax + telephone + also e-mail (all).

(ii) (a) Abovementioned prevention is permitted under UAPA Order bearing file no.14014/01/2019/CFT dated February 2, 2021

(b) Also circular dated October 20, 2023 on Procedure for implementation of Section 12A of Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005

295. For Freezing assets of designated individuals / entities

• 100% REs are required to freeze assets of designated individuals or entities under section 51A of UAPA under certain circumstances like:

(i) When asset’s freeze order is issued by Central Designated Nodal Officer under Section 51A of UAPA, 1967 after verification is conducted by State Police or Central Agencies (any)

(ii) (a) When Dealers of Precious Metals/Stones (DPMS) is holding assets or funds of designated individual or entity directly or indirectly (any)

(b) Also to inform UAPA Nodal office of State or Union Territory (UT) after freezing assets or funds without delay (any).

(iii) (a) When any person is holding assets or funds of designated individual or entity directly or indirectly (any)

(b) Also to inform to nearest police station thereafter police will inform UAPA Nodal office of State or UT after freezing assets or funds without delay + without notice (both).

(iv) (a) When any name is matching with designated lists of individual or organization (any) issued by United Nations Security Council (UNSC) Resolution 1373 of 2001 after receiving requests from country

(b) Also to freeze assets or funds of abovementioned person without any delay

296. For Assets’ freezing under WMD Act, 2002

• 100% REs are required to freeze assets of designated individual or entity (any)against order issued under section 12A of WMD Act, 2002 + also circular dated October 20, 2023 on procedure (both) for implementation in certain circumstances like:

(i) When assets freeze’s order is issued by Central Nodal Officer under Section 12A of WMD Act after verification conducted by State Police or Central Agencies (any).

(ii) (a) When Dealers of Precious Metals/Stones (DPMS) is holding assets or funds of designated individual or entity directly or indirectly

(b) Also to inform UAPA Nodal officer in Central Board of Indirect Taxes and Customs (CBIC) after freezing assets or funds without delay.

(iii) (a) When any natural person or legal person is holding assets or funds of designated individual or entity directly or indirectly

(b) Also to inform to Nodal officer after freezing assets / funds without delay + without notice (both).

297. For Unfreezing funds by RE

• 100% REs are required to obtain order from Chief Nodal Officer (CNO) for unfreezing funds or financial assets or economic resources or related services of individuals or entities or applicants when customer inadvertently affected by freezing + also found that same is not designated person (both).

298. For Unfreezing procedure by RE / IFSCA

(i) Individual or entity is permitted to apply in writing to relevant RE or IFSCA or Nodal Officer (any) when he has evidence to prove that freezing of funds or financial assets or economic resources or related services owned or held was inadvertently frozen

(ii) (a) RE or IFSCA or Nodal Officer (any) is required to inform + also to forward copy of application with 100% details of asset frozen to CNO by email +

FAX + also Post (all) within 2 working days.

(b) Abovementioned individual or entity is permitted to submit request for delisting at Focal Point Mechanism (FPM) established under UNSC Resolution.

(ii) (a) CNO is required to pass order without delay for unfreezing funds or financial assets or economic resources or related services owned or held by applicant after evidences’ verification submitted by individual or entity

(b) Also CNO required to intimate RE or IFSCA or Nodal officer

(c) Also CNO is required to intimate applicant when he is not in position to pass order for unfreezing assets within 5 working days

(iii) (a) CNO is required to pass order for unfreezing funds or financial assets or economic resources or related services owned or held by applicant through delisting designated individual or entity under UN Security Council Resolutions when not needed

(b) Also CNO is required to intimate RE or registrar of immovable properties or ROC or IFSCA + also State Nodal Officer (both)

• FAQs based on clarifications frequently requested by REs for complete guidance are available under IFSCA (Anti Money Laundering, Counter Terrorist Financing and Know Your Customer) Guidelines, 2022 + also subsequent circulars issued on:

https://IFSCa.gov.in/Legal/Index/TCce8MyOmco=

(S) Meaning for Licenses granted by IFSCA

299. 171 Licenses granted to Alternative Investment Funds (AIFs)

S. No	Name	Registra- Tion’s date	Scheme	Category	Investment manager
(i)	360 ONE Equity Opportunities Trust	May 03, 2024	360 ONE Equity Opportunities Trust	III	360 ONE Portfolio Managers Limited (IFSC Branch)
(ii)	360 ONE India Diversified Fund	Aug 30, 2024	360 ONE India Diversified Fund	III	360 ONE Portfolio Managers Limited (IFSC Branch)
(iii)	360 ONE India Growth Fund	July 30, 2024	360 ONE India Growth Fund	III	360 ONE Portfolio Managers Limited (IFSC Branch)
(iv)	360 One International Opportunities Fund GIFT Feeder	Sep 04, 2024	360 One International Opportunities Fund GIFT Feeder	III	360 ONE Portfolio Managers Limited (IFSC Branch)
(v)	3one4 Capital IFSC Fund	March 03, 2023	3one4 Capital IFSC Fund	I	3one4 Capital FME IFSC LLP
(vi)	A91 Partners GIFT Trust II	October 05, 2021	A91 Partners GIFT Trust II	II	Ashoka91 International LLP
(vii)	Abans Short Term Opportunities Investment Trust IFSC	March 21, 2024	Abans Short Term Opportunities Investment Trust IFSC	III	Abans Alternative Fund Managers LLP (IFSC Branch)
(viii)	Abans Diversified Fund	April 25, 2023	Abans Diversified Fund	III	Abans Alternative Fund Managers LLP
(ix)	Abans Investment Fund	January 07,2022	Abans Investment Fund	III	Abans Alternative Fund Managers LLP
(x)	ABSL Global Bluechip Equity Fund (IFSC)	Sep 10, 2024	ABSL Global Bluechip Equity Fund (IFSC)	III	Aditya Birla Sun Life AMC Limited (IFSC Branch)
(xi)	ABSL Global Emerging Market Equity Fund (IFSC)	June 01, 2023	ABSL Global Emerging Market Equity Fund (IFSC)	II	Aditya Birla Sun Life AMC Limited (IFSC Branch)
(xii)	ABSL Index Linked Fund (IFSC)	October 25, 2023	ABSL Index Linked Fund (IFSC)	III	Aditya Birla Sun Life AMC Limited (IFSC Branch)
(xiii)	ABSL India Flexicap Fund (IFSC)	Sep 10, 2024	ABSL India Flexicap Fund (IFSC)		Aditya Birla Sun Life AMC Limited (IFSC Branch)
(xiv)	Aequitas Far East International Trust	April 09, 2024	Aequitas Far East International Trust	III	Aequitas Investments IFSC Private Limited
(xv)	Aequitas India Trust (“the Trust”)	Feb 14, 2024	Aequitas India Trust (“the Trust”)	III	Aequitas Investments IFSC Private Limited
(xvi)	Airavat Capital India Fund	March 22, 2023	Airavat Capital India Fund	III	Airavat Investment Managers IFSC LLP
(xvii)	Airavat Global Technology Fund NR	May 23, 2023	Airavat Global Technology Fund NR	III	Airavat Investment Managers IFSC LLP.
(xviii)	Airavat Global Technology Fund R	March 22, 2023	Airavat Global Technology Fund R	III	Airavat Investment Managers IFSC LLP
(xix)	Aivot Capital Fund	July 20, 2023	Aivot Capital Fund	II	AIVOT Growth Advisory LLP
(xx)	Alchemy Alternative Investment Trust	Jan 09, 2023	Alchemy Alternative Investment Trust	II	Alchemy Investment Management LLP
(xxi)	Algoquant Global Opportunities Fund	Aug 27, 2024	Algoquant Global Opportunities Fund	III	Algoquant Global Finserv (IFSC) LLP
(xxii)	Alpha Alternatives Offshore Opportunities Trust	Sept. 29, 2022	Alpha Alternatives Offshore Opportunities Trust	III	Alpha Alternatives Fund Advisors LLP (IFSC Branch)
(xxiii)	Alpha Alternatives Offshore Opportunities Trust	March 16, 2023	Alpha Alternatives Offshore Opportunities Trust	III	Alpha Alternatives Fund Advisors LLP (IFSC Branch)
(xxiv)	Alpha Alternatives Nifty Plus Fund	Dec 11, 2023	Alpha Alternatives Nifty Plus Fund	III	Alpha Alternatives Fund Advisors LLP
(xxv)	Alpha Alternatives Special Situations Offshore Fund	January 24, 2024	Alpha Alternatives Special Situations Offshore Fund	II	Alpha Alternatives Fund Advisors LLP (GIFT City Branch)
(xxvi)	Ambit TenX India Fund	June 07, 2024	Ambit TenX India Fund	III	Ambit Investment Advisors Private Limited
(xxvii)	Arnya Real Estates Gift Fund Advisors Trust	May 17, 2024	Arnya Real Estates Gift Fund Advisors Trust	II	Arnya Realestates Fund Advisors Private Limited (IFSC Branch)
(xxviii)	Artha Global Opportunities Fund	Sep 04, 2024	Artha Global Opportunities Fund	III	Artha Bharat Investment Managers IFSC LLP
(xxix)	Asha Ventures GIFT Trust	November17, 2023	Asha Ventures GIFT Trust	I	Asha Gift Investment Advisors LLP
(xxx)	ASK Real Estate Fund 2	Sept17, 2021	ASK Real Estate Fund 2	III	ASK Property Investment Advisors Private Limited
(xxxi)	ASK Real Estate Fund III	June 26, 2024	ASK Real Estate Fund III	III	ASK Property Investment Advisors Private Limited
(xxxii)	ASKWA Global Opportunities Fund	March 22, 2024	ASKWA Global Opportunities Fund	III	ASK Wealth Advisors Private Limited (IFSC Branch)
(xxxiii)	ASKWA India Opportunities Fund	March 22, 2024	ASKWA India Opportunities Fund	III	ASK Wealth Advisors Private Limited (IFSC Branch)
(xxxiv)	Athera GIFT Fund IV	May 31, 2024	Athera GIFT Fund IV	I	Vortis Advisors Overseas LLP
(xxxv)	Auxano Growth Fund	March 05, 2024	Auxano Growth Fund	II	Auxano CapitalLLP
(xxxvi)	Avinya Ventures Offshore	August 28, 2023	Avinya Ventures Offshore	I	We Founder Circle Angel Accelerator LLP
(xxxvii)	Blume Ventures Gift Trust 1Y	March 24, 2023	Blume Ventures Gift Trust 1Y	I	Blume Venture Investment Manager LLP (IFSC Branch)
(xxxviii)	Blume Ventures Gift Trust IV	Sept. 17, 2021	Blume Ventures Gift Trust IV	II	Blume Venture Investment Manager LLP
(xxxix)	BUSINESS EXCELLENCE FUND	Dec, 28 2021	BUSINESS EXCELLENCE FUND	II	MO Alternative IFSC Private Limited
(xl)	CapitaLand India IFSC Fund	Aug 30, 2024	CapitaLand India IFSC Fund	III	Magnifiek Fund Management Private Limited
(xli)	Carnelian India Amritkaal Fund	February 22, 2024	Carnelian India Amritkaal Fund	III	Carnelian Asset Management & Advisors Private Limited (IFSC Branch)
(xlii)	Centre Court Capital Global Fund I	November 2, 2023	Centre Court Capital Global Fund I	I	CENTRE COURT CAPITAL FUND MANAGERS IFSC LLP
(xliii)	Centre Court Capital IFSC Fund I	January 10, 2024	Centre Court Capital IFSC Fund I	I	Centre Court Capital Fund Managers IFSC LLP
(xliv)	Chanakya Wealth Creation Fund	January 04, 2024	Chanakya Wealth Creation Fund	III	Chanakya Capital Partners IFSC LLP
(xlv)	Chiratae Ventures International Fund V	January 08, 2024	Chiratae Ventures International Fund V	II	Chiratae Ventures Offshore Manager LLP
(xlvi)	CX Partners Fund 3	March 30, 2022	CX Partners Fund 3	II	CX Capital Advisors LLP
(xlvii)	Daibiru Hines Trust	April 08, 2024	Daibiru Hines Trust	II	HIOP
(xlviii)	Dovetail Investment Fund (IFSC)	May 23, 2022	Dovetail Investment Fund (IFSC)	III	Dovetail Investment Management India (IFSC) Private Limited
(xlix)	DSP India Absolute Return Fund	March 19, 2024	DSP India Absolute Return Fund	III	DSP Fund Managers IFSC Private Limited
(l)	DSP India Fund – India Long/Short Strategy Fund with Cash Management Option	May 06, 2024	DSP India Fund – India Long/Short Strategy Fund with Cash Management Option	III	DSP Fund Managers IFSC Private Limited
(li)	DSP India IFSC Fund	March 30, 2022	DSP India IFSC Fund	III	DSP Investment Managers Private Limited
(lii)	EA Real Estate LLP	November 2, 2023	EA Real Estate LLP	III	Edelweiss Alternative Asset Advisors Limited (IFSC Branch)
(liii)	EH Fund IFSC LLP	November 17, 2023	EH Fund IFSC LLP	III	Edelweiss Alternative Asset Advisors Limited (IFSC Branch)
(liv)	EISAF II IFSC LLP	November 17, 2023	EISAF II IFSC LLP	III	Edelweiss Alternative Asset Advisors Limited (IFSC Branch)
(lv)	Equirus InnovateX Gift City Fund I	Sep 17, 2024	Equirus Innovate X Gift City Fund	I	Equirus Wealth Private Limited (IFSC Branch)
(lvi)	Equirus IFSC Trust	October 25, 2023	Equirus Long Horizon Offshore Investments	III	Equirus Wealth Private Limited
(lvii)	ES Special Asset IFSC LLP	October 27, 2023	ES Special Asset IFSC LLP	III	Edelweiss Alternative Asset Advisors Limited (IFSC Branch)
(lviii)	ESOF III Fund IFSC LLP	November 17, 2023	ESOF III Fund IFSC LLP	III	Edelweiss Alternative Asset Advisors Limited (IFSC Branch)
(lix)	EWON Special Asset Fund IFSC LLP	November 17, 2023	EWON Special Asset Fund IFSC LLP	III	Edelweiss Alternative Asset Advisors Limited (IFSC Branch)
(lx)	FinSight Ashika India Fund	Oct 04, 2024	FinSight Ashika India Fund	I	FS Ashika Ventures IFSC Private Limited
(lxi)	Fireside Ventures Investment IFSC Fund III	August 11, 2022	Fireside Ventures Investment IFSC Fund III	II	Fireside Investment Advisory LLP (IFSC Branch)
(lxii)	First Bridge India Growth Fund – GIFT	May 02, 2024	First Bridge India Growth Fund – GIFT	II	First Bridge Investment Managers Private Limited (IFSC Branch)
(lxiii)	Five Rivers India Fund (IFSC)	January 10, 2022	Five Rivers India Fund (IFSC)	III	Five Rivers Portfolio Managers Private Limited
(lxiv)	Girik Capital India Fund	September 29, 2023	Girik Capital India Fund	III	Girik Advisors LLP
(lxv)	Global Q Fund	June 07, 2024	Global Q Fund	III	Dovetail Investment Management India (IFSC) Private Limited
(lxvi)	Grand Anicut (IFSC) Angel Fund 1	March 26, 2024	Grand Anicut (IFSC) Angel Fund 1	I	Anicut Capital LLP
(lxvii)	Grand Anicut (IFSC) Fund 4	March 16, 2023	Grand Anicut (IFSC) Fund 4	II	Anicut Capital LLP
(lxviii)	Grand Anicut GIFT Fund 4	February 19, 2024	Grand Anicut GIFT Fund 4	III	Anicut Capital LLP
(lxix)	HDFC Capital Fund of Funds- 3	December 12, 2023	HDFC Capital Fund of Funds- 3	II	HDFC Capital Advisors Limited
(lxx)	HDFC India Balanced Advantage Fund	November 17, 2023	HDFC India Balanced Advantage Fund	III	HDFC AMC International (IFSC) Limited
(lxxi)	HDFC India Equity Savings Fund	November 17, 2023	HDFC India Equity Savings Fund	III	HDFC AMC International (IFSC) Limited
(lxxii)	HDFC India Flexi Cap Fund	December 04, 2023	HDFC India Flexi Cap Fund	III	HDFC AMC International (IFSC) Limited
(lxxiii)	HDFC India Mid-Cap Opportunities Fund	December 12 2023	HDFC India Mid-Cap Opportunities Fund	III	HDFC AMC International (IFSC) Limited
(lxxiv)	HDFC India Nifty 50 Fund	December 12 2023	HDFC India Nifty 50 Fund	III	HDFC AMC International (IFSC) Limited
(lxxv)	HDFC India Small Cap Fund	November 17, 2023	HDFC India Small Cap Fund	III	HDFC AMC International (IFSC) Limited
(lxxvi)	IBEF IV HK Investments Fund	Sep, 30 2024	IBEF IV HK Investments Fund	II	MO Alternative IFSC Private Limited
(lxxvii)	IBEF IV LS Investments Fund	Oct 04, 2024	IBEF IV LS Investments Fund	II	MO Alternative IFSC Private Limited
(lxxviii)	IE India Special Asset Fund III IFSC LLP	January 04 2024	IE India Special Asset Fund III IFSC LLP	III	Edelweiss Alternative Asset Advisors Limited (IFSC Branch)
(lxxix)	IIFL India Opportunities Fund	April 29 2022	IIFL India Opportunities Fund	II	IIFL Wealth Portfolio Managers Limited
(lxxx)	India Alternatives Fund	August 28 2023	India Alternatives Fund	III	Black soil Asset Management Private Limited
(lxxxi)	India ESG Engagement Fund	April 24 2023	India ESG Engagement Fund	III	Aditya Birla Sun Life AMC Limited (IFSC Branch)
(lxxxii)	India Life Sciences Fund IV	June 02 2023	India Life Sciences Fund IV	II	Invascent ILSF Manager LLP
(lxxxiii)	India Offshore Credit Opportunities Fund	July 05 2023	India Offshore Credit Opportunities Fund	II	Investec Capital Services (India) Private Limited (IFSC Branch)
(lxxxiv)	India Offshore Credit Opportunities Fund II	September 27 2023	India Offshore Credit Opportunities Fund II	II	Investec Capital Services (India) Private Limited (IFSC Branch)
(lxxxv)	INDIA OPPORTUNITIES IFSC FUND TRUST	February 24 2022	INDIA OPPORTUNITIES IFSC FUND TRUST	III	Investcorp Investment Managers India LLP
(lxxxvi)	India Realty Excellence	September 22 2023	India Realty Excellence	II	MO Alternative IFSC Private Limited
(lxxxvii)	Invest Corp India Warehousing IFSC Trust	April 24 2023	Invest Corp India Warehousing IFSC Trust	III	Invest Corp Investment Managers India LLP
(lxxxviii)	ITI Long-Short Equity Offshore Fund (IFSC)	April 24 2024	ITI Long-Short Equity Offshore Fund (IFSC)	III	The Investment Trust of India Limited (IFSC Branch)
(lxxxix)	IYP II IFSCLLP	January 04 2024	IYP II IFSC LLP	III	Edelweiss Alternative Asset Advisors Limited (IFSC Branch)
(xc)	Jain Investment Offshore Trust	June 07, 2024	Jain Investment Offshore Trust	III	Jain Investment Offshore Portfolio Managers IFSC Private Limited
(xci)	Jashvik Capital AIF Trust	May 22 2023	Jashvik Capital AIF Trust	II	Jashvik Capital Management LLP
(xcii)	July Ventures GIFT City Fund	July 09, 2024	July Ventures GIFT City Fund	II	July Ventures LLP (IFSC Branch)
(xciii)	Kedaara Capital Growth Fund IV	January 09 2024	Kedaara Capital Growth Fund IV	II	Nish Capital Investment Advisors LLP
(xciv)	Kedaara Capital Growth Fund-III LLP	May 04 2021	Kedaara Capital Growth Fund-III LLP	II	Nish Capital Investment Advisor LLP
(xcv)	Kedaara Venna Holding	January 31 2024	Kedaara Venna Holding	II	Nish Capital Investment Advisors LLP
(xcvi)	Kedaara Victoria Holding	September 12 2023	Kedaara Victoria Holding	II	Nish Capital Investment Advisors LLP
(xcvii)	Kotak Data Center Fund IFSC	December 22, 2022	Kotak Data Center Fund IFSC	II	Kotak Alternate Asset Managers Limited (IFSC Branch)
(xcviii)	Kotak Equity India Fund of Fund IFSC	July 30, 2024	Kotak Equity India Fund of Fund IFSC	III	Kotak Alternate Asset Managers Limited (“KAAML”) (IFSC Branch)
(xcix)	Kotak Iconic India Equity Feeder Fund	June 07, 2024	Kotak Iconic India Equity Feeder Fund	III	Kotak Alternate Asset Managers Limited (“KAAML”) (IFSC Branch)
(c)	Kotak India Commercial Real Estate Fund IFSC	May 10 2022	Kotak India Commercial Real Estate Fund IFSC	II	Kotak Alternate Asset Managers Limited (IFSC Branch)
(ci)	Kotak Performing RE Credit Strategy Fund II IFSC	Oct 17, 2023	Kotak Performing RE Credit Strategy Fund II IFSC	II	Kotak Alternate Asset Managers Limited (IFSC Branch)
(cii)	Kotak Performing RE Credit Strategy Fund II IFSC	October 12 2023	Kotak Performing RE Credit Strategy Fund II IFSC	II	Kotak Alternate Asset Managers Limited (IFSC Branch)
(ciii)	Kotak Real Estate Fund- X IFSC	October 31 2022	Kotak Real Estate Fund- X IFSC	II	Kotak Alternate Asset Managers Limited (IFSC Branch)
(civ)	Kotak Strategic Situations Fund – II IFSC	January 17 2023	Kotak Strategic Situations Fund – II IFSC	II	Kotak Alternate Asset Managers Limited (IFSC Branch)
(cv)	LGT India Equity Opportunity (IFSC) Fund	Sep 20, 2024	LGT India Equity Opportunity (IFSC) Fund	III	LGT Wealth India Private Limited (IFSC Branch)
(cvi)	LICHFL REAL ESTATE OVERSEAS FUND	April 10 2024	LICHFL REAL ESTATE OVERSEAS FUND	III	LICHFL Asset Management Company Limited (IFSC Branch)
(cvii)	Lighthouse Canton (IFSC) Fund -II	April 02 2024	Lighthouse Canton (IFSC) Fund -II	III	Lighthouse Canton Capital (DIFC) Pvt Ltd. (IFSC Branch)
(cviii)	Lighthouse Canton (IFSC) Fund -III	April 02 2024	Lighthouse Canton (IFSC) Fund -III	III	Lighthouse Canton Capital (DIFC) Pvt Ltd. (IFSC Branch)
(cix)	Lighthouse Canton (IFSC) Fund -IV	June 13 2024	Lighthouse Canton (IFSC) Fund -IV	II	Lighthouse Canton Capital (DIFC) Pte. Ltd.
(cx)	Lighthouse Canton (IFSC) Fund 1	November 17 2023	Lighthouse Canton (IFSC) Fund 1	III	Lighthouse Canton Capital (DIFC) Pvt Ltd. (IFSC Branch)
(cxi)	LR India Fund II IFSC	October 31 2022	LR India Fund II IFSC	II	LR India Investment Managers IFSC LLP
(cxii)	Madiba46664	June 16 2023	Madiba46664	I	3one4 Capital FME IFSC LLP
(cxiii)	Millington Capital AIF	December 07 2021	Millington Capital AIF	III	MILLINGTONIA CAPITAL ADVISORS LLP
(cxiv)	Mirae Asset India Equity Allocation Fund	March 22 2024	Mirae Asset India Equity Allocation Fund	III	Mirae Asset Investment Managers (India) Private Limited (IFSC Branch)
(cxv)	MO India GIFT City Fund	June 14 2023	MO India GIFT City Fund	III	MO Alternative IFSC Private Limited
(cxvi)	Moneysukh Investment Trust	July 30, 2024	Moneysukh Investment Trust	III	Moneysukh Advisors IFSC LLP
(cxvii)	Morgan Stanley IFSC Fund	November 20 2023	EISAF II IFSC LLP	III	Morgan Stanley Fund Advisor IFSC Private Limited
(cxviii)	Mplier Capital Trust	April 29 2022	Mplier Capital Trust	I	Mplier Venture Partners LLP
(cxix)	Multiples PE GIFT Fund SPV 1	Sep 10, 2024	Multiples PE GIFT Fund SPV 1	II	Multiples Asset Management IFSC LLP
(cxx)	Multiples Private Equity GIFT Fund IV (FUND)	January 31 2023	Multiples Private Equity GIFT Fund IV (FUND)	I	Multiples Asset Management IFSC Pvt. Ltd.
(cxxi)	Neo Global Multi- Asset Balanced Fund	Aug 13, 2024	Neo Global Multi- Asset Balanced Fund	III	Neo Asset Management Private Limited (IFSC Branch)
(cxxii)	Neo Infra Income Opportunities Fund I	Aug 20, 2024	Neo Infra Income Opportunities Fund I	III	Neo Asset Management Private Limited (IFSC Branch)
(cxxiii)	Neo Special Credit Opportunities Fund I	April 23 2024	Neo Special Credit Opportunities Fund I	III	Neo Asset Management Private Limited (IFSC Branch)
(cxxiv)	Next 5 Capital	February 22 2024	Next 5 Capital	III	Phillip Ventures IFSC Private Limited
(cxxv)	Next Bharat Venture Fund – 1	April 29 2024	Next Bharat Venture Fund – 1	II	Next Bharat Ventures IFSC Private Limited
(cxxvi)	NIIF Private Markets GIFT Fund II	May 08, 2024	NIIF Private Markets GIFT Fund II	II	National Investment and Infrastructure Fund Limited – GIFT Branch (“NIIF Ltd”)
(cxxvii)	Nisus High Yield Growth Fund – 1	May 15, 2024	Nisus High Yield Growth Fund – 1	II	Nisus Finance International Advisors IFSC LLP
(cxxviii)	Nuvama India Edge Fund	December 19 2023	Nuvama India Edge Fund	III	Nuvama Asset Management Limited (IFSC Branch)
(cxxix)	Nuvama Late-Stage Growth Equity Fund 4	January 09 2023	Nuvama Late-Stage Growth Equity Fund 4	II	Nuvama Asset Management Limited
(cxxx)	OTP Ventures (IFSC) Fund	Sep 04, 2024	OTP Ventures (IFSC) Fund	II	OTP Ventures LLP (IFSC Branch)
(cxxxi)	PCGF 1.6 GIFT CITY FUND	October 27 2023	PCGF 1.6 GIFT CITY FUND	II	Phi Capital Solutions LLP
(cxxxii)	Phillip Ventures IFSC Alternative Investment Fund	March 30 2022	Phillip Greater India Engagement Fund	III	Phillip Ventures IFSC Private Limited
(cxxxiii)	Pi Square Bridge Way Long Short Fund (IFSC) LLP	Sep 30, 2024	Pi Square Bridge Way Long Short Fund (IFSC) LLP	III	Pi Square Bridge Way Advisors LLP
(cxxxiv)	Playbook Partners GIFT	April 12 2024	Playbook Partners GIFT	II	VCB Ventures LLP (IFSC Branch)
(cxxxv)	QICAP OPPORTUNITIES (IFSC) CAT III AIF TRUST	June 07, 2024	QICAP OPPORTUNITIES (IFSC) CAT III AIF	III	QICAP Manager (IFSC) LLP
(cxxxvi)	Rangoli India Fund	November 10 2023	Rangoli India Fund	III	Unifi Investment Management LLP
(cxxxvii)	Realty Excellence Trust VI GC	February 13 2024	Realty Excellence Trust VI GC	III	MO Alternative IFSC Private Limited
(cxxxviii)	Reboot Bharat MSME Scheme	February 22 2022	REBOoT Bharat MSME Scheme	II	Ops Global Capital Advisors Private Limited
(cxxxix)	Rising Fintech LLP	October 06 2021	Rising Fintech LLP	III	Rising Omega Advisors Private Limited
(cxl)	Sage One India Growth GIFT Fund	May 17, 2024	Sage One India Growth GIFT Fund	III	Sage One Investment Managers LLP
(cxli)	Samarth Invest India	July 16, 2024	Samarth Invest India	II	Shein Wealth Management LLP
(cxlii)	Sameeksha India Flexi-cap Equity Fund (“the Fund”)	October 17 2023	Sameeksha India Flexi-cap Equity Fund (“the Fund”)	III	Sameeksha Investment Managers LLP
(cxliii)	Sattvic Wealth Bharat Fund	March 22 2024	Sattvic Wealth Bharat Fund	III	V M Sattvic Advisors IFSC LLP
(cxliv)	SBI Investment Opportunities Fund (IFSC)	January 21 2022	SBI Investment Opportunities Fund (IFSC)	III	SBI Funds Management Private Limited
(cxlv)	Singularity Global Opportunities Fund	May 23 2022	Singularity Global Opportunities Fund	II	Singularity AMC LLP
(cxlvi)	Sky Capital Vision Fund I	May 17, 2024	Sky Capital Vision Fund I	II	SKY IMPACT ADVISORS LLP
(cxlvii)	SMC IFSC Global Opportunities Fund	December 28 2021	SMC IFSC Global Opportunities Fund	III	SMC Global Securities Limited
(cxlviii)	Stakeboat GIFT City Fund I	February 08 2023	Stakeboat GIFT City Fund I	II	Stake boat Capital LLP (IFSC Branch)
(cxlix)	Stellaris Venture Partners GIFT Fund III	Sep 20, 2024	Stellaris Venture Partners GIFT Fund III	II	Stelllaris Investment Management 3 IFSC LLP
(cl)	Steptrade India Fund	Sep 10, 2024	Steptrade India Fund	III	Step Trade Share Services Private Limited (IFSC Branch)
(cli)	Stride Ventures Global Debt Fund I	March 23, 2023	Stride Ventures Global Debt Fund I	II	SV Offshore Fund Advisors LLP
(clii)	Teak Rose A Holdings 2023 IFSC Trust	Sep 12, 2024	Teak Rose A Holdings 2023 IFSC Trust	II	Teak Blossom C FME 2023 IFSC Private Limited
(cliii)	Terazo Investment Trust	April 29 2022	Terazo Investment Trust	III	Terazo Fintech LLP
(cliv)	Trade Air Fund	October 06 2023	Trade Air Fund	III	Trade Air (IFSC) Pvt. Ltd.
(clv)	True Beacon Global AIF	April 20 2021	True Beacon Global AIF	III	True Beacon Investment Advisors LLP
(clvi)	True North (GIFT) Fund VII	February 08 2022	True North (GIFT) Fund VII	II	True North Managers LLP
(clvii)	True North Credit Opportunities (GIFT) Fund I LLP	April 29 2022	True North Credit Opportunities (GIFT) Fund I LLP	III	True North Credit Fund Managers LLP
(clviii)	UTI India Opportunities (IFSC) Fund	June 13, 2024	UTI India Opportunities (IFSC) Fund	III	UTI Alternatives Private Limited (IFSC Branch)
(clix)	UTI India Opportunities (IFSC) Fund II	June 13, 2024	UTI India Opportunities (IFSC) Fund II	III	UTI Alternatives Private Limited (IFSC Branch)
(clx)	UTI India Opportunities (IFSC) Fund III	June 13, 2024	UTI India Opportunities (IFSC) Fund III	III	UTI Alternatives Private Limited (IFSC Branch)
(clxi)	Venture Catalyst Offshore Angel Fund	April 24 2023	Venture Catalyst Offshore Angel Fund	I	Venture Catalysts Private Limited (IFSC Branch)
(clxii)	Vincit Capital	February 27 2023	Vincit Capital	II	Carpediem Advisors Private Limited (IFSC Branch)
(clxiii)	VistaJect Fund	May 30, 2024	VistaJect Fund	II	InvAscent ILSF Manager LLP
(clxiv)	Vivriti Fixed Income Fund-Series 3 IFSC LLP	March 16 2023	Vivriti Fixed Income Fund-Series 3 IFSC LLP	III	Vivriti Asset Management Private Limited (IFSC Branch)
(clxv)	Vivriti IFSC CAT 2 Trust	January 11 2022	Vivriti IFSC CAT 2 Trust	II	Vivriti Asset Management Private Limited
(clxvi)	Vivriti IFSC CAT 3 Trust	December 22, 2021	Vivriti IFSC CAT 3 Trust	III	Vivriti Asset Management Private Limited
(clxvii)	Waterfield Flagship GIFT Fund II	July 24, 2023	Waterfield Flagship GIFT Fund II	II	Waterfield Fund Managers Private Limited (IFSC Branch)
(clxviii)	We Founder Circle Global Angels Fund	April 29, 2022	We Founder Circle Global Angels Fund	I	We Founder Circle Angel Accelerator LLP
(clxix)	Yali Deeptech I	July 30, 2024	Yali Deeptech I	II	Yali Partners LLP (IFSC Branch)
(clxx)	Yugadi Capital	October 25 2023	Yugadi Capital	II	Carpediem Advisors Private Limited (IFSC Branch)
(clxxi)	Zanskar AIF	June 25, 2024	Zanskar AIF	III	Zanskar Investment Management IFSC LLP

300. 22 Licenses granted to Administration Asset Management

S. No	Name	Authorization’s date
(i)	Acumen Aviation Leasing IFSC Private Limited	May 10, 2021
(ii)	Amicorp Trustee (India) Private Limited	May 17, 2021
(iii)	Apex Fincore LLP	Nov 09, 2021
(iv)	Ascent Fund Services (India) Private Limited	Sep 07, 2022
(v)	Axis Trustee Services Limited	Mar 24, 2021
(vi)	Basiz Fund Services Private Limited	May 04, 2021
(vii)	Beacon Trusteeship Limited	Oct 14, 2021
(viii)	Catalyst Trusteeship Limited	Apl 26, 2021
(ix)	Computer Age Management Services Ltd.	Aug 25, 2021
(x)	Enefu Advisors LLP	Apl 28, 2021
(xi)	GlobeOp Financial Services (India) Private Limited	May 24, 2024
(xii)	IDBI Trusteeship Services Limited	Mar 30, 2022
(xiii)	IQ EQ India IFSC Services Private Limited	Dec 06, 2023
(xiv)	Kfin Technologies Limited	Jan 31, 2022
(xv)	Mitcon Credentia Trusteeship Services Limited	Dec 29, 2022
(xvi)	Ohm Dovetail Global Services (IFSC) Private Limited	Aug 23, 2021
(xvii)	Ops Fund Services Private Limited	May 04, 2021
(xviii)	Ops Global Capital Advisors Private Limited	May 04, 2021
(xix)	Orbis Trusteeship Services Private Limited	Mar 22, 2021
(xx)	PKM Advisory Services LLP	Mar 28, 2024
(xxi)	Vistra ITCL (India) Limited	July 07, 2021
(xxii)	Vman Aviation Services IFSC Private Limited	May 06, 2021

301. 22 Licenses granted to Auditing Services

S. No	Name	Authorization’s date
(i)	Akssai IFSC Private Limited	Mar 28, 2024
(ii)	Aurtus Consulting LLP	Mar 28, 2024
(iii)	Basiz Fund Services Private Limited	May 04, 2021
(iv)	BSR & Co. LLP	May 17, 2022
(v)	CNK Khandwala & Associates	June 23, 2021
(vi)	Economic Laws Practice	Oct 12, 2022
(vii)	Entigrity Services LLP	Dec 06, 2023
(viii)	Ernst & Young LLP	July 25, 2022
(ix)	Finolutions LLP	Mar 04, 2022
(x)	Grant Thornton Bharat LLP	Dec 22, 2021
(xi)	Kaytes Business Consulting LLP	Nov 28, 2021
(xii)	KPMG Assurance and Consulting Services LLP	May 17, 2022
(xiii)	Ops Fund Services Private Limited	May 04, 2021
(xiv)	PBG Smart Accountants LLP	Dec 28, 2023
(xv)	PKM Advisory Services LLP	Mar 28, 2024
(xvi)	Price Waterhouse & Co. LLP	Apl 06, 2021
(xvii)	RBSA Capital Advisors LLP	June 23, 2021
(xviii)	S N Karani & Co.	July 31, 2024
(xix)	Smart Accountants Services One LLP	Oct 03, 2023
(xx)	SW International Business Advisors LLP	Sep 13, 2024
(xxi)	Treelife Ventures Services IFSC Private Limited	Mar 28, 2024
(xxii)	Vistra ITCL (India) Limited	July 07, 2021

302. 29 Licenses granted to Legal services

S. No	Name	Authorization’s date
(i)	Akhayam Corporate Advisors	Sep 12, 2024
(ii)	Akssai IFSC Private Limited	Mar 28, 2024
(iii)	Basiz Fund Services Private Limited	May 04, 2021
(iv)	Befree Global Services LLP	Mar 28, 2024
(v)	BFSI Edge Compliance Consultants Private Limited	Jan 27, 2023
(vi)	BSR & Co. LLP	May 17, 2022
(vii)	Bullion Ex Services LLP	Dec 28, 2023
(viii)	Cyril Amarchand Mangaldas – OFC	Apl 30, 2021
(ix)	Dhval Vussonji & Partners	Jan 25, 2024
(x)	Economic Laws Practice	Oct 12, 2022
(xi)	Ernst & Young LLP	July 25, 2022
(xii)	Grant Thornton Bharat LLP	Dec 22, 2021
(xiii)	IC Legal	Apl 26, 2021
(xiv)	IQ EQ India IFSC Services Private Limited	Dec 06, 2023
(xv)	Kaytes Business Consulting LLP	Nov 28, 2023
(xvi)	KPMG Assurance and consulting Services LLP	May 17, 2022
(xvii)	Nishit Desai & Associates	June 25, 2021
(xviii)	Ops Fund Services Private Limited	May 04, 2021
(xix)	Ops Global Capital Advisors Private Limited	May 04, 2021
(xx)	PKM dvisory Services LLP	Mar 28, 2024
(xxi)	Raval & Trivedi Associates LLP	Aug 03, 2023
(xxii)	Richi Sancheti Associates LLP	July 29, 2024
(xxiii)	S N Karani & Co.	July 31, 2024
(xxiv)	S R India Juris LLP	May 10, 2024
(xxv)	Smart Accountants Services One LLP	Oct 03, 2023
(xxvi)	SW International Business Advisors LLP	Sep 13, 2024
(xxvii)	Swift India Corporate Services LLP	June 25, 2021
(xxviii)	Treelife Ventures Services IFSC Private Limited	Mar 28, 2024
(xxix)	Vistra ITCL (India) Limited	July 07, 2021

303. 31 Licenses granted to Professional and Management consultation

S. No	Name	Authorization’s date
(i)	Aadidaivam International Private Limited	Sep 17, 2021
(ii)	Akshayam Corporate Advisors	Sep 12, 2024
(iii)	Akssai IFSC Private Limited	Mar 28, 2024
(iv)	Amicorp Trustee (India) Private Limited	May 17, 2022
(v)	Aurtus Consulting LLP	Mar 28, 2024
(vi)	BFSI Edge Compliance Consultants Private Limited	Jan 27, 2023
(vii)	BSR & Co. LLP	May 17, 2022
(viii)	BullionEx Services LLP	Dec 28, 2023
(ix)	CNK Khandwala & Associates	June 23, 2021
(x)	Crest Finserve Limited	Sep 04, 2023
(xi)	Ernst & Young LLP	July 25, 2022
(xii)	Finolutions LLP	Mar 04, 2022
(xiii)	Grant Thornton Bharat LLP	Dec 22, 2021
(xiv)	IIFCL Project Limited	July 08, 2024
(xv)	In.Corp Corporate Services LLP	May 17, 2022
(xvi)	JA quare Energy Ventures LLP	Nov 26, 2021
(xvii)	Kaytes Business Consulting LLP	Nov 28, 2021
(xviii)	Khandar Mehta & Shah, Chartered Accountant	May 31, 2023
(xix)	KPMG Assurance and Consulting Services LLP	May 17, 2022
(xx)	NorthStar Growth Advisors LLP	Sep 07, 2022
(xxi)	Nyasa Capital Advisors LLP	Aug 08, 2021
(xxii)	Ops Global Capital Advisors Private Limited	May 04, 2021
(xxiii)	PBG Smart Accountants LLP	Dec 28, 2023
(xxiv)	PKM Advisory Services LLP	Mar 28, 2024
(xxv)	Price Waterhouse & Co. LLP	Apl 06, 2021
(xxvi)	RBSA Capital Advisors LLP	June 23, 2021
(xxvii)	S R India Juris LLP	May 10, 2024
(xxviii)	Saigal Seatrade LLP	Mar 15, 2024
(xxix)	SW International Business Advisors LLP	Sep 13, 2024
(xxx)	Vistra ITCL (India) Limited)	July 07, 2021
(xxxi)	WeRoute Global Fund Solutions Private Limited	July 21, 2022

304. 29 Licenses granted to Banks by IFSCA

S. No	Name	Authorization’s date
(i)	Australia and New Zealand (ANZ) Banking Group Ltd.	June 27,2024
(ii)	Axis Bank	September 1, 2017
(iii)	Bank of Baroda	March 17, 2017
(iv)	Bank of India	December 28, 2022
(v)	Barclays Bank Plc	January 18, 2021
(vi)	BNP Paribas	December 14, 2022
(vii)	Canara Bank	May 26, 2023
(viii)	Citibank, N.A.	August 16, 2021
(ix)	DBS Bank Limited	April 26, 2023
(x)	Deutsche Bank	August 04, 2021
(xi)	Federal Bank	October 13, 2015
(xii)	HDFC Bank	June 1, 2017
(xiii)	HSBC Bank	November 03, 2020
(xiv)	ICICI Bank	October 23, 2015
(xv)	IDBI Bank	October13, 2015
(xvi)	IDFC FIRST Bank	November 1, 2023
(xvii)	Indian Bank	September 30, 2019
(xviii)	IndusInd Bank	October 15, 2015
(xix)	JPMorgan Chase NA	November 30, 2021
(xx)	Kotak Mahindra Bank	April 07, 2016
(xxi)	Mizuho Bank	January 05, 2024
(xxii)	MUFG Bank Ltd.	April 22, 2022
(xxiii)	New Development Bank	January 01, 2021
(xxiv)	Punjab National Bank	September 02, 2021
(xxv)	RBL Bank	February 22, 2017
(xxvi)	Standard Chartered Bank	May 20, 2020
(xxvii)	State Bank of India	October 7, 2015
(xxviii)	Sumitomo Mitsui Banking Corporation	March 18, 2024
(xxix)	Yes Bank	September 21, 2015

305. 14 Licenses granted to BATF Accounting Services

S. No	Name	Authorization’s date
(i)	Akssai IFSC Private Limited	Mar 28, 2024
(ii)	BSR & Co. LLP	May 17, 2022
(iii)	CNK Khandwala & Associates	June 23, 2021
(iv)	Entigrity Services LLP	Dec 6, 2023
(v)	Ernst & Young LLP	July 25, 2022
(vi)	In.Corp Services LLP	May 17, 2022
(vii)	KPMG Assurance and consulting Services LLP	May 17, 2022
(viii)	Ops Fund Services Private Limited	May 04, 2021
(ix)	PBG Smart Accountants LLP	Dec 28, 2023
(x)	PKM Advisory Services LLP	Mar 28, 2024
(xi)	Price Waterhouse & Co. LLP	Apl 06, 2021
(xii)	QX International IFSC Private Limited	Sep 12, 2024
(xiii)	S N Karani & Co.	July 31, 2024
(xiv)	Vistra ITCL (India) Limited	July 07, 2021

306. 15 Licenses granted to BATF Book Keeping Services

S. No	Name	Authorization’s date
(i)	Akssai IFSC Private Limited	Mar 28, 2024
(ii)	BSR & Co. LLP	May 17, 2022
(iii)	CNK Khandwala & Associates	June 23, 2021
(iv)	Entigrity Services LLP	Dec 06, 2023
(v)	Ernst & Young LLP	July 25, 2024
(vi)	In.Corp Services LLP	May 17, 2022
(vii)	KPMG Assurance and consulting Services LLP	May 17, 2022
(viii)	Ops Fund Services Private Limited	May 04, 2021
(ix)	PBG Smart Accountants LLP	Dec 28, 2023
(x)	PKM Advisory Services LLP	Mar 28, 2024
(xi)	Price Waterhouse & Co. LLP	Apl 06, 2021
(xii)	QX International IFSC Private Limited	Sep 12, 2024
(xiii)	S N Karani & Co.	July 31, 2024
(xiv)	Treelife Ventures Services IFSC Private Limited	Mar 28, 2024
(xv)	Vistra ITCL (India) Limited	July 07, 2021

307. 6 Licenses granted to BATF Financial Crime

S. No	Name	Authorization’s date
(i)	BSR & Co. LLP	May 17, 2022
(ii)	CNK Khandwala & Associates	June 23, 2021
(iii)	KPMG Assurance and consulting Services LLP	May 17, 2022
(iv)	Ops Fund Services Private Limited	May 04, 2021
(v)	PBG Smart Accountants LLP	Dec 28, 2023
(vi)	Price Waterhouse & Co. LLP	Apl 06, 2021

308. 15 Licenses granted to BATF Taxation services

S. No	Name	Authorization’s date
(i)	Akssai IFSC Private Limited	Mar 28, 2024
(ii)	Aurtus Consulting LLP	Mar 28, 2024
(iii)	BSR & Co. LLP	May 17, 2022
(iv)	CNK Khandwala & Associates	June 06, 2021
(v)	Entigrity Services LLP	Dec 06, 2023
(vi)	Ernst & Young LLP	July 25, 2022
(vii)	In.Corp Services LLP	May 17, 2022
(viii)	KPMG Assurance and consulting Services LLP	May 17, 2022
(ix)	Ops Fund Services Private Limited	May 04, 2021
(x)	PBG mart Accountants LLP	Dec 28, 2023
(xi)	PKM Advisory Services LLP	Mar 28, 2024
(xii)	Price Waterhouse & Co. LLP	Apl 06, 2021
(xii)	QX International IFSC Private Limited	Sep 12, 2024
(xiv)	S N Karani & Co.	July 31, 2024
(xv)	Treelife Ventures Services IFSC Private Limited	Mar 28, 2024

309. 81 Licenses granted to Broker Dealers

S. No	Name	Authorization’s date
(i)	Abans Global Broking (IFSC) Private Limited	September 11, 2018
(ii)	Adroit financial services (IFSC) Pvt. Ltd.	November 20, 2017
(iii)	Ajmera X-Change (IFSC) Private Limited	October 31, 2017
(iv)	Anandrathi Ventures (IFSC) Pvt Ltd	February 12, 2020
(v)	Antique Stock Broking (IFSC) Limited	January 15, 2017
(vi)	Appreciate Broking IFSC Private Limited	May 26, 2022
(vii)	Arihant Capital (IFSC) Limited	September 25, 2017
(viii)	Arya Fin-trade (IFSC) Pvt Ltd	January 01, 2018
(ix)	Ashika Stock Broking IFSC Pvt Ltd	January 15, 2017
(x)	Axis Bank Limited – IBU	June 24, 2022
(xi)	Bank Of Baroda – IBU	July 06, 2022
(xii)	Bonanza Portfolio (IFSC) Private Limited	January 01, 2019
(xiii)	DagaBusiness (International) Stock Brokers (IFSC)	September 24, 2018
(xiv)	Dayco Securities IFSC Pvt. Ltd.	January 01, 2017
(xv)	Divya Portfolio (IFSC) Private Limited	January 01, 2017
(xvi)	Dolat Capital IFSC Private Limited	January 01, 2018
(xvii)	Dynamic Equities (IFSC) Private Limited	January 01, 2017
(xviii)	East India IFSC Private Limited	July 21 , 2022
(xix)	Edelweiss Securities (IFSC) Limited	January 11, 2017
(xx)	EmkayGlobal Financial Services IFSC Pvt. Ltd.	November 05, 2019
(xxi)	Estee IFSC Private Limited	January 15, 2017
(xxii)	Evermore Global (IFSC) Private Limited	April 27, 2020
(xxiii)	Excel Broking (IFSC) Private Limited	January 15, 2017
(xxiv)	Findoc Invest Mart (IFSC) Private Limited	September 17, 2018
(xxv)	Gateway Financial Services (IFSC) Pvt. Ltd.	January 15, 2017
(xxvi)	Geojit IFSC Limited	September 21, 2022
(xxvii)	Globe Capital (IFSC) Limited	January 11, 2017
(xxviii)	Gogia Capital IFSC Private Limited	January 15, 2017
(xxix)	Goldmine IFSC Private Limited	September 25, 2017
(xxx)	Grd Securities IFSC Limited	January 15, 2017
(xxxi)	Growth Global Securities (IFSC) Private Limited	June 30, 2023
(xxxii)	Grow IFSC Private Limited	December 13, 2022
(xxxiii)	HDFC Bank Limited IBU	February 19, 2021
(xxxiv)	IBISP IFSC Private Limited	April 26, 2022
(xxxv)	ICICI Bank Limited IBU	September 27, 2021
(xxxvi)	Inbrok (IFSC) Private Limited	March 19, 2024
(xxxvii)	Indira Securities (IFSC) Private Limited	September 04, 2018
(xxxviii)	IND Money Global (IFSC) Private Limited	October 13, 2023
(xxxix)	Indo Thai Globe Fin (IFSC) Limited	January 11, 2018
(xl)	Istaa Capital Markets (IFSC) Private Limited	May 24, 2024
(xli)	Ivik Securities (IFSC) Private Limited	April 26, 2023
(xlii)	Jainam IFSC Mavens Pvt. Ltd.	June 25, 2018
(xliii)	Jaypee Capital Services IFSC Pvt. Ltd.	April 30, 2024
(xliv)	Juno Moneta International (IFSC) Pvt. Ltd.	March 22, 2022
(xlv)	K2j Global (IFSC) LLP	January 08, 2024
(xlvi)	Karvy Broking (IFSC) Limited	December 27, 2018
(xlvii)	Lkp IFSC Private Limited	January 22, 2024
(xlviii)	Loonycorn Quant Investments (IFSC) Private Limited	April 17, 2023
(xlix)	Majortrend Capital IFSC Private Limited	January 13, 2017
(l)	Mansukh IFSC Broking Private Limited	January 15, 2017
(li)	Marwadi Intl Securities Services (IFSC) Ltd	August 27, 2019
(lii)	Motilal Oswal Finsec IFSC Ltd.	February 25, 2020
(liii)	OJ Financial Services (IFSC) Private Limited	January 15, 2017
(liv)	Open Futures and Commodities IFSC Pvt. Ltd.	September 14, 2020
(lv)	Pace Financial (IFSC) Private Limited	March 23, 2017
(lvi)	Phillip Ventures IFSC Private Limited	May 28, 2019
(lvii)	Plustrade Holding (IFSC) Private Limited	July 08, 2019
(lviii)	Prarambh International IFSC Limited	November 10, 2017
(lix)	Purplesigma Services IFSC Private Limited	May 10, 2024
(lx)	Quadeye IFSC Private Limited	March 13, 2023
(lxi)	Raghunandan Capital (IFSC) Private Limited	September 04, 2017
(lxii)	Raru Capital IFSC Private Limited	October 25, 2023
(lxiii)	Rsl IFSC Private Limited	February 18, 2019
(lxiv)	Sentinelsec IFSC LLP	May 14, 2024
(lxv)	Sgx India Connect IFSC Private Limited	September 07, 2021
(lxvi)	Share India Securities (IFSC) Private Limited	January 13, 2017
(lxvii)	Sihl Global Investments (IFSC) Pvt. Ltd.	October 05, 2017
(lxviii)	Silver Stream Equities (IFSC) Private Limited	January 14, 2017
(lxix)	Smc Global IFSC Private Limited	January 11, 2017
(lxx)	Star Finvest (IFSC) Private Limited	December 18, 2020
(lxxi)	State Bank oF India IBU	September 27, 2021
(lxxii)	Stockholding Securities IFSC Limited	May 28, 2019
(lxxiii)	String AI IFSC Private Limited	April 26, 2022
(lxxiv)	Sunrise Gilts (IFSC) Private Limited	April 26, 2022
(lxxv)	Synergy Dealcom (IFSC) Private Limited	January 15, 2017
(lxxvi)	Tipsons Capital IFSC Pvt Ltd	March 02, 2021
(lxxvii)	Tradeair (IFSC) Private Limited	May 25, 2018
(lxxviii)	Trade walk IFSC Private Limited	June 21, 2023
(lxxix)	Vardhaman global IFSC Private Limited	July 16, 2024
(lxxx)	Viewtrade International IFSC Pvt. Ltd.	May 13, 2024
(lxxxi)	Wegmans Financial Services IFSC Pvt. Ltd.	January 15, 2017

310. 19 Licenses granted to Bullion Trading/Clearing Members

S. No	Name	Authorization’s date
(i)	Abans Global Broking IFSC Private Limited	January 04, 2022
(ii)	Anand Rathi International Ventures (IFSC) P. Ltd	January 10, 2022
(iii)	Arya Fin-Trade (IFSC) Private Limited	February 26, 2024
(iv)	Augmont IFSC Private Limited	January 18, 2024
(v)	Axis Bank Limited – IBU	June 20, 2024
(vi)	East India IFSC Private Limited	February14, 2023
(vii)	Emkay global financial services IFSC Pvt. Ltd	January 07, 2022
(viii)	Fin-doc Invest Mart IFSC Private Limited	November 16, 2021
(ix)	Globe Capital IFSC Limited	October 01, 2021
(x)	Goldmine IFSC Private limited	December 31, 2021
(xi)	HDFC Bank Limited-IBU	July 18, 2024
(xii)	ICICI Bank IBU	July 21, 2022
(xiii)	Motilal Oswal Fin-sec IFSC Limited	October 10, 2021
(xiv)	Raru Capital IFSC Private Limited	July 09, 2024
(xv)	SMC Global IFSC Private Limited	January 12, 2022
(xvi)	State Bank of India IBU	March 06, 2024
(xvii)	Stockholding Corporation of India Limited	March 03, 2022
(xviii)	Stockholding Securities IFSC Limited	March 03, 2022
(xix)	Stone X Commodities DMCC, IFSC Branch	March 06, 2024

311. 2 Licenses granted to Clearing Corporations

S. No	Name	Authorization’s date
(i)	India International Clearing Corporation (IFSC) Limited	December 24, 2020
(ii)	NSE IFSC Clearing Corporation Limited	May 05, 2021

312. 22 Licenses granted to Clearing Members

S. No	Name	Authorization’s date
(i)	Arya Fin-trade (IFSC) Pvt Ltd	September 15, 2022
(ii)	Axis Bank Limited – IBU	September 26, 2022
(iii)	Bank of Baroda – IBU	JULY 06, 2022
(iv)	East India IFSC Private Limited	JULY 21, 2022
(v)	Edelweiss Securities (IFSC) Limited	JANUARY 11, 2017
(vi)	Globe Capital (IFSC) Limited	JANUARY 11, 2017
(vii)	GOGIA Capital IFSC Private Limited	JANUARY 15, 2017
(viii)	HDFC Bank Limited IBU	FEBUARY 19, 2021
(ix)	ICICI Bank Limited IBU	SEPTEMBER 27, 2021
(x)	IND money Global (IFSC) Private Limited	OCTOBER 13, 2023
(xi)	Juno Moneta International (IFSC) Private Limited	MAY 09, 2023
(xii)	kotak Mahindra Bank Limited IBU	SEPTEMBER 24, 2018
(xiii)	Mansukh IFSC Broking Private Limited	JANUARY 01, 2017
(xiv)	Pace Financial (IFSC) Private Limited	MARCH 23, 2017
(xv)	Phillip Ventures IFSC Private Limited	MAY 28, 2019
(xvi)	SGX India Connect IFSC Private Limited	SEPTEMBER 07, 2021
(xvii)	Share India Securities (IFSC) Private Limited	APRIL 23, 2024
(xviii)	Smc Global (IFSC) Private Limited	JANUARY 11, 2017
(xix)	State Bank of India IBU	SEPTEMBER 27, 2021
(xx)	Stock Holding Corporation of India Limited	JANUARY 21, 2022
(xxi)	Stock Holding Securities IFSC Limited	MAY 28, 2019
(xxii)	Tradeair (IFSC) Private Limited	JULY 08, 2022

313. 1 License to Credit Rating Agencies (CRA)

S. No	Name	Authorization’s date
(i)	Care Edge Global IFSC Limited	JULY 18, 2024

314. 5 Licenses granted to Custodians by IFSCA

S. No	Name	Authorization’s date
(i)	Axis Bank IBU	JUNE 01, 2022
(ii)	HDFC Bank Limited	JULY 08, 2021
(iii)	ICICI Bank Limited	JUNE 23, 2021
(iv)	Kotak Mahindra Bank Limited	SEPTEMBER 21, 2021
(v)	Stock Holding Corporation of India Limited	JULY 01, 2021

315. 4 Licenses granted to Debenture Trustees (DT)

S. No	Name	Authorization’s date
(i)	Axis Trustee Services Limited	MAY 17, 2022
(ii)	Catalyst Trusteeship Limited	MARCH 31, 2022
(iii)	IDBI Trusteeship Services Limited	APRIL 07, 2022
(iv)	Vistra ITCL India Limited	MAY 13, 2024

316. 1 License granted to Depositories by IFSCA

S. No	Name	Authorization’s date
(i)	India International Depository IFSC Limited	MARCH 12, 2021

317. 10 Licenses granted to Depository Participants (DPs)

S. No	Name	Authorization’s date
(i)	Anand Rathi International Ventures IFSC Pvt. Ltd.	NOVEMBER 30, 2022
(ii)	Axis Bank Limited – IBU	JULY 04, 2023
(iii)	Globe Capital (IFSC) Limited	MAY 05, 2022
(iv)	HDFC Bank Limited	September 21, 2021
(v)	ICICI Bank Limited	FEBUARY 23, 2022
(vi)	IND money Global (IFSC) Private Limited	DECEMBER 19, 2023
(vii)	Mansukh IFSC Broking Private Limited	NOVEMBER 16, 2022
(viii)	SMC Global IFSC Private Limited	DECEMBER 9, 2022
(ix)	Stock Holding Corporation of India Ltd (IFSC Branch)	September 03, 2021
(x)	Stock Holding Securities IFSC Limited	FEBUARY 23, 2022

318. 25 Licenses granted to Aircraft Leasing Companies

S. No	Name	Authorization’s date
(i)	Acumen Aviation Leasing IFSC Private Limited	May 10, 2021
(ii)	Aerofin Ind Investments IFSC Pvt. Ltd.	August 16, 2021
(iii)	Agneet Sky Aviation (IFSC) Pvt Ltd	April 09, 2024
(iv)	Alvest Millennium Aviation Leasing IFSC Pvt. Ltd	September 30, 2021
(v)	Astraeus Services IFSC Ltd.	March 11, 2022
(vi)	Carewell Flyjet IFSC Pvt. Ltd.	December 12, 2022
(vii)	Contrails Aviation IFSC Private Limited	October 11, 2023
(viii)	CSE Airfleet IFSC Pvt Ltd	October 10, 2023
(ix)	Dunhill Leafin IFSC Private Limited	April 19, 2024
(x)	Fly 91 Aircraft Leasing IFSC Private Limited	June 25, 2024
(xi)	Inter Globe Aviation Financial Services IFSC P. Ltd.	June 26, 2024
(xii)	Jetset fleet Management Services IFSC Private Limited	June 18, 2021
(xiii)	Lotis IFSC Pvt Ltd	December 06, 2023
(xiv)	Modair Aviation IFSC Pvt. Ltd.	December 20, 2021
(xv)	Nutana Aviation IFSC Private Limited	January 27, 2023
(xvi)	OEL Aviation IFSC Pvt Ltd	April 12, 2024
(xvii)	Sandhill Aviation IFSC Pvt. Ltd	February 09, 2023
(xviii)	Transhermes Aero IFSC Pvt. Ltd.	October 11, 2022
(xix)	Udanvat Leasing IFSC Ltd	April 05, 2024
(xx)	Velocity Aviation IFSC Pvt. Ltd	November 09, 2022
(xxi)	Vels Aviation Services IFSC Pvt. Ltd.	September 01, 2021
(xxii)	Vistajet Leasing IFSC Pvt Ltd	November 22, 2023
(xxiii)	Vman Aviation Services IFSC Private Limited	May 05, 2021
(xxiv)	Volark Leasing IFSC Pvt. Ltd.	January 19, 2022
(xxv)	Willis Lease Finance India IFSC Pvt. Ltd.	December 15, 2022

319. 4 Licenses granted to Core Finance Companies (FCs)

S. No	Name	Authorization’s date
(i)	Avanse Global Finance IFSC Limited	August 02, 2023
(ii)	India Exim Fin-serve IFSC Private Limited	September 13, 2023
(iii)	IOC Global capital management IFSC Ltd	August 10, 2023
(iv)	OVL Overseas IFSC Ltd.	February 12, 2024

320. 2 Licenses granted to Non-Core Finance Companies (FCs)

S. No	Name	Authorization’s date
(i)	AI Fleet Services IFSC LTD	September 19, 2023
(ii)	India International Bullion Holdings IFSC Ltd	August 09, 2021

321. 3 Licenses granted to International Toll-Free Services (ITFSs)

S. No	Name	Authorization’s date
(i)	Kredx Ventures IFSC Pvt. Ltd.	AUGUST 12, 2022
(ii)	RXIL Global IFSC Ltd.	NOVEMBER 18, 2022
(iii)	VayanaIFSC Pvt. Ltd	AUGUST 12, 2022

322. 11 Licenses granted to Ship Leasing Finance Companies (SLFCs)

S. No	Name	Authorization’s date
(i)	Athena Shipping IFSC Pvt. Ltd	October 25, 2023
(ii)	Geshipping (IFSC) Ltd.	June 20, 2024
(iii)	Global Shipping IFSC India Pvt Ltd.	June 27, 2024
(iv)	Jal Kumud Shipping IFSC Pvt Ltd.	August 10, 2023
(v)	Panbulk Shipping India IFSC Pvt. Ltd.	August 04, 2023
(vi)	Propel Shipping (IFSC) Limited	February 20, 2024
(vii)	Reliance International Leasing IFSC Ltd	April 12, 2024
(viii)	Ripley Pioneer India IFSC Private Limited	December 28, 2023
(ix)	Ripley Shipping India IFSC Pvt. Ltd.	March 22, 2023
(x)	RSCPL(IFSC) Pvt Ltd.	March 10, 2023
(xi)	Saigal Seatrade Services (IFSC) LLP	October 17, 2023

323. 1 License granted to Accelerator Authorizations (AAs)

S. No	Name	Authorization’s date
(i)	India Accelerator	MAY 14, 2024

324. 9 Licenses granted to Fintech/Tech-Fin by IFSCA

S. No	Name	Authorization’s date
(i)	Cloudoffis Technologies LLP	March 23, 2023
(ii)	Cygnet Fintech IFSC Private Limited	June 26, 2023
(iii)	Dpa Smart cloud IFSC Private Limited	October 11, 2022
(iv)	In-Solutions Global Limited	February 07, 2023
(v)	Intellect Design Arena Limited	January 16, 2024
(vi)	Savvy Business Solutions Private Limited	July 02, 2024
(vii)	Tss Consultancy Private Limited	November 11, 2023
(viii)	Wipro Limited	January 15, 2025
(ix)	Yotta Data Services Private Limited	June 25, 2024

325. 48 Licenses granted to Sandbox Entities

S .No	Name	Authorization’s date
(i)	Afthonia Private Limited	February 1, 2023
(ii)	Ahmedabad University Support Foundation	March 23, 2023
(iii)	ALT Real-tech Private Limited	December 13, 2023
(iv)	APG FinTech LLP	March 23, 2023
(v)	BIL-Ryerson Technology Startup Incubator Foundation	February 01, 2023
(vi)	Blue Eye Soft Int LLC	June 26, 2023
(vii)	Bnkvoy Limited	June 26, 2023
(viii)	BONDEVALUE PTE. Ltd	November 30, 2023
(ix)	Brontoo Technology Solutions Private Limited	June 26, 2023
(x)	Compliance Kart Private Limited	August 2, 2024
(xi)	Credain Inc.	December 13, 2023
(xii)	Crop Data IFSC Private Limited	July 29, 2022
(xiii)	Cymbient Technologies Private Limited	December 13, 2023
(xiv)	Div sight Intelligence Private Limited	January 18, 2024
(xv)	DPASmart cloud IFSC Private Limited	January 19, 2024
(xvi)	Dygnify Ventures Private Limited	October 04, 2023
(xvii)	Edgeverve Systems Limited	July 29, 2022
(xviii)	FHS Accelerator Consultancy and Services Private Limited	February 01, 2023
(xix)	FINAGG Technologies Private Limited	February 01, 2023
(xx)	Foundation Innovation & Research in Science & Technology	January 16, 2024
(xxi)	Gieom Business Solutions Private Limited (FIS-01)	March 23, 2023
(xxii)	Gieom Business Solutions Private Limited (FRS-01)	October 11, 2022
(xxiii)	HyFi	April 27, 2023
(xxiv)	IIMK Live	February 10, 2023
(xxv)	Lawrbit Lextech India Private Limited	April 15, 2024
(xxvi)	PMWell Technologies Private Limited	February 1, 2023
(xxvii)	Poziom Canada Inc.	June 26, 2023
(xxviii)	Qkrishi Quantum Private Limited	July 29, 2022
(xxix)	Qulabz Inc	October 11, 2022
(xxx)	Realdom India Private Limited	January 18, 2024
(xxxi)	RealX Marketplace Private Limited	July 02, 2024
(xxxii)	Sarva Labs Inc.	October 04, 2023
(xxxiii)	Shubhalaxmi Future Solutions (OPC) Private Limited	March 23, 2023
(xxxiv)	Signzy Technologies Private Limited	July 29, 2022
(xxxv)	Singx Pte. Ltd.	February 1, 2023
(xxxvi)	Snapper Future Tech Private Limited	April 27, 2023
(xxxvii)	T- Hub Foundation	February 1, 2023
(xxxviii)	Tech Factory Ltd	November 9, 2023
(xxxix)	Trillium economic development consulting private limited	February 1, 2023
(xl)	Trustmore Technologies Private Limited	October 13, 2023
(xli)	Umbo Idtech Private Limited	July 29, 2022
(xlii)	Unobanc Private Limited	June 26, 2023
(xliii)	V2RT Insurtech Solutions Private Limited	June 26, 2023
(xliv)	Vettedcode Technologies India Private Limited	April 12, 2024
(xlv)	Vouchpay Tech Private Limited	October 13, 2023
(xlvi)	Webnyay Private Limited	August 2, 2024
(xlvii)	WTSLN FinTech Private limited	October 11, 2022
(xlviii)	ZignSec AB (publ)	April 27, 2023

326. 1 License granted to Sandbox Exits

S. No	Name	Authorization’s date
(i)	JPMorgan Chase Bank National Association	May 5, 2023

327. 110 Licenses granted to Fund Management Entity (FME)

S. No	Name	Authorization’s date
(i)	360 ONE Portfolio Managers Limited (IFSC Branch)	APRIL 3, 2023
(ii)	3one4 Capital FME IFSC LLP	JANUARY 6, 2023
(iii)	Abakkus Asset Manager LLP	NOVEMBER 1, 22
(iv)	Abans Alternative Fund Managers LLP (IFSC Branch)	AUGUST 16, 2022
(v)	Aditya Birla Sun Life AMC Limited (IFSC Branch)	NOVEMBER 28, 2022
(vi)	Aequitas Investments IFSC Private Limited	JANUARY 9, 2024
(vii)	Airavat Investment Managers IFSC LLP.	FEBRAUARY 27, 2023
(viii)	Aivot Growth Advisory LLP	DECEMBER 13, 2022
(ix)	Alchemy Investment Management LLP	DECEMBER 6, 2022
(x)	Algoquant Global Finserv (IFSC) LLP	MAY 31, 2023
(xi)	Alpha Alternatives Fund Advisors LLP (IFSC Branch)	SEPTEMBER 8, 2022
(xii)	Alpha Alternatives Fund Advisors LLP (IFSC Branch)	OCTOBER 20, 2022
(xiii)	Ambit Investment Advisors Private (IFSC Branch)	OCTOBER 20, 2022
(xiv)	Anicut Capital LLP (IFSC Branch)	FEBRAUARY 27, 2023
(xv)	Anubhuti Advisors LLP (IFSC Branch)	SEPTEMBER 26, 2023
(xvi)	Arnya Realestates Fund Advisors Private Limited (IFSC Branch)	APRIL 2, 2024
(xvii)	Asha Gift Investment Advisors LLP	OCTOBER 6, 2023
(xviii)	Ashoka91 International LLP	SEPTEMBER 6, 2023
(xix)	ASK Investment Managers Limited	APRIL 28, 2023
(xx)	ASK Property Investment Advisors Private Limited	AUGUST 18, 2023
(xxi)	ASK Wealth Advisors Private Limited (IFSC Branch)	FEBRAUARY 2, 2024
(xxii)	Auxano Capital LLP (IFSC Branch)	OCTOBER 17, 2023
(xxiii)	Axis Asset Management Company Limited (IFSC Branch)	OCTOBER 20, 2023
(xxiv)	Baroda BNP Paribas Asset Management India Private	MARCH 7, 2024
(xxv)	Blacksoil Asset Management Private Limited (IFSC Branch)	OCTOBER 20, 2022
(xxvi)	Blume Venture Investment Manager LLP (IFSC Branch)	NOVEMBER 28, 2022
(xxvii)	Capital mind Financial Services Private Limited (IFSC Branch)	FEBUARY 15, 2024
(xxviii)	Caravella Asset Management (IFSC) Private Limited	MARCH 20, 2024
(xxix)	Carnelian Asset Management and Advisors Private Limited (IFSC Branch)	DECEMBER 28, 2023
(xxx)	Carpediem Advisors Private Limited (IFSC Branch)	JANUARY 24, 2023
(xxxi)	Centre Court Capital Fund Managers IFSC LLP	JUNE 9, 2023
(xxxii)	Chana.kya Capital Partners IFSC LLP	NOVEMBER 2, 2023
(xxxiii)	Chiratae Ventures Offshore Manager LLP	NOVEMBER 10, 2023
(xxxiv)	CX Capital Advisors LLP	JUNE 15, 2023
(xxxv)	Dovetail Investment Management India (IFSC) Pvt. Ltd.	AUGUST 14, 2023
(xxxvi)	DSP Fund Managers IFSC Private Ltd	AUGUST 31, 2023
(xxxvii)	Edelweiss Alternative Asset Advisors Limited (IFSC Branch)	JANUARY 30, 2023
(xxxviii)	Equirus Wealth Private Limited (IFSC Branch)	DECEMBER 22, 2022
(xxxix)	Evermore Global (IFSC) Private Limited	JANUARY 2, 2024
(xl)	Fireside Investment Advisory LLP (IFSC BRANCH)	JULY 27, 2022
(xli)	First Bridge Investment Managers Private Limited (IFSC Branch)	JANUARY 17, 2024
(xlii)	Five Rivers Portfolio Managers Private Limited	APRIL 24, 2023
(xliii)	FS Ashika Ventures IFSC Private Limited	APRIL 25, 2024
(xliv)	Girik Advisors LLP (IFSC Branch)	MAY 9, 2023
(xlv)	HDFC AMC International (IFSC) Limited	AUGUST 14, 2023
(xlvi)	HDFC Capital Advisors Limited (IFSC Branch)	APRIL 5, 2023
(xlvii)	HIOP India Manager IFSC Private Limited	MARCH 20, 2024
(xlviii)	Invascent ILSF Manager LLP	APRIL 3, 2023
(xlix)	Investcorp Investment Managers India LLP	NOVEMBER 28, 2022
(l)	Investec Capital Services (India) Private Limited (IFSC Branch)	JANUARY 30, 2023
(li)	Jain Investment Offshore Portfolio Managers IFSC P. Ltd.	JANUARY 31, 2024
(lii)	Jashvik Capital Management LLP	MARCH 15, 2023
(liii)	July Ventures LLP (IFSC Branch)	NOVEMBER 9, 2023
(liv)	Kairne Capital IFSC Private Limited	APRIL 24, 2023
(lv)	Karma Capital Managers IFSC Private Limited	APRIL 15, 2024
(lvi)	Kotak Alternate Asset Managers Limited (IFSC Branch)	AUGUST 26, 2022
(lvii)	LGT Wealth India Private Limited (IFSC Branch)	AUGUST 18, 2023
(lviii)	LICHFL Asset Management Company Limited (IFSC Branch)	MARCH 6, 2024
(lix)	Lighthouse Canton Capital (DIFC) Pte Ltd. (IFSC Branch)	SEPTEMBER 16, 2023
(lx)	LR India Investment Managers IFSC LLP	OCTOBER 20, 2022
(lxi)	Marcellus Investment Managers Private Limited (IFSC Branch)	AUGUST 10, 2022
(lxii)	Millingtonia Capital Advisors LLP	FEBUARY 3, 2023
(lxiii)	Mirae Asset Capital Markets (India) Private Limited	NOVEMBER 17, 2022
(lxiv)	Mirae Asset Investment Managers (India) Private Limited (IFSC Branch)	FEBUARY 3, 2023
(lxv)	MO Alternative IFSC Private Limited	FEBRUARY 3, 2023
(lxvi)	Morgan Stanley Fund Advisor IFSC Private Limited	MARCH 17, 2023
(lxvii)	Mplier Venture Partners LLP	JULY 20, 2023
(lxviii)	Multiples Asset Management IFSC LLP	JULY 7, 2023
(lxix)	National Investment and Infrastructure Fund Limited	JANUARY 8, 2024
(lxx)	NEO Asset Management Private Limited (IFSC Branch)	NOVEMBER 22, 2023
(lxxi)	Next Bharat Ventures Private Limited	MARCH 18, 2024
(lxxii)	Nippon Life India Asset Management Limited (IFSC Branch)	MARCH 1, 2023
(lxxiii)	Nish Capital Investment Advisor LLP	FEBRUARY 3, 2023
(lxxiv)	Nisus Finance International Advisors IFSC LLP	JANUARY 25, 2024
(lxxv)	Northern Arc Investment Managers Private Limited	OCTOBER 20, 2022
(lxxvi)	Nuvama Asset Management Limited (IFSC Branch)	NOVEMBER 28, 2022
(lxxvii)	NX Financial Managment Services IFSC LLP	JANUARY 23, 2024
(lxxviii)	Ops Global Capital Advisors (IFSC) Private Limited	NOVEMBER 28, 2022
(lxxix)	Phi Capital Solutions LLP (IFSC Branch)	SEPTEMBER 26, 2023
(lxxx)	Phillip Ventures IFSC Private Limited	APRIL 28, 2023
(lxxxi)	Pi Square Bridge Way Advisors LLP	APRIL 25, 2024
(lxxxii)	Propshare Capital Advisors Private Limited	MARCH 15, 2024
(lxxxiii)	QICAP Manager (IFSC) LLP	APRIL 8, 2024
(lxxxiv)	Rising Omega Advisors Private Limited	OCTOBER 6, 2023
(lxxxv)	RMZ Advisory Private Limited (IFSC Branch)	APRIL 25, 2024
(lxxxvi)	Sageone Investment Managers LLP (IFSC Branch)	APRIL 24, 2024
(lxxxvii)	Sameeksha Investment Managers LLP	OCTOBER 21, 2022
(lxxxviii)	Samvitti Capital Private Limited (IFSC Branch)	DECEMBER 29, 2023
(lxxxix)	SBI Funds Management Private Limited (IFSC Branch)	NOVEMBER 28, 2022
(xc)	Singularity AMC LLP (IFSC Branch)	JUNE 23, 2023
(xci)	SKY Impact Advisors LLP	MARCH 19, 2024
(xcii)	SMC Global Securities Limited	JUNE 26, 2023
(xciii)	Stakeboat Capital LLP (IFSC Branch)	NOVEMBER 17, 2022
(xciv)	Succeeds Indovation Ventures LLP	MARCH 22, 2024
(xcv)	SV Offshore Fund Advisors LLP	MARCH 17, 2023
(xcvi)	Teak Blossom C FME 2023 IFSC Private Limited	March 11, 2024
(xcvii)	Terazo Fintech LLP	MARCH 2, 2023
(xcviii)	The Investment Trust of India Limited (IFSC Branch)	JANUARY 20, 2023
(xcix)	Tradeair (IFSC) Private Limited	FEBRAURY 16, 2023
(c)	True Beacon Investment Advisors LLP	MAY 19, 2023
(ci)	True North GIFT (Sponsor) LLP	JULY 5, 2023
(cii)	Unifi Investment Management LLP	NOVEMBER 1, 2022
(ciii)	UTI Capital Private Limited (IFSC Branch)	NOVEMBER 17, 2022
(civ)	V M Sattvic Advisors IFSC LLP	FEBRAURY 2, 2024
(cv)	VCB Ventures LLP (IFSC Branch)	JANUARY 9, 2024
(cvi)	Venture Catalysts Private Limited (IFSC Branch)	December 23, 2022
(cvii)	Vivriti Asset Management Private Limited (IFSC Branch)	December 22, 2022
(cviii)	Vortis Advisors Overseas LLP	March 3, 2023
(cix)	Waterfield Fund Managers Private Limited (IFSC Branch)	March 3, 2023
(cx)	We Founder Circle Angel Accelerator LLP (IFSC Branch)	December 6, 2022

328. 1 License granted to Global Administrative Office

S. No	Name	Authorization’s date
(i)	State Bank of India	August 5, 2022

329. 3 Licenses granted to Global In-house Centre

S. No	Name	Authorization’s date
(i)	Abans Global Limited	August 08, 2022
(ii)	BA Continuum India Pvt. Ltd.	January 1, 2021
(iii)	Smsfa Assurance India Services India LLP	March 31, 2022

330. 22 Licenses granted to Insurance Intermediaries

S. No	Name	Authorization’s date
(i)	Ace Insurance Brokers Pvt. Ltd.	January 3, 2022
(ii)	Aditya Birla Insurance Brokers Ltd.	January 1, 2019
(iii)	Afro-Asian Insurance & Reinsurance Brokers Pvt. Ltd.	March 18, 2019
(iv)	Alliance Insurance Brokers Pvt. Ltd.	October 13, 2021
(v)	Arron Insurance Brokers Pvt. Ltd.	July 3, 2023
(vi)	Beacon Insurance Brokers Pvt. Ltd.	October 10, 2019
(vii)	Bharat Re-Insurance Brokers Pvt. Ltd.	March 11 , 2019
(viii)	First Policy Insurance Brokers Pvt. Ltd.	May 17, 2023
(ix)	Gallagher Insurance Brokers Pvt. Ltd.	May 17, 2023
(x)	Global Insurance Brokers Pvt. Ltd.	June 22, 2022
(xi)	Howden Insurance Brokers India Pvt. Ltd.	May 4, 2023
(xii)	Interlink Insurance & Reinsurance Broking Pvt. Ltd.	December 31, 2021
(xiii)	J. B. Boda Insurance & Reinsurance Brokers Pvt. Ltd.	June 16, 2017
(xiv)	LMB Insurance Brokers Pvt. Ltd	January 31, 2024
(xv)	Marsh India Insurance Brokers Pvt. Ltd.	February 25, 2019
(xvi)	Novo Insurance Broking Services Pvt Ltd.	January 31, 2024
(xvii)	Pioneer Insurance& Reinsurance Brokers Pvt. Ltd.	November 29, 2016
(xviii)	Prudent Insurance Brokers Pvt. Ltd.	June 22, 2022
(xix)	Risk Care Insurance Broking Services Pvt. Ltd.	June 9, 2017
(xx)	Trinity Reinsurance Brokers Ltd.	August 29, 2017
(xxi)	Unison Insurance Broking Services Pvt. Ltd.	May 28, 2019
(xxii)	Xperitus Insurance Brokers Pvt. Ltd.	November 3, 2016

331. 12 Licenses granted to Insurance/Re-insurance Companies

S. No	Name	Authorization’s date
(i)	AWP P&C S.A.	March 28, 2024
(ii)	Canara HSBC Life Insurance Company Limited	June 3, 2024
(iii)	Care Health Insurance Limited	February 23, 2024
(iv)	ECGC Ltd.	July 24, 2017
(v)	General Insurance Corporation of India	January 30, 2017
(vi)	HDFC International Life and Re Co. Ltd.	November 4, 2022
(vii)	ICICI Lombard General Insurance Co. Ltd.	January 20, 2021
(viii)	India First Life Insurance Co. Ltd.	September 22, 2023
(ix)	Star Health and Allied Insurance Company Limited	March 14, 2024
(x)	Star Union Dai-ichi Life Insurance Company Limited	March 26 , 2024
(xi)	TATA AIA Life Insurance Co. Ltd.	October 7, 2023
(xii)	The New India Assurance Co. Ltd.	September 6, 2016

332. 3 Licenses granted to Investment Adviser

S. No	Name	Authorization’s date
(i)	Ashoka Whiteoak Capital Management (GIFT) LLP	March 5, 2021
(ii)	Phillip Ventrues IFSC Private Limited	June 25, 2021
(iii)	Vastrapur Investment Advisors LLP	February 5, 2021

333. 2 Licenses granted to Investment Bankers-Authorized

S. No	Name	Authorization’s date
(i)	ICICI Bank	December 14, 2021
(ii)	The Hongkong and Shanghai Banking Corporation Limited	December 13, 2023

334. 1 License granted to Investment Bankers-Registered

S.No	Name	Authorization’s date
(i)	Pantomath Global Financial Services (IFSC) Private Limited	May 31, 2023

335. 17 Licenses granted to Portfolio Manager

S. No	Name	Authorization’s date
(i)	Abakkus Asset Manager LLP	November 1, 2022
(ii)	Alchemy Investment Management LLP	December 6, 2022
(iii)	Alchemy Investment Management LLP	April 28, 2023
(iv)	Axis Asset Management Company Limited (IFSC Branch)	October 20, 2023
(v)	Caravella Asset Management (IFSC) Private Limited	March 20, 2024
(vi)	Chanakya Capital Partners IFSC LLP	November 2, 2023
(vii)	Dovetail Investment Management India (IFSC) Pvt. Ltd.	August 14, 2024
(viii)	Kotak Alternate Asset Managers Limited (IFSC Branch)	August 26, 2022
(ix)	LGT Wealth India Private Limited (IFSC Branch)	August 18, 2023
(x)	Marcellus Investment Managers Private Limited	August 10, 2022
(xi)	Mirae Asset Investment Managers (India) Private Limited	February 3, 2023
(xii)	Nippon Life India Asset Management Limited (IFSC Branch)	March 1, 2023
(xiii)	Phillip Ventures IFSC Private Limited	April 28, 2023
(xiv)	Sameeksha Investment Managers LLP	October 21, 2022
(xv)	SBI Funds Management Private Limited (IFSC Branch)	November 28, 2022
(xvi)	SMC Global Securities Limited	June 26, 2023
(xvii)	Unifi Investment Management LLP	November 1, 2022

336. 2 Licenses granted to Qualified Jewellers (de-notified)

S. No	Name	Authorization’s date
(i)	Goldmine Commodity Private Limited	May 31, 2024
(ii)	Khandwala Finstock Private Limited	July 16, 2024

337. 135 Licenses granted to Qualified Jewellers (notified)

S. No	Name	Authorization’s date
(i)	A. R. Gold Private Limited	June 28, 2023
(ii)	Abans Jewels Limited	March 16, 2022
(iii)	Abaran Timeless Jewellery Private Limited	April 20, 2022
(iv)	AC Impex	August 05, 2024
(v)	Agnis Bullion House LLP	July 26, 2022
(vi)	Alukkas Enterprises Private Limited	January 09, 2024
(vii)	Amar Jewellers Private Limited	February 28, 2022
(viii)	Ambicaa Sales Corp	March 30, 2022
(ix)	Amrapali Industries Ltd.	February 04, 2022
(x)	Anand Jewels (Indore) Private Limited	December 26, 2023
(xi)	Arihant Bullions and Jewels LLP	July 26, 2022
(xii)	Arvindbhai Bechardas Jewellers Pvt. Ltd	November 14, 2022
(xiii)	Arwah Jewellers	November 14, 2022
(xiv)	Ashapuri Gold Ornament Limited	June 01, 2022
(xv)	AT Plus Jewellers Private Limited	July 26, 2024
(xvi)	Augmont Enterprises Private Limited	February 09, 2022
(xvii)	Ausom Enterprise Limited	February 04, 2022
(xviii)	B. N. Jewellers India Private Limited	March 26, 2024
(xix)	Bangalore Refinery Private Limited	June 17, 2022
(xx)	Bhaiyaji Rambhauji Rokde	June 01, 2022
(xxi)	Bhangale Gold Private Limited	February 14, 2024
(xxii)	Bhima Jewellery	April 09, 2024
(xxiii)	BPN Commodities LLP	January 31, 2024
(xxiv)	Bright Metal Refiners	February 28, 2022
(xxv)	Caps Gold Private Limited	February 04, 2022
(xxvi)	Chain N Chains Jewels Limited	April 17, 2024
(xxvii)	Chandukaka Saraf & Sons Pvt Ltd	April 20, 2022
(xxviii)	Chetmani Ornaments & Jewellers Private Limited	January 05, 2023
(xxix)	Chheda Jewellers Private Limited	April 20, 2022
(xxx)	Chokshi Vachharaj Makanji & Company	November 14, 2022
(xxxi)	D.P. Abhushan Limited	July 21, 2022
(xxxii)	Dantara Jewellers	March 31, 2023
(xxxiii)	Dashrath Silver Art Private Limited	March 26, 2024
(xxxiv)	Diamond Forever International	April 29, 2024
(xxxv)	DP Gold Private Limited	March 08, 2024
(xxxvi)	Dwarika Jewellers Private Limited	February 04, 2022
(xxxvii)	East India Commodities Pvt Ltd	February 28, 2022
(xxxviii)	Emerald Jewel Industry India Limited	February 28, 2022
(xxxix)	Goldlites India Private Limited	June 21, 2023
(xl)	GRT Jewellers India Private Limited	July 12, 2024
(xli)	H. K. Jewels Private Ltd.	June 21, 2023
(xlii)	Happy Gems and Jewellers	January 09, 2024
(xliii)	Hasmukh Parekh Jewellers	June 28, 2023
(xliv)	Hindustan Platinum Private Limited	June 20,2024
(xlv)	J.J. House Private Limited	March 16, 2022
(xlvi)	Jai Krishna Jewellers Company Private Limited	August 07, 2024
(xlvii)	Jaypee Dealer Private Limited	July 20, 2024
(xlviii)	Joyalukkas India Limited	April 30, 2024
(xlix)	K M Choksi Jewellers Private Limited	June 28, 2023
(l)	Kalamandir Jewellers Ltd	July 05, 2022
(li)	Lala Jugal Kishore Jewellers Private Limited	August 04, 2023
(lii)	Lalitha Jewellery Mart	March 31, 2023
(liii)	Lalithaa Jewellery Mart Private Limited	July 21, 2022
(liv)	Laljibhai Kanjibhai Soni	May 11, 2022
(lv)	Laxmi Jewellery Export Private Limited	June 01, 2022
(lvi)	M. D. Overseas Private Limited	February 09, 2022
(lvii)	Malabar Gold Private Limited	February 28, 2022
(lviii)	Mamraj Mussadilal Jewellers	November 14, 2022
(lix)	Manappuram Jewellers Limited	April 29, 2024
(lx)	Mangalmani Jewellers Private Limited	November 14, 2022
(lxi)	Manik Chand and Sons (Jewellers) Private Limited	December 29, 2023
(lxii)	Manjally Jewellers	March 26, 2024
(lxiii)	Manubhai Zaveri Ornaments Private Limited	June 28, 2023
(lxiv)	MMTC-PAMP India Private Limited	March 30, 2022
(lxv)	Modern Gem& Designer P Ltd	July 26, 2022
(lxvi)	Mohanlal Jewellers Private Limited	May 26, 2023
(lxvii)	Moksh Ornaments Limited	November 14, 2022
(lxviii)	Mothers’ Gold and Diamonds LLP	August 13, 2024
(lxix)	Mudra Finvest (Gujarat) Limited	February 28, 2024
(lxx)	Mukti Gold Private Limited	June 17, 2022
(lxxi)	NAC Jewellers Pvt Ltd	July 05, 2022
(lxxii)	Nitesh Chains Private Limited	July 20, 2024
(lxxiii)	Om Commodity Trading (India) Private Limited	May 30, 2024
(lxxiv)	OMGL Refinery Limited Liability Partnership	May 11, 2022
(lxxv)	ORO Precious Metals Pvt. Ltd.	March 15, 2022
(lxxvi)	P C Chandra (Gems) Private Limited	March 15, 2023
(lxxvii)	P N Gadgil Jewellers Limited	February 28, 2022
(lxxviii)	P.C. Chandra & Sons (India) Pvt. Ltd.	March 26, 2023
(lxxix)	P.C. Chandra Jewellers Private Limited	June 28, 2023
(lxxx)	P.C. Chandra Jewellery Apex Pvt. Ltd	March 26, 2023
(lxxxi)	P.C. Chandra Juels International Pvt. Ltd.	March 26, 2023
(lxxxii)	Pannalal Mahesh Chandra	June 21, 2023
(lxxxiii)	Parker Precious Metals LLP	February 04, 2022
(lxxxiv)	Payal Gold Pvt. Ltd.	November 14, 2022
(lxxxv)	Precious Metals Refiners Private Limited	April 29, 2024
(lxxxvi)	Prince Gold and Diamonds India Private Limited	November 14, 2022
(lxxxvii)	Priority Jewels Private Limited	March 30, 2022
(lxxxviii)	Pritam Bullion Private Limited	January 05, 2023
(lxxxix)	R. D. Karel Jewellers Private Limitedv	June 10, 2024
(xc)	R.P. Jewellers	March 16, 2022
(xci)	Radha Mohan Purshottam Das Jewels Private Limited	February 28, 2022
(xcii)	Raksha Bullion	February 04, 2022
(xciii)	RBZ Jewellers Private Limited	July 05, 2022
(xciv)	Riddisidhi Bullions Limited	February 04, 2022
(xcv)	RM Mahaveer Jewellery	April 29, 2024
(xcvi)	Royal Chain Private Limited	May 11, 2022
(xcvii)	S G Karel & Sons Jewellers Private Limited	January 09, 2024
(xcviii)	S Mahendrakumar Devichand	March 26, 2024
(xcix)	S. B. Ornaments Private Limited	June 14, 2024
(c)	Safari Bullions	May 11, 2022
(ci)	Sanghi Jewellers Private Limited	May 11, 2022
(cii)	Senco Gold Limited	March 30, 2023
(ciii)	Shah Virchand Govanji Jewellers Private Limited	March 30, 2023
(civ)	Sharanam Jewels LLP	November 14, 2022
(cv)	Shineshilpi Jewellers Pvt Ltd	June 17, 2022
(cvi)	Shree Ram Jewels	April 18, 2023
(cvii)	Shreeji Ornaments Private Limited	February 12, 2024
(cviii)	Silver Emporium Private Limited	June 01, 2022
(cix)	SJS Gold Private Limited	January 09, 2024
(cx)	SK&A Impex LLP	April 19, 2023
(cxi)	Sky Gold Limited	November 14, 2022
(cxii)	Sovereign Metals Limited	May 11, 2022
(cxiii)	Suman Jewellery	June 01, 2022
(cxiv)	Suswani Jewellers Private limited	April 25, 2023
(cxv)	SVBC GOLD	July 26, 2022
(cxvi)	Thangamayil jewellery limited	May 11, 2022
(cxvii)	The KTM Jewellery Limited	June 21, 2022
(cxviii)	Tholasi Jewels	March 15, 2023
(cxix)	Titan Company Limited	March 21, 2022
(cxx)	Uday Jewllery Industries Limited	July 21, 2022
(cxxi)	Unique Chains Private Limited	June 28, 2023
(cxxii)	Vinayak Jewels (India) Private Limited	July 05, 2022
(cxxiii)	Vummidi Bangaru Jewellers	June 21, 2023
(cxxiv)	Waman Hari Pethe Jewellers	January 05, 2023
(cxxv)	Zaveri and Company Private Limited	February 04, 2022

338. 9 Licenses granted to Registered Distributors

S .No	Name	Authorization’s date
(i)	Alphabet Services LLP (IFSC Branch)	April 19, 2023
(ii)	Anand Rathi International Ventures (IFSC) Pvt. Ltd.	May 04, 2023
(iii)	Axis Bank Limited – IFSC Banking Unit	January 08, 2024
(iv)	Evermore Global (IFSC) Private Limited	February 08, 2024
(v)	Geojit IFSC Limited	July 12, 2023
(vi)	HDFC Bank Limited – IFSC Banking Unit	June 27, 2023
(vii)	ICICI Bank Limited – IFSC Banking Unit	August 22, 2023
(viii)	Motilal Oswal Finsec IFSC Limited	June 14, 2024
(ix)	Raru Capital IFSC Private Limited	June 24, 2024

339. 3 Licenses granted to Stock Exchanges

S.No	Name	Authorization’s date
(i)	India International Bullion Exchange (IFSC) Limited	December 9, 2021
(ii)	India International Exchange (IFSC) Ltd	December 24, 2020
(iii)	NSE IFSC Limited	May 24, 2021

340. 82 Licenses granted to UAE CEPA TRQ Holders (2023-24)

S.No	Name	Authorization’s date
(i)	Aaditya Diamgold Private Limited	February 19, 2024
(ii)	Aarav Jewellers Private Limited	March 27, 2024
(iii)	Ambuja Commodities LLP	March 28, 2024
(iv)	Anmol Jewellers	February 12, 2024
(v)	Arihant Mangal Silvers	February 19, 2024
(vi)	Ariplutus Metals Private Limited	February 12, 2024
(vii)	Augmont Goldtech Private Limited	February 12, 2024
(viii)	Auric Bullion and Jewellers	March 27, 2024
(ix)	Auspicious Gold	March 05, 2024
(x)	Balaji Bullion	March 04, 2024
(xi)	Bankutramana Bullion And Diamond Pvt. Ltd.	March 05, 2024
(xii)	Bherumal Shamandas	March 28, 2024
(xiii)	BR Diamonds	February 19, 2024
(xiv)	Charm Gold& Jewellery	February 29, 2024
(xv)	Dewaki Jewels & Gems	February 19, 2024
(xvi)	Elegance Tradelinks Private Limited	March 05, 2024
(xvii)	Fashion World	February 19, 2024
(xviii)	Galaxy Impex	March 27, 2024
(xix)	GGC Gujrat Gold Centre Private Limited	March 19, 2024
(xx)	Gold One Refinery Private Limited	March 27, 2024
(xxi)	Goldella Precious Metals Private Limited	February 12, 2024
(xxii)	Gulab Impex Enterprises Private Limited	February 20, 2024
(xxiii)	Infinity Jewellery and Bullion	February 12, 2024
(xxiv)	Jap Overseas Private Limited	March 04, 2024
(xxv)	JK Sons Precious Metals Limited	March 06, 2024
(xxvi)	Jyoti Mangal	February 19, 2024
(xxvii)	Jyotirmay Jewels Private Limited	March 05, 2024
(xxviii)	K Muthukaruppan & Sons	February 19, 2024
(xxix)	Kalp Jewellers	March 05, 2024
(xxx)	Kanak Exports	February 19, 2024
(xxxi)	Karuna Bullion Private Limited	March 19, 2024
(xxxii)	Kiran Fine Jewellers Private Limited	March 27, 2024
(xxxiii)	Kundan Jewellers	February 28, 2024
(xxxiv)	L B Jewellers	February 28, 2024
(xxxv)	L.H. Exports	February 12, 2024
(xxxvi)	L.H. Exports Private Limited	March 06, 2024
(xxxvii)	L.H. Industries Private Limited	March 06, 2024
(xxxviii)	Lawat Jewellers Private Limited	February 19, 2024
(xxxix)	M S Jewels	March 11, 2024
(xl)	M V Jain Jewellers	February 09, 2024
(xli)	M. Rajender Kumar Jewellers & Pearls Dealers	March 11, 2024
(xlii)	Mallika Thanga Maligai	February 12, 2024
(xliii)	Man Mandir Jewellers	February 19, 2024
(xliv)	Mann Orna Private Limited	March 11, 2024
(xlv)	Modi Ornaments	March 06, 2024
(xlvi)	Muthhu Gold Private Limited	February 19, 2024
(xlvii)	Muthu Gold Housie	February 19, 2024
(xlviii)	Nakoda Bullion	March 28, 2024
(xlix)	Narrondass Manordass	February 19, 2024
(l)	Navaratna Maaligai	February 07, 2024
(li)	Omkaar Jewellery	February 12, 2024
(lii)	Onkar Jewellers Private Limited	February 12, 2024
(liii)	Pakshal Bullion	February 19, 2024
(liv)	Parker Multi Commodities India Pvt. Ltd.	March 11, 2024
(lv)	PJS Commodities	March 06, 2024
(lvi)	Quality Assay& Hallmarking Centre Pvt. Ltd.	February 29, 2024
(lvii)	R N Bullion and Jewels	February 19, 2024
(lviii)	Raja and Co Overseas Private Limited	February 28, 2024
(lix)	Ravi Bullion & Jewellers	March 27, 2024
(lx)	Riddhima Jewels	February 28, 2024
(lxi)	Ritesh Jewels Private Limited	February 19, 2024
(lxii)	Ritika Chains	February 19, 2024
(lxiii)	RV Chains	March 28, 2024
(lxiv)	S K Jewels	March 06, 2024
(lxv)	Saumya Gold	March 11, 2024
(lxvi)	Shiv Sahai& Sons (India) Private Limited	February 28, 2024
(lxvii)	Shree Mandev Bullion LLP	February 19, 2024
(lxviii)	Shree Mandev Bullion LLP	February 13, 2024
(lxix)	Sneh Chain Private Limited	February 13, 2024
(lxx)	Sonigara Jewellers Private Limited	February 12, 2024
(lxxi)	SR Bullion & Jewellers	March 05, 2024
(lxxii)	Sri Jain Jewellery Private Limited	March 28, 2024
(lxxiii)	Sri Padmaraj Jewellers	February 12, 2024
(lxxiv)	Suvidhi Gold Private Limited	February 12, 2024
(lxxv)	Tycoon Jewels	February 19, 2024
(lxxvi)	Vasant Bullion	February 19, 2024
(lxxvii)	Veer Jewellers Private Limited	March 08, 2024
(lxxviii)	Vijay Bullion	February 12, 2024
(lxxix)	Yash Oro India Private Limited	March 27, 2024

341. 324 Licenses granted to UAE CEPA TRQ Holders (2024-25)

S. No	Name	Authorization’s date
(i)	4S Gold Enterprises	July 03, 2024
(ii)	Aadey Jewels	June 19,2024
(iii)	Aadey Jewels Private Limited	June 21, 2024
(iv)	Aaditya Diamgold Private Limited	February 19, 2024
(v)	Aarav Jewellers Private Limited	March 27, 2024
(vi)	Abans Broking Services Private Limited	June 13, 2024
(vii)	Abans Commodities (India) Private Limited	June 25, 2024
(viii)	Abans Creations Private Limited	July 08, 2024
(ix)	Abans Enterprises Limited	August 19, 2024
(x)	Abans Metals Private Limited	July 01, 2024
(xi)	Abhitha Gold Smiths	July 02, 2024
(xii)	Akash Gold	July 08, 2024
(xiii)	Akhilesh Paul	June 11, 2024
(xiv)	Altim Metals Private Limited	July 05, 2024
(xv)	Amarchand Jewellers Pvt. Ltd	July 12, 2024
(xvi)	Ambica Gems and Jewels	August 21, 2024
(xvii)	Ambuja Commodities LLP	March 28, 2024
(xviii)	Anantam Jewels Private Limited	July 03, 2024
(xix)	Ankur Enterprises	July 08, 2024
(xx)	Anmol Jewellers	February 12, 2024
(xxi)	Apra Jewels	August 13, 2024
(xxii)	Aries Refinery Private Limited	July 03, 2024
(xxiii)	Arihant Gold	August 06, 2024
(xxiv)	Arihant Hi-Tech Metal Industries	July 08, 2024
(xxv)	Arihant Mangal Silvers	February 19, 2024
(xxvi)	Ariperak Metals LLP	June 13, 2024
(xxvii)	Ariplutus Metals Private Limited	February 12, 2024
(xxviii)	Aristo Bullion Private Limited	August 09, 2024
(xxix)	Arko Exim India Private Limited	July 03, 2024
(xxx)	Arrow Gold	July 12, 2024
(xxxi)	Ashta Siddhi Bullion And Jewellers LLP	July 02, 2024
(xxxii)	Astmangal Chains Private Limited	July 05, 2024
(xxxiii)	AU Finja Jewels	July 03, 2024
(xxxiv)	Auag Metallic LLP	July 12, 2024
(xxxv)	Augmont Goldtech Private Limited	February 12, 2024
(xxxvi)	Auric Bullion and Jewellers	March 27, 2024
(xxxvii)	Ausil Corporation Private Limited	July 08, 2024
(xxxviii)	Auspicious Gold	March 05, 2024
(xxxix)	B P Jewells	August 06, 2024
(xl)	B. P. Chouhan & Co.	July 12, 2024
(xli)	B. R. Bullion	June 13, 2024
(xlii)	B.M. Sons and Jewellers	June 24, 2024
(xliii)	B.R. Jewellers	July 02, 2024
(xliv)	Balaji Bullion	March 04, 2024
(xlv)	Bankutramana Bullion And Diamond Pvt. Ltd.	March 05, 2024
(xlvi)	Bhakti Gems And Jewellery Ltd	July 24, 2024
(xlvii)	Bhakti Jewels LLP	July 05, 2024
(xlviii)	Bharat Bullion Bourse	July 01, 2024
(xlix)	Bhavesh Gold	June 24, 2024
(l)	Bherumal Shamand	March 28, 2024
(li)	BN Jewellers	June 11, 2024
(lii)	BR Diamonds	February 19, 2024
(liii)	Bullion India and Company	June 07, 2024
(liv)	C. B. Brothers	June 07, 2024
(lv)	Cadas Gold and Diamonds	June 26, 2024
(lvi)	Camex Speciality Private Limited	July 09, 2024
(lvii)	Charbhuja Jewels	August 12, 2024
(lviii)	Charm Gold& Jewellery	February 29, 2024
(lix)	Chokshi Arvind Jewellers	July 18, 2024
(lx)	Choksi Devang Pravin chandra	June 26, 2024
(lxi)	Choksi Vimal Bullion LLP	July 05, 2024
(lxii)	Culture antique Jewellery Private Limited	August 06, 2024
(lxiii)	D.C Jewellers Gold and Diamonds	August 12, 2024
(lxiv)	D.S Jewellers Pvt. Ltd	July 12, 2024
(lxv)	Dalaji and Sons	June 24, 2024
(lxvi)	Deepa Jewellers	July 03, 2024
(lxvii)	Deepa Jewellers Private Limited	June 11, 2024
(lxviii)	Devtech India Pvt Ltd	July 24, 2024
(lxix)	Dewaki Jewels & Gems	February 19, 2024
(lxx)	Dhananjay Corporation	July 02, 2024
(lxxi)	Diamond Tradex Company Limited	July 24, 2024
(lxxii)	Dindayal Commodities Private Limited	June 4, 2024
(lxxiii)	Dishant Ornament	June 07, 2024
(lxxiv)	Dwarika Commodities LLP	June 11, 2024
(lxxv)	Elegance Tradelinks Private Limited	March 05, 2024
(lxxvi)	Emfore Jewel-tech Private Limited	July 31, 2024
(lxxvii)	Fashion World	February 19, 2024
(lxxviii)	Foresight Bullion India Private Limited	July 08, 2024
(lxxix)	G. M. Jewellers	August 06, 2024
(lxxx)	Galaxy Impex	March 27, 2024
(lxxxi)	GGC Gujrat Gold Centre Private Limited	March 19, 2024
(lxxxii)	Girdhar Associates	July 02, 2024
(lxxxiii)	Girdhar Jewellers Private Limited	June 06, 2024
(lxxxiv)	Goldella Precious Metals Private Limited	February 12, 2024
(lxxxv)	Goldkart Jewels Limited	August 06, 2024
(lxxxvi)	Goldmine Commodities Private Limited	June 14, 2024
(lxxxvii)	Gopnath Gold Mint Private Limited	August 06, 2024
(lxxxviii)	Gulab Impex Enterprises Private Limited	February 20, 2024
(lxxxix)	H P Bullion	June 13, 2024
(xc)	Hari Om Jewellers	July 08, 2024
(xci)	Harsh Gold	July 09, 2024
(xcii)	Harsh Jewellers	August 20, 2024
(xciii)	Hasubhai And Sons	July 01, 2024
(xciv)	Heena Jewellers	June 25, 2024
(xcv)	Heimerle Refinery Private Limited	July 12, 2024
(xcvi)	HRDK Bullion & Refinery Private Limited	July 12, 2024
(xcvii)	HRML Refinery Private Limited	July 09, 2024
(xcviii)	Identity	July 12, 2024
(xcix)	IK Jewellers	June 26, 2024
(c)	Infinijewel Synergies Private Limited	July 31, 2024
(ci)	Infinity Jewellery and Bullion	February 12, 2024
(cii)	Intergold Jewellery	July 01, 2024
(ciii)	J J Gold Bullion	June 07, 2024
(civ)	J P Jewels	July 31, 2024
(cv)	J.J Gold Refinery Private Limited	July 12, 2024
(cvi)	J.R. Jewellers	July 12, 2024
(cvii)	Jag Mint Private Limited	July 09, 2024
(cviii)	Jap Overseas Private Limited	March 04, 2024
(cix)	Jas Exims	June 24, 2024
(cx)	Jayshree Bullion Private Limited	July 18, 2024
(cxi)	JD Enterprises	August 09, 2024
(cxii)	Jewel Casa Private Limited	August 06, 2024
(cxiii)	JK Sons Precious Metals Limited	March 06, 2024
(cxiv)	JP Mudra Tradelink LLP	August 12, 2024
(cxv)	JSK Precious Metals and Jewellery	July 02, 2024
(cxvi)	Jyoti Mangal	February 19, 2024
(cxvii)	Jyotirmay Jewels Private Limited	March 05, 2024
(cxviii)	K J Sales	June 07, 2024
(cxix)	K Muthukaruppan& Sons	February 19, 2024
(cxx)	K P And Sons	June 27, 2024
(cxxi)	K P Jewels& Bullion LLP	July 12, 2024
(cxxii)	K P Trading	June 27, 2024
(cxxiii)	Kaka Gold LLP	July 01, 2024
(cxxiv)	Kalp Jewellers	March 05, 2024
(cxxv)	Kanak Exports	February 19, 2024
(cxxvi)	Kanchnam Jewel House LLP	August 01, 2024
(cxxvii)	Kantibhai Zaveri	June 19,2024
(cxxviii)	Kartikey Bullion LLP	June 4, 2024
(cxxix)	Kartikey Jewellers Private Limited	June 4, 2024
(cxxx)	Karuna Bullion Private Limited	March 19, 2024
(cxxxi)	Kernel Enterprises Private Limited	August 09, 2024
(cxxxii)	KGR and Company	June 19,2024
(cxxxiii)	Khandelwal Spot Bullion Trading India Pvt. Ltd.	July 12, 2024
(cxxxiv)	Khazanchi Silvers Private Limited	July 20, 2024
(cxxxv)	KIFS Bullion Private Limited	August 06, 2024
(cxxxvi)	KM Impex	June 26, 2024
(cxxxvii)	Kothari Bullion	July 03, 2024
(cxxxviii)	Kothari Chains	July 01, 2024
(cxxxix)	Kothari Gold	July 01, 2024
(cxl)	Koura Fine Diamond Jewelry Limited	July 08, 2024
(cxli)	KumKum Jewels	July 08, 2024
(cxlii)	Kundan& Zeya Limited	June 14, 2024
(cxliii)	Kundan Jewellers	February 28, 2024
(cxliv)	Kundan Rice Mills Limited	June 21, 2024
(cxlv)	Kunj Bihari Bullion & Jewellers Private Limited	July 01, 2024
(cxlvi)	L B Jewellers	February 12, 2024
(cxlvii)	L.H. Exports	February 19, 2024
(cxlviii)	L.H. Exports Private Limited	March 06, 2024
(cxlix)	L.H. Industries Private Limited	March 06, 2024
(cl)	Labdhi Bullion	August 06, 2024
(cli)	Labh Commodities	June 13, 2024
(clii)	Lawat Jewellers Private Limited	February 19, 2024
(cliii)	Laxmi Jewellery Chennai Private Limited	June 06, 2024
(cliv)	LBM Bullion	July 18, 2024
(clv)	Lifesurge Trading Private Limited	July 18, 2024
(clvi)	M S Jewels	March 11, 2024
(clvii)	Mahaveer Bullion Private Limited	August 13, 2024
(clviii)	Mahaveer Bullions	June 24, 2024
(clix)	Mahavir Bullion	July 18, 2024
(clx)	Mahavir Bullion & Refinery Private Limited	July 05, 2024
(clxi)	Mahraja Bullion	July 18, 2024
(clxii)	Mallika Thanga Maligai	February 12, 2024
(clxiii)	Man Mandir Jewellers	February 19, 2024
(clxiv)	Manawat Jewels LLP	June 06, 2024
(clxv)	Mangilal Agarwal	August 20, 2024
(clxvi)	Manibhadra Enterprises	July 08, 2024
(clxvii)	Mann Orna Private Limited	March 11, 2024
(clxviii)	Manokamana Gold	July 18, 2024
(clxix)	Mantr Jewels	July 03, 2024
(clxx)	Mawsim Gold Private Limited	February 19, 2024
(clxxi)	Mayurbhai Amrutlal Mandaliya	June 25, 2024
(clxxii)	MCS Trading Company Private Limited	June 11, 2024
(clxxiii)	Mehta Bullion	June 24, 2024
(clxxiv)	Meva Gold	June 11, 2024
(clxxv)	MGR Overseas Private Limited	July 12, 2024
(clxxvi)	Miracle Gold Pvt Ltd	August 01, 2024
(clxxvii)	Mudra Bullions Private Limited	July 12, 2024
(clxxviii)	Mudra Precious Metals Private Limited	June 14, 2024
(clxxix)	Munish Chains& Jewellers	July 12, 2024
(clxxx)	Mutha Jewellers	August 12, 2024
(clxxxi)	Muthhu Gold Private Limited	February 19, 2024
(clxxxii)	Muthu Gold Housie	February 19, 2024
(clxxxiii)	N R Gold and Jewels LLP	August 01, 2024
(clxxxiv)	N R Jewellers	August 01, 2024
(clxxxv)	Nakoda Bullion	March 28, 2024
(clxxxvi)	Namami	June 24, 2024
(clxxxvii)	Namrata Jewellers	June 07, 2024
(clxxxviii)	Narayan Jewels	July 12, 2024
(clxxxix)	Narnarayan Jewellery Art	July 05, 2024
(cxc)	National India Bullion Refinery ACA Sons	July 02, 2024
(cxci)	National India Bullion Refinery HCA	August 06, 2024
(cxcii)	Navaratna Maaligai	February 19, 2024
(cxciii)	Navdurga Jewellers	June 06, 2024
(cxciv)	Neha Jewellers Private Limited	July 12, 2024
(cxcv)	Nena Jewellers	July 12, 2024
(cxcvi)	Nishant Silver Handicrafts	July 05, 2024
(cxcvii)	Novel Trade Links LLP	June 06, 2024
(cxcviii)	Oliver Jewels	June 11, 2024
(cxcix)	Om Sainath Jewellers	August 06, 2024
(cc)	Omega Gold	February 07, 2024
(cci)	Omkaar Jewellery	February 12, 2024
(ccii)	Omkar and Company	July 12, 2024
(cciii)	Onkar Jewellers Private Limited	February 12, 2024
(cciv)	Opus Refinery Private Limited	July 12, 2024
(ccv)	Pakshal Bullion	February 19, 2024
(ccvi)	Palm Jewels Limited	August 08, 2024
(ccvii)	Panchratna Jewellers Private Limited	July 12, 2024
(ccviii)	Parekh BullionLLP	June 13, 2024
(ccix)	Parin Orna Private Limited	May 30, 2024
(ccx)	Parker Agrochem Exports Limited	June 11, 2024
(ccxi)	Parker Multi Commodities India Private Limited	March 11, 2024
(ccxii)	Pathik Sales Private Limited	March 06, 2024
(ccxiii)	PJS Commodities	February 19, 2024
(ccxiv)	PM Jewelex Pvt Ltd	July 09, 2024
(ccxv)	Poorvi Jewellers	August 06, 2024
(ccxvi)	Prakash and Co.	August 06, 2024
(ccxvii)	Prasidh Finance LLP	June 07, 2024
(ccxviii)	Pride Gold	July 03, 2024
(ccxix)	Priyanshi Jewellers	June 25, 2024
(ccxx)	Pukharaj Mohanlal	July 23, 2024
(ccxxi)	Purvi Jewellers	July 12, 2024
(ccxxii)	Quality Assay & Hallmarking Centre P. Ltd.	February 29, 2024
(ccxxiii)	R N Bullion and Jewels	February 19, 2024
(ccxxiv)	Radha Mohan Purshottam Das Agarwal	February 28, 2024
(ccxxv)	Rahul Jewellers	July 02, 2024
(ccxxvi)	Raja and Co Overseas Private Limited	February 19, 2024
(ccxxvii)	Ranjitkumar Mohanlal	June 26, 2024
(ccxxviii)	Ravi Bullion & Jewellers	March 27, 2024
(ccxxix)	Reni Impex	July 08, 2024
(ccxxx)	Riddhima Jewels	February 28, 2024
(ccxxxi)	Ritesh Jewels Private Limited	February 19, 2024
(ccxxxii)	Ritika Chains	February 19, 2024
(ccxxxiii)	Rose Gold Jewels LLP	August 09, 2024
(ccxxxiv)	RV Chains	March 28, 2024
(ccxxxv)	S K Jewels	March 06, 2024
(ccxxxvi)	S R Magnum	June 13, 2024
(ccxxxvii)	S V Jewels	June 27, 2024
(ccxxxviii)	Sachchiyay Mata Bullion Private Limited	July 05, 2024
(ccxxxix)	Safari Exim House Private Limited	July 02, 2024
(ccxl)	Samruddhi Jewelcraft Private Limited	August 13, 2024
(ccxli)	Sanghavi Bullion Private Limited	August 21, 2024
(ccxlii)	Sanghvi Venture LLP	August 20, 2024
(ccxliii)	Sankalp Golds Private Limited	June 07, 2024
(ccxliv)	Sankalp Jewellers	August 06, 2024
(ccxlv)	Saumya Gold	March 11, 2024
(ccxlvi)	Shah Jayantilal& Sons Jewellers	July 01, 2024
(ccxlvii)	Shankar Silver Mart	August 21, 2024
(ccxlviii)	Shankeshwar	July 02, 2024
(ccxlix)	Shanmukha Jewellery	July 08, 2024
(ccl)	Shilp Jewellers	June 11, 2024
(ccli)	Shiv Sahai& Sons (India) Private Limited	February 28, 2024
(cclii)	Shivbhin Exim	July 02, 2024
(ccliii)	Shopping With Divya	July 23, 2024
(ccliv)	Shree Badri Global	June 13, 2024
(cclv)	Shree Bhagwan Ajay Kumar Sarraf	June 13, 2024
(cclvi)	Shree Giriraj Trading	July 05, 2024
(cclvii)	Shree Goverdhan Jewellers	June 26, 2024
(cclviii)	Shree Jagdamba Jewellers	August 06, 2024
(cclix)	Shree Mandev Bullion	August 09, 2024
(cclx)	Shree Mandev Bullion LLP	February 19, 2024
(cclxi)	Shrey Impex	August 09, 2024
(cclxii)	Shri Krishna Jewellers	July 08, 2024
(cclxiii)	Shri Mevanagar Sales Private Limited	July 31, 2024
(cclxiv)	Shripati Gold	August 12, 2024
(cclxv)	Siddham Overseas	July 08, 2024
(cclxvi)	Silver & C.Z. International	August 12, 2024
(cclxvii)	Sincere Packers LLP	June 4, 2024
(cclxviii)	SJS Bullion	July 03, 2024
(cclxix)	SLN Bullion Private Limited	June 4, 2024
(cclxx)	Sneh Chain Private Limited	February 13, 2024
(cclxxi)	SNK Jewellery	July 09, 2024
(cclxxii)	Sonawala Industries Private Limited	June 25, 2024
(cclxxiii)	Soni Nanalal Bechardas Jewellers Pvt. Ltd.	July 09, 2024
(cclxxiv)	Sonigara Jewellers Private Limited	February 12, 2024
(cclxxv)	SR Bullion& Jewellers	March 05, 2024
(cclxxvi)	SR Jewellery House LLP	July 05, 2024
(cclxxvii)	Sree Ambe Enterprises	August 06, 2024
(cclxxviii)	Sri Annapurna Bullion	July 08, 2024
(cclxxix)	Sri Dhana Gubbera Gold	July 02, 2024
(cclxxx)	Sri Jain Jewellery Private Limited	March 28, 2024
(cclxxxi)	Sri Kalinga Kawad Bullion	July 02, 2024
(cclxxxii)	Sri Padmaraj Jewellers	February 12, 2024
(cclxxxiii)	Sri Suswani Bullion Private Limited	July 12, 2024
(cclxxxiv)	Srimann Swarna Bullion LLP	July 25, 2024
(cclxxxv)	SS Jewellers	July 09, 2024
(cclxxxvi)	Surya Golds Pvt. Ltd	August 19, 2024
(cclxxxvii)	Suvidhi Gold Private Limited	February 12, 2024
(cclxxxviii)	Suvidhi Jewelex LLP	June 14,2024
(cclxxxix)	Suvidhi Orna Private Limited	July 01, 2024
(ccxc)	Svaraa E-Commerce Jewel-cart Private Limited	July 05, 2024
(ccxci)	Swarna Siddhi Ornaments Private Limited	July 03, 2024
(ccxcii)	Swarnim Era Gold	August 21, 2024
(ccxciii)	Swarnim Impex	June 19,2024
(ccxciv)	Swastic Corporation	July 08, 2024
(ccxcv)	Takle Jewellers Private Limited	August 08, 2024
(ccxcvi)	Taneja Bullion Private Limited	July 12, 2024
(ccxcvii)	The Sonawala Company Private Limited	June 25, 2024
(ccxcviii)	Trademasters International	June 14,2024
(ccxcix)	Triptam Enterprise Private Limited	June 06, 2024
(ccc)	Tulsi Darshan Gold	July 02, 2024
(ccci)	Tycoon Jewels	February 19, 2024
(cccii)	Utsarva Jewels	July 18, 2024
(ccciii)	V Rasiklal Jewellers	August 06, 2024
(ccciv)	Value Metals Private Limited	June 4, 2024
(cccv)	Vansh Gold	July 24, 2024
(cccvi)	Varakrupa Jewellers	July 08, 2024
(cccvii)	Vardhaman Enterprises	June 24, 2024
(cccviii)	Vartika Impex Private Limited	June 06, 2024
(cccix)	Vasant Bullion	February 19, 2024
(cccx)	Vasant Bullion Private Limited	August 08, 2024
(cccxi)	Vasupati Jewellers India Pvt Ltd	July 24, 2024
(cccxii)	Veer Jewellers Private Limited	March 08, 2024
(cccxiii)	Vijay Bullion	February 12, 2024
(cccxiv)	Vivaan Tradelink	July 01, 2024
(cccxv)	VK Jewels Private Limited	June 06, 2024
(cccxvi)	Yaashvi Jewellers Private Limited	July 09, 2024
(cccxvii)	Yash Oro India Private Limited	March 27, 2024
(cccxviii)	Yashoda Jewels	June 24, 2024
(cccxix)	Zar Jewels Private Limited	June 06, 2024
(cccxx)	Zaveri & Co Exports	July 05, 2024
(cccxxi)	Zaveri and Company (Gujarat) LLP	June 19, 2024
(cccxxii)	Zaveri And Company Jewellers Pvt. Ltd.	June 21, 2024

342. 3 Licenses granted to Vault Manager

S. No	Name	Authorization’s date
(i)	Brinks India Private Limited	July 27, 2022
(ii)	Malca-Amit JK Logistics Private Limited	August 24, 2022
(iii)	Sequel Logistics Private Limited	January 21, 2023

(T) Meaning for IFSCA’s licenses / registrations

343. For Licenses / registrations issued

S.No	Business’s Segment	Licenses / Registration’s Category	Licenses/ Registrations issued
(i)	Banking	IBUs	28
		GAO	2
(ii)	Finance Company	Aircraft Lessors	27
		Ship Lessors	12
		Finance Company – Core + Non-core + also ITFS (all)	10
(iii)	Capital Market	MII	5
		Broker Dealer	82
		Depository Participant	10
		Clearing Member	22
		FMEs	128
		AIFs	168
		Registered Distributors	10
		Investment Advisors	3
		Custodian	5
		Debenture Trustee	4
		Investment Banker	4
(iv)	Insurance	IIOs	15
		Intermediaries	23
(v)	Ancillary Services	Ancillary Services Entities	78
(vi)	Bullion	Bullion MII	1
		Bullion Intermediaries	19
		Vaults	3
(vii)	Fin-Tech	Direct	11
		Sandbox	49
(viii)	GIC	GIC	3
(ix)	Foreign University	International Branch Campus	2
Total			724

(U) Meaning for Banking segment’s statistics ◉

344. For Status of banking

Particulars	As on Mar 31,2024	As on Jun 30, 2024	As on Sep 30, 2024
No. of IBUs	23	24	28

345. For Assets of banking

S S. No	Particulars	July 2024	Aug 2024	Sep 2024
		USD in Millions
(i)	Investments	2903.44	3253.19	3852.40
a.	(a) Sovereign securities	1192.39	1391.00	1865.68
b.	(b) Corporate Bonds	1471.66	1595.19	1730.34
c.	(c) Other investments	239.39	266.99	256.39
(ii)	Trade Finance	12310.99	13183.85	14172.26
(iii)	Commercial Loans	27743.86	29743.28	32021.11
(iv)	Retail loans	85.33	91.58	95.24
(v)	Other loans	775.34	871.24	1034.09
(vi)	Interbank/Interbranch placements	14661.63	14978.50	15962.43
(vii)	Others	3368.84	3459.17	3796.35
Total		61849.43	65580.80	70933.89

346. For Liabilities of banking

S. No	Particulars	July 2024	Aug 2024	Sep 2024
		USD in Millions
(i)	Customer deposits	4473.50	4960.02	5473.68
(ii)	Interbank/Interbranch borrowings	42468.18	45377.02	49490.44
(iii)	Bilateral Borrowings	6350.73	6639.53	7054.15
(iv)	Multilateral Borrowings	17.15	17.11	0.00
(v)	MTN Borrowings and other debt instruments	2703.58	2732.94	2968.96
(vi)	Others	5836.29	5854.18	5946.66
Total		61849.43	65580.80	70933.89

347. For Deposits of banking

S. No	Particulars	July 2024		Aug 2024		Sep 2024
		Demand	Time	Demand	Time	Demand	Time
		USD in Millions
(i)	Retail	380.83	395.65	379.47	408.79	396.25	423.38
(ii)	Corporate	467.79	3229.24	446.52	3725.24	609.88	4044.12

348. For Non-Residents (Indian) deposits

S. No	Particulars	July 2024	Aug 2024	Sep 2024	July 2024	Aug 2024	Sep 2024
		No. of accounts			Amount
		—-			USD in Millions
(i)	Retail	25	30	35	1.71	1.71	0.19
(ii)	Corporate	2081	2084	2163	1178.32	1136.13	1227.42

349. For Non-Residents (non-Indian) deposits

S. No	Particulars	July 2024	Aug 2024	Sep 2024	July 2024	Aug 2024	Sep 2024
		No. of accounts			Amount
		—-			USD in Millions
(i)	Retail	4549	4795	5167	709.65	711.22	743.44
(ii)	Corporate	484	476	519	1048.51	1196.46	1287.57

350. For Derivative Outstanding (National)

S. No	Particulars	July 2024	Aug 2024	Sep 2024
(i)	FCY-INR Derivatives (to be settled in FCY)	23114.16	26630.70	25494.10
(ii)	FCY-FCY Derivatives (to be settled in FCY)	12922.34	15181.43	16100.95
(iii)	INR Interest Rate Derivatives (to be settled in FCY)	49434.24	54243.28	64756.54
(iv)	FCY Interest Rate Derivatives (to be settled in FCY)	110437.98	115920.91	118927.98
(v)	Others	1230.01	1391.10	1379.82
Total		197138.73	213367.42	226659.39

351. For Credit exposure (Industry wise)

S. No	Particulars		July 2024	Aug 2024	Sep 2024
	Sector	Industries	Amount Outstanding
(i)		Auto Components	164.69	171.71	169.93
		Automobile	710.05	803.37	873.60
		Capital Goods	138.17	191.38	231.34
		Cement and Cement Products	862.67	966.38	994.99
		Electronic Systems	461.93	553.98	668.73
		Food Processing	522.84	858.94	828.61
		Glass and Glassware	17.20	17.32	17.16
		Iron & Steel	596.10	707.67	785.92
		Laminates/ Plywood/ Boards	7.73	7.48	8.07
		Leather and Leather Products	2.55	2.40	2.12
(ii)		Medical and Medical Equipment	240.00	260.53	288.70
		Metals	1962.99	1853.12	1851.03
		Paper and Packaging	51.40	54.27	57.97
		Petrochemicals	3233.18	3535.67	3958.72
		Plastic and Plastic Products	67.11	73.37	70.66
		Textiles and Apparels	109.29	73.36	75.91
		Vehicles, Vehicle Parts, and Transport Equipment	168.32	173.02	146.93
(iii)	Services	Banking and Finance	14087.53	14961.30	16811.35
		Clearing Corporation	253.68	263.43	262.61
		Education	168.33	166.02	163.80
		Financial Services	537.45	686.58	732.47
		Healthcare	20.35	17.77	31.97
		IT and Software Industry	432.88	406.65	455.56
		Logistics	16.08	68.62	79.90
		NBFC	4891.74	5366.25	6574.77
		Professional Services	54.55	54.96	55.00
		Retail and e-commerce	230.46	287.15	280.10
		Telecommunication	1188.12	1254.73	1341.16
		Tourism & Hospitality	194.45	218.80	218.23
		Trade/Distributor	129.08	113.94	429.25
(iv)	Infrastructure	Construction	60.23	71.16	61.48
		Mining	229.46	205.94	183.
		Oil and Gas	2280.86	2258.32	2420.88
		Ports and Shipping	1025.63	988.41	1039.78
		Power Sector	1570.68	1573.86	1590.31
		Renewable Energy	311.57	413.30	480.41
		Roads and Highways	33.63	59.48	58.91
(v)	Agriculture and Forestry		445.41	439.79	437.50
(vi)	Aviation		425.39	518.27	420.91
(vii)	Chemicals		1585.72	1602.71	1567.22
(viii)	Jewelry		211.29	223.53	289.48
(ix)	Paints		0.63	0.63	0.00
(x)	Pharmaceuticals		772.06	777.54	783.02
(xi)	Other Sectors		2853.31	3211.57	3228.62
Total			43326.79	46514.68	51028.72

352. For Credit exposure (Country wise)

S. No	July 2024		Aug 2024		Sep 2024
	Country Name	% age of total exposure	Country Name	% age of total exposure	Country Name	% age of total exposure
(i)	India	74.29%	India	74.23%	India	73.36%
(ii)	United States of America	5.02%	United States of America	5.36%	United States of America	6.40%
(iii)	Mauritius	4.17%	Mauritius	3.42%	Mauritius	3.95%
(iv)	Singapore	2.67%	Singapore	2.67%	Singapore	3.13%
(v)	United Kingdom	3.55%	United Kingdom	3.31%	United Kingdom	3.04%
(vi)	United Arab Emirates	2.50%	United Arab Emirates	2.94%	United Arab Emirates	2.53%
(vii)	Netherlands	2.72%	Netherlands	2.10%	Netherlands	1.82%
(viii)	Hong Kong	0.57%	Hong Kong	0.94%	Hong Kong	1.47%
(ix	Bahrain	0.93%	Bahrain	1.18%	Bahrain	1.16%
(x)	Bangladesh	0.40%	Saudi Arabia	0.41%	Bangladesh	0.57%
(xi)	Others	3.18%	Others	3.18%	Others	3.22%

353. For applications under IFSCA (Payment Services) Regulations, 2024

S. No	Particulars	Total
(i)	In-principal Approval Granted	4

354. For Stock Exchanges’ Turnover (Traded Value in USD Mn)

Month	July 2024		Aug 2024		Sep 2024		Total
Particulars	No. of contracts	Traded Value	No. of contracts	Traded Value	No. of contracts	Traded Value	No. of contracts	Traded Value
Commodity Futures	2041	156.72	1519	120.94	1621	133.73	5181	411.39
Index Futures	1978344	96055.2	2059525	101235	1995116	101844	6032985	299134
Index Options	160523	29.65	178533	26.25	155635	13.58	494691	69.48
Currency Futures	668	15.97	440	10.48	366	8.72	1474	35.17
Depository Receipts on US stocks	67178	0.3	99308	0.47	61314	0.32	227800	1.08
Total	2208754	96257.8	2339325	101393	2214052	102000	6762131	299651

355. For Aggregate Open Interest (OI) derivatives contracts on Stock Exchanges

S. No	Month Ended	Open Interest (no. of contracts)	Value (USD Mn)
(i)	July 2024	267912	13392.34
(ii)	Aug 2024	294202	14899.85
(iii)	Sep 2024	307550	15970.45

356. For INX Global Access (India)

Particulars	During July-Sep 2024 (Accounts Opened)	As on Sep 30, 2024
Total Number of Accounts	198	4183

357. For INX Global Access (Trading Value in USD Mn)

S. No	Entity Type	Particulars	July-Sep 2024	Till Sep 30, 2024
(i)	LRS (Residents)	Equity, ETFs, Funds, Bonds, and other products	3.51	18.26
(ii)	IFSC Entities	Equity, ETFs, Funds, and other products	30.22	508.51
		Derivatives Products	751.58	31371.72
(iii)	Non-residents outside IFSC	Equity, ETFs, Funds, and other products	3.05	15.82
		Derivatives Products	0.57	176.67
Total			788.93	32090.98

358. For INX Global Access (trading in USD Mn)

S. No	Exchange	Total trading value	Trading in Derivatives	Trading in non- derivatives
(i)	KSE	349.52	–	349.52
(ii)	NYMEX	26.71	–	26.71
(iii)	HKEX	138.75	–	138.75
(iv)	SGX	116.05	–	116.05
(v)	CME	110.50	–	110.50
(vi)	ARCA	20.59	20.59	–
(vii)	COMEX	5.06	–	5.06
(viii)	NASDAQ	13.07	13.07	–
(ix)	NYSE	1.80	1.80	–
(x)	CBOE	3.95	–	3.95
(xi)	Others	2.93	1.31	1.62
Total		788.93	36.77	752.16

359. For Capital Market Intermediaries 

S. No	Type of Entity	No. of entities
(i)	Broker-Dealer	82
(ii)	Clearing Member	22
(iii)	Custodian	5
(iv)	Depository Participants	10
(v)	Investment Banker	4
(vi)	Investment Advisers	3
(vii)	Debenture Trustee	4
(viii)	Distributors of Capital Market Products & Services	10

360. For Listed debt securities (In USD Bn)

S. No	Particulars	As on Mar 31, 2024	As on Jun 30, 2024	As on Sep 30, 2024
(i)	Cumulative debt listings	56.5	58.7	63.90
(ii)	Cumulative ESG labelled debt listing	12.3	12.66	14.78

361. For Listed debt securities (Date wise)

S. No	Name of the issuer	Listing Date	Labels	Amount (USD Mn)
(i)	Pahal Financial Services Private Limited	03-07-2024	–	5.00
(ii)	Pahal Financial Services Private Limited	03-07-2024	–	7.00
(iii)	Midland Microfin Limited	05-07-2024	–	5.00
(iv)	Pahal Financial Services Private Limited	10-07-2024	–	7.50
(v)	TruCap Finance Limited	12-07-2024	–	5.00
(vi)	Piramal Capital & Housing Finance Limited	30-07-2024	Sustainable	300.00
(vii)	Muthoot Finance Limited	17-07-2024	–	100.00
(viii)	Kinara Capital Private Limited	01-08-2024	–	12.50
(ix)	Muthoot Microfinance Limited	28-08-2024	–	12.00
(x)	Dvara Kshetriya Gramin Financial Services Private Limited	12-08-2024	–	5.00
(xi)	Dvara Kshetriya Gramin Financial Services Private Limited	12-08-2024	–	3.00
(xii)	SAEL Limited	01-08-2024	Green	305.00
(xiii)	Canara Bank	12-09-2024	–	300.00
(xiv)	Satya Microcapital Limited	30-09-2024	–	5.00
(xv)	Satya Microcapital Limited	30-09-2024	–	8.50
(xvi)	REC Limited	30-09-2024	Green	500.00
(xvii)	Kodangal Solar Parks Private Limited Wardha Solar (Maharashtra) Private Limited Adani Renewable Energy (RJ) Limited	11-09-2024	Green	362.50
(xviii)	Adani Ports and Special Economic Zone Limited	23-09-2024	–	500.00
(xix)	Adani Ports and Special Economic Zone Limited	23-09-2024	–	750.00
(xx)	Adani Ports and Special Economic Zone Limited	23-09-2024	–	750.00
(xxi)	Adani Ports and Special Economic Zone Ltd.	23-09-2024	–	500.00
(xxii)	Adani Ports and Special Economic Zone Ltd.	23-09-2024	–	300.00
(xxiii)	Adani Ports and Special Economic Zone Ltd.	23-09-2024	–	450.00
(xxiv)	Satin Credit care Network Limited	30-09-2024	–	5.00

362. For Overall sustainable financing 

S. No	Classification	During Apl 2024 – Sep 2024				Cumulative in FY 2023- 24 (USD Mn)
		Medium / Long Term Loans (USD Mn)	Short term Loans (USD Mn)
			Trade Finance	Working Capital/ Supply Chain Finance	Others
(i)	Green	617.15	79.53	12.35	31.55	740.59
(ii)	Social	230.68	366.28	4.05	0.00	601.01
(iii)	Sustainable	44.63	116.60	0.00	0.00	161.23
(iv)	Sustainability Linked	46.51	0.00	0.00	0.00	46.51
(v)	Others	0.00	0.00	0.00	0.00	0.00
Total		938.97	562.41	16.40	31.55	1549.34

363. For Sustainable financing’s classification (Sector-wise)

S. No	Sector (List is Indicative)	During April 2023 – March 2024
		Amount (USD Mn)	Total No. of Transactions
(i)	Renewable Energy	813.85	219
(ii)	Energy Efficiency	0.50	5
(iii)	Pollution Prevention and Control	5.50	6
(iv)	Sustainable Water and Wastewater Management	0.00	0
(v)	Clean Transportation	12.35	2
(vi)	Climate Change Adoption	0.00	0
(vii)	Green Buildings	4.50	2
(viii)	Affordable Basic Infrastructure	47.00	1
(ix)	Affordable Housing	1.23	4
(x)	Food Security and Sustainable Food Systems	0.00	0
(xi)	Social Project as per Framework	150.00	1
(xii)	Sustainable Project as per Framework	0.00	0
(xiii)	Health Care	18.78	37
(xiv)	Social Education	0.00	0
(xv)	Social Loan	13.64	0
(xvi)	MSME	266.83	3253
(xvii)	Others	215.16	870
Total		1549.34	4400

364. For Business by insurance + intermediary offices 

Particulars	FY 2023-24		Apl -June FY 2024		July -Sep 2024 (Unaudited)

365. For Fund Management Entities (FMEs) + Funds

Particulars	As on Mar 31, 2024	As on Jun 30, 2024*	As on Sep 30, 2024*
FMEs	104	116	128*
Funds	115	143	168

*Excluding in-principle approvals

366. For Investments by FMEs (USD in Mn)

Particulars	No. of Schemes Registered	In USD Mn					Complaints/ Legal Disputes outstanding
		Total Commit- ments raised	Total funds raised	Investments into India	Investments made in Foreign Jurisdiction	Total Investments made
				(A)	(B)	(A+B) *
Venture Capital Schemes (including Angel Schemes)	11	191.6	37.28	19.9	8.8	28.7	0
Category I and I and II AIFs	57	7988.62	3328.21	2815.59	195.99	3011.59	0
Category III AIFs	100	3954.19	2215.75	1460.97	110.93	1571.90	0
Total	168	12134.41	5581.24	4296.46	315.72	4612.18	0

*Excluding the exposure towards derivatives contracts. In the case of fund of fund, cash maintained, and expenses incurred by the master fund are also excluded

367. For Portfolio Management Services (PMS)

S. No	Type of Services	AUM (in USD Mn)
(i)	Discretionary & Non- Discretionary PMS	990.13
(ii)	Advisory Services	648.46
Total		1638.60

368. For Finance Companies (FCs) + Finance Units (FUs)

S. No	Type of Finance Company	Aircraft Lease	Ship Lease	FC (Core)	FC (Non- Core)	Total
(i)	Provisional Registration g	1	1	2	0	4
(ii)	Final CoR Granted	1	1	1	0	3
Registration till Sep 30, 2024*		27	12	5	5	49

*Including provisional registration

369. For Assets Leased by AOL + Ship Leasing Entities (SLEs)

Type of asset	As on June 30, 2024	As on Sep 30, 2024
By Aircraft Leasing entities
Aircraft	31	44
Engines	50	47
Aircraft Auxiliary Power Units (APU)	56	68
Total	137	159
By Ship Leasing entities
Ship	6	12

370. For Transactions financed by ITFS Platforms

S. No	Particulars	As on Mar 31, 2024	As on Jun 30, 2024	As on Sep 30, 2024
(i)	Number of Transactions financed	281	411	544
(ii)	Value of Transactions financed (USD Mn)	12.91	18.03	25.68

371. For Business on India International Bullion Exchange (IIBX)

S. No	Participants	As on Mar 31, 2024	As on Jun 30, 2024	As on Sep 30, 2024
(i)	Qualified Jewellers	118	119	142
(a)	Clients	70	80	90
(b)	‘Special category’ Clients	48	49	52
(ii)	Qualified Suppliers	26	28	28
(a)	Clients	24	26	26
(b)	‘Special category’ Clients	02	02	02
Valid India UAE CEPA TRQ Holders		82	164	357

372. For Regulated Entities + Intermediaries (on IIBX) 

S. No	Regulated Entities	As on Mar 31, 2024	As on Jun 30, 2024	As on Sep 30, 2024
(i)	Bullion Trading Members	5	5	6
(ii)	Bullion Trading Cum Self Clearing Members	3	3	3
(iii)	Bullion Trading Cum Clearing Members	6	7	8
(iv)	Bullion Professional Clearing Members	2	2	2
(v)	Vault Managers	3	3	3

373. For Trades’ summary on IIBX (Product-wise)

Product	During FY 2023-24		During FY 2024-25		During July-Sep 2024
	Traded Value (USD Mn)	Traded Volume (in kg)	Traded Value (USD Mn)	Traded Volume (in kg)	Traded Value (USD Mn)	Traded Volume (in kg)
LBMA 1 kg Gold 995	4.52	75.00	0.00	0.00	0.00	0.00
LBMA 100 gm Gold 999	0.00	0.00	0.00	0.00	0.00	0.00
UAE GD 1 kg Gold 995	2.22	34.00	3.78	51.00	0.00	0.00
UAE GD 100 gm Gold 999	7.24	114.80	3.70	50.00	0.00	0.00
UAEGD TRQ 1 kg Gold 995	252.91	3957.00	1017.37	13055.00	723.49	9129.00
UAEGD TRQ 100 gm Gold 999	238.38	3747.40	1736.13	22041.70	1305.39	16300.30
Total (Gold)	505.27	7928.20	2760.98	35197.30	2028.88	25429.30
UAEGDCEPA SILVER GRAINS	698.48	908800.00	217.91	228060.00	32.27	32760.00
UAEGD SILVER GRAINS	0.00	0.00	0.11	120.00	0.11	120.00
SILVER GRAINS	0.00	0.00	0.00	0.00	0.00	0.00
UAEGD SILVER BAR	0.00	0.00	0.00	0.00	0.00	0.00
SILVER BAR	0.00	0.00	8.68	9390.00	8.68	9390.00
Total (Silver)*	698.48	908800.00	226.71	237570.00	41.07	42270.00

374. For Fintech Ecosystem

Sr. No.	Particulars	Till June 30, 2024	Till Sep 30, 2024
(i)	Number of Sandbox Entities	46	49
	In Innovation Sandbox	20	22
	In Regulatory Sandbox	26	27
(ii)	Number of FinTech/ Tech-Fin Entities Authorized	8	9
(iii)	Number of Accelerators Authorized	1	2
(iv)	Number of Entities exited from Sandbox	0	4

375. For Ancillary Services entities (activities wise)

S. No	Core Activity	No. of Authorized Entities
		As on Mar 31, 2024	As on Jun 30, 2024	As on Sep 30, 2024
(i)	Legal, Compliance and Secretarial	12	13	13
(ii)	Professional & Management Consulting Services	21	22	12
(iii)	Auditing, Accounting, Bookkeeping and Taxation Services	11	11	26
(iv)	Administration, Asset Management Support Services and Trusteeship Services	24	26	27
Total		68	72	78

(V) Meaning for SEZ’s Approval

S. No.	UAC Meeting Date	Title	Meeting Notice	Meeting Agenda	Agenda – Approval by Circulation	Minutes of meeting
	18-07-2024	09th UAC Meeting	9th UAC Meeting Notice	Agenda 9th UAC Meeting	Circular – 2 Agenda Approval by Circulation	9th UAC Minutes of the Meeting
	11-07-2024	08th UAC Meeting	8th UAC Meeting Notice	Agenda 8th UAC Meeting	Circular – 1 Agenda Approval by Circulation	8th UAC Minutes of the Meeting
	04-07-2024	07th UAC Meeting	7th UAC Meeting Notice	Agenda 7th UAC Meeting	–	7th UAC Minutes of the Meeting
	18-06-2024	06th UAC Meeting	6th UAC Minutes of the Meeting	Agenda 6th UAC Meeting	–	6th UAC Minutes of the Meeting
	31-05-2024	05th UAC Meeting	5th UAC Meeting Notice	Agenda 5th UAC Meeting	–	5th UAC Minutes of the Meeting
	16-05-2024	04th UAC Meeting	4th UAC Meeting Notice	Agenda 4th UAC Meeting	–	4th UAC Minutes of the Meeting
	30-04-2024	03rd UAC Meeting	3rd UAC Meeting Notice	Agenda 3rd UAC Meeting	–	3rd UAC Minutes of the Meeting
	10-04-2024	02nd UAC Meeting	2nd UAC Meeting Notice	Agenda 2nd UAC Meeting	–	2nd UAC Minutes of the Meeting
	14-08-2024	14th UAC Meeting	14th UAC Meeting Notice	Agenda 14th UAC Meeting	Circular – 6 Agenda Approval by Circulation	–
	08-08-2024	13th UAC Meeting	13th UAC Meeting Notice	Agenda 13th UAC Meeting	Circular – 5 Agenda Approval by Circulation	–
	02-08-2024	12th UAC Meeting	12th UAC Meeting Notice	Agenda 12th UAC Meeting	Circular – 4 Agenda Approval by Circulation	12th UAC Minutes of the Meeting
	01-08-2024	11th UAC Meeting	11th UAC Meeting Notice	Agenda 11th UAC Meeting	–	11th UAC Minutes of the Meeting
	25-07-2024	10th UAC Meeting	10th UAC Meeting Notice	Agenda 10th UAC Meeting	Circular – 3 Agenda Approval by Circulation	10th UAC Minutes of the Meeting
	22-03-2024	01st UAC Meeting	Meeting Notice Approval Committee	1st UAC Meeting Agenda	–	1st UAC Minutes of the Meeting
	23-08-2024	15th UAC Meeting	15th UAC Meeting Notice	–	–	–

(W) Meaning for IFSCA’s Chairman + Officers + profiles (all)

376. For IFSCA’s chairman

K. Rajaraman
Chairman
Phone: +9179-61809899 & +9179-61809999
Email: chairperson@IFSCa.gov.in

377. For Capital Markets department

Pradeep Ramakrishnan

Executive Director (ED)

Phone: +9179-61809800

Email: pradeep.ramakrishnan@IFSCa.gov.in

Profile: In-charge for Capital Markets Department
(i) Corporate Finance – Equity, Hybrid and related products Division

(ii) Corporate Finance – Debt and Sustainable Finance Division

(iii) Market Infrastructure Institutions – Regulation and Supervision Division

(iv) Investment Funds – I and New Products & Services Division

(v) Investment Funds – II Division

(vi) Supervision of Intermediaries Division

378. For Corporate Finance department

(i) Arjun Prasad
General Manager (GM)
Phone: +9179-61809815
Email: arjun.pd@IFSCa.gov.in

(ii) Shubham Goyal
Assistant General Manager (AGM)
Phone: +9179-61809806
Email: goyal.shubham@IFSCa.gov.in

(iii) Saurabh Kumar
Manager
Phone: +9179-61809843
Email: saurabh.kumar1@IFSCa.gov.in

(iv) Akash Boddeda
Assistant Manager (AM)
Phone: +9179-61809909
Email: akash.boddeda@IFSCa.gov.in

379. For Sustainable Finance division

(i) Pavan Kishor Shah
General Manager (GM)
Phone: +9179-61809844
Email: pavan.shah@IFSCa.gov.in

 (ii) Chintan R Panchal
Manager
Phone: +9179-61809842
Email: chintan.panchal@IFSCa.gov.in

(iii) Abhineet Panwar
Assistant Manager (AM)
Phone: +9179-61809914
Email: abhineet.panwar@IFSCa.gov.in

380. For Market Infrastructure Institutions division

(i) Praveen S Kamat
General Manager (GM)
Phone: +9179-61809820
Email: praveen.kamat@IFSCa.gov.in

(ii) Shubham Goyal
Assistant General Manager (AGM)
Phone: +9179-61809806
Email: goyal.shubham@IFSCa.gov.in

 (iii) Matam Satya Prateek
Assistant Manager (AM)
Phone: +9179-61809879
Email: prateek.matam@IFSCa.gov.in

(iv) Priyansh Raj Purohit
Assistant Manager (AM)
Phone: +9179-61809913
Email: priyansh.purohit@IFSCa.gov.in

(v) Abhinav Kadyalwar
Assistant Manager (AM)
Phone: +9179-61809895
Email: abhinav.sk@IFSCa.gov.in

381. For Investment Funds – I division

(i) Pavan Kishor Shah
General Manager (GM)
Phone: +9179-61809844
Email: pavan.shah@IFSCa.gov.in

(ii) Aditya Sarda
Deputy General Manager (DGM)
Phone: +9179-61809887
Email: aditya.sarda@IFSCa.gov.in

(iii) Pratik Paul
Assistant Manager (AM)
Phone: +9179-61809891
Email: pratik.paul@IFSCa.gov.in

382. For Investment Funds – II division

(i) Mihir Ashwin Upadhyay
General Manager (GM)
Phone: +9179-61809845
Email: mihir.upadhyay@IFSCa.gov.in

(ii) Jasmeet Singh
Assistant Manager (AM)
Phone: +9179-61809840
Email: singh.jasmeet@IFSCa.gov.in

(iii) Kanika Singh
Assistant Manager (AM)
Phone: +9179-61809868
Email: singh.kanika@IFSCa.gov.in

(iv) Paras Jain
Assistant Manager (AM)
Phone: +9179-61809912
Email: jain.p@IFSCa.gov.in

(iv) Paras Jain
Assistant Manager (AM)
Phone: +9179-61809912
Email: jain.p@IFSCa.gov.in

383. For Supervision of Intermediaries division

(i) Amit Prajapati
Deputy General Manager (DGM)
Phone: +9179-61809888
Email: prajapati.amit@IFSCa.gov.in

(ii) Dhruv Sanjay Dattani
Assistant Manager (AM)
Phone: +9179-61809870
Email: dhruv.dattani@IFSCa.gov.in

384. For Metals + Commodities department

Pradeep Ramakrishnan
Executive Director (ED)
Phone: +9179-61809800
Email: pradeep.ramakrishnan@IFSCa.gov.in

Profile: In-charge for Metal and Commodities Department
(i) Market Development Division
(ii) Market Regulation Division

385. For Market Development division

(i) Ramakrishnan. P
General Manager (GM)
Phone: +9179-61809849
Email: ramakrishnan.pad@IFSCa.gov.in

(ii) Goutham S
Deputy General Manager (DGM)
Phone: +9179-61809863
Email: goutham.s1990@IFSCa.gov.in

(iii) Chandan Satyarth
Assistant Manager (AM)
Phone: +9179-61809894
Email: chandan.satyarth@IFSCa.gov.in

386. For Market Regulation division

Ramaneesh Goyal
Deputy General Manager (DGM)
Phone:+9179- 61809886
Email: ramaneesh.goyal@IFSCa.gov.in

387. For Market Supervision division

(i) Debabrata Das
General Manager (GM)
Phone:+9179- 61809810
Email: debabrata.das1@IFSCa.gov.in

(ii) Hemant Verma
Manager
Phone:+9179- 61809856
Email: Verma.hemant56@IFSCa.gov.in

388. For Technology department

Joseph Joshy C J
Chief Technology Officer (CTO)
Phone:+9179- 61809851
Email: joseph.joshy@IFSCa.gov.in

Profile: In-charge for Technology Department
(i) Information Technology Division
(ii) FinTech Division

389. For Information + Technology division

(i) Abhishek Faujdar
General Manager (GM)
Phone:+9179- 61809847
Email: abhishek.faujdar@IFSCa.gov.in

(ii) S. Ashwath Balaje
Manager
Phone:+9179- 61809866
Email: ashwath.balaje@IFSCa.gov.in

(iii) Jayanta Devnath
Manager
Phone:+9179- 61809825
Email: j.devnath@IFSCa.gov.in

390. For Cyber Security division

(i) Praveen S Kamat
General Manager (GM)
Phone:+9179- 61809820
Email: praveen.kamat@IFSCa.gov.in

Profile: In-charge of Cyber Security Division

(ii) Chintan R Panchal, Manager
Phone:+9179- 61809842
Email: chintan.panchal@IFSCa.gov.in

(iii) Matam Satya Prateek
Assistant Manager (AM)
Phone:+9179- 61809879
Email: prateek.matam@IFSCa.gov.in

(iv) Abhinav Kadyalwar
Assistant Manager (AM)
Phone:+9179- 61809895
Email: abhinav.sk@IFSCa.gov.in

391. For Banking Supervision division

(i) Sathyaraj C M
General Manager (GM)
Phone: +9179-61809800
Email: sathyaraj.cm@IFSCa.gov.in

(ii) Ramachander S.S.R. Eranki
General Manager (GM)
Phone: +9179-61809818
Email: ramachander.essr@IFSCa.gov.in

(iii) Amit Kumar
Deputy General Manager (DGM)
Phone: +9179-61809852
Email: amit.kumar2004@IFSCa.gov.in

(iv) Harsh Jeet Singh
Assistant General Manager (AGM)
Phone: +9179-61809822
Email: hj.singh@IFSCa.gov.in

392. For Finance Company Supervision division

(i) Sathyaraj C M
General Manager (GM)
Phone: +9179-61809800
Email: sathyaraj.cm@IFSCa.gov.in

(ii) Harsh Jeet Singh
Assistant General Manager (AGM)
Phone: +9179-61809822
Email: hj.singh@IFSCa.gov.in

(iii) Jatin Ahuja
Assistant Manager (AM)
Phone: +9179-61809876
Email: jatin.ahuja@IFSCa.gov.in

(iv) Saurav Singh
Assistant Manager (AM)
Phone: +9179-61809916
Email: saurav.singh17@IFSCa.gov.in

(v) Sandhiya D
Assistant Manager (AM)
Phone: +9179-61809860
Email: sandhiya.dilli@IFSCa.gov.in

(vi) Jatin Ahuja
Assistant Manager (AM)
Phone: +9179-61809876
Email: jatin.ahuja@IFSCa.gov.in

(vii) Saurav Singh
Assistant Manager (AM)
Phone: +9179-61809916
Email: saurav.singh17@IFSCa.gov.in

393. For Banking department

Supriyo Bhattacharjee
Chief General Manager (CGM)
Phone: +9179-61809813
Email: supriyo.b@IFSCa.gov.in

Profile: In-charge for Banking Department:

(i) Finance Company Regulation Division

(ii) Payment and Settlement Division

(iii) Banking Regulations Division

394. For Finance Company Regulation division

(i) Riddhi Bhandari
General Manager (GM)
Phone: +9179-61809814
Email: riddhi.bhandari@IFSCa.gov.in

(ii) Lobhas Prakash Khairnar
Manager
Phone: +9179-61809855
Email: lobhas.khairnar@IFSCa.gov.in

(iii) Hebbani Sri Vishnu Charan
Assistant Manager (AM)
Phone: +9179-61809853
Email: srivishnucharan.h@IFSCa.gov.in

395. For Payment + Settlement division

(i) Riddhi Bhandari
General Manager (GM)
Phone: +9179-61809814
Email: riddhi.bhandari@IFSCa.gov.in

(ii) Vaibhav Sattavan
Assistant Manager (AM)
Phone: +9179-61809878
Email: vaibhav.sattavan@IFSCa.gov.in

(iii) Akileshwaran N
Assistant Manager (AM)
Phone: +9179-61809898
Email: akileshwaran.n@IFSCa.gov.in

(iv) Sanjay Meghraj Khobragade
Assistant Manager (AM)
Phone: +9179-6180907
Email: sanjay.mk@IFSCa.gov.in

396. For Banking Regulations division

(i) Riddhi Bhandari
General Manager (GM)
Phone: +9179-61809814
Email: riddhi.bhandari@IFSCa.gov.in

(ii) Manisha Khuntia
Assistant General Manager (AGM)
Phone: +9179-61809823
Email: manisha.khuntia@IFSCa.gov.in

(iii) T.P.S Wesly
Manager
Phone: +9179-61809819
Email: wesly.samuel@IFSCa.gov.in

397. For Development department

Dipesh Shah
Executive Director (ED)
Phone: +9179-61809800
Email: dipesh.shah@IFSCa.gov.in

Profile: In-charge for Development Department

(i) Development of Financial Markets

(ii) Economic Policy and Analysis Division

(iii) Foreign University Division

(iv) International Affairs Division

(v) Outreach and Communication Division

(vi) Ease of Doing Business Cell

398. For Development of Financial Markets department

Ashutosh Sharma
Chief General Manager (CGM)
Phone: +9179-61809805
Email: sharma.ashutosh@IFSCa.gov.in

399. For International Affairs division

(i) Ashutosh Sharma
Chief General Manager (CGM)
Phone: +9179-61809805
Email: sharma.ashutosh@IFSCa.gov.in

(ii) Himanshu Jain
Assistant General Manager (AGM)
Phone: +9179-61809807
Email: jain.himanshu1@IFSCa.gov.in

(iii) Rishi Kale
Manager
Phone: +9179-61809833
Email: rishi.kale@IFSCa.gov.in

(iv) Kundan Krishna
Manager
Phone: +9179-61809824
Email: kundan.krishna93@IFSCa.gov.in

(v) Akshat Ganeriwala
Manager
Phone: +9179-61809834
Email: akshat.ganeriwala@IFSCa.gov.in

(vi) Anshul Tandon
Assistant Manager (AM)
Phone: +9179-61809826
Email: anshul.tandon@IFSCa.gov.in

(vii) Anamik Badashe
Assistant Manager (AM)
Phone: +9179-61809835
Email: anamik.badashe@IFSCa.gov.in

(viii) Gaurav Dimri
Assistant Manager (AM)
Phone: +9179-61809908
Email: gaurav.dimri@IFSCa.gov.in

(ix) Sachin Ramesh Budhawant
Assistant Manager (AM)
Phone: +9179-61809884
Email: sachin.budhawant@IFSCa.gov.in

400. For Foreign University division

(i) Sathyaraj C M ,
General Manager (GM)
Phone: +9179-61809800
Email: sathyaraj.cm@IFSCa.gov.in

(ii) Akshat Ganeriwala, Manager
Phone: +9179-61809834
Email: akshat.ganeriwala@IFSCa.gov.in

(iii) Anamik Badashe
Assistant Manager (AM)
Phone: +9179-61809835
Email: anamik.badashe@IFSCa.gov.in

401. For Economic Policy + Analysis division

(i) Akshay Singh
Assistant General Manager (AGM)
Phone: +9179-61809838
Email: s.akshay@IFSCa.gov.in

(ii) Chirag Ravat
Assistant Manager (AM)
Phone: +9179-61809915
Email: chirag.ravat@IFSCa.gov.in

402. For Outreach + Communication division

Ashutosh Sharma
Chief General Manager (CGM)
Phone: +9179-61809805
Email: sharma.ashutosh@IFSCa.gov.in

403. For Ease of Doing Business Cell

(i) Himanshu Jain
Assistant General Manager (AGM)
Phone: +9179-61809807
Email: jain.himanshu1@IFSCa.gov.in

(ii) Kundan Krishna
Manager
Phone: +9179-61809824
Email: kundan.krishna93@IFSCa.gov.in

(iii) Matam Satya Prateek
Assistant Manager (AM)
Phone: +9179-61809879
Email: prateek.matam@IFSCa.gov.in

404. For Policy + Legal Affairs department

Praveen Trivedi
Executive Director (ED)
Phone: +9179-61809800

Profile: In-charge for Policy and Legal affairs Department

(i) Legal Policy Division

(ii) Legal Affairs Division

(iii) Investor Education and Protection Division

(iv) SEZ Division

405. For Legal Policy division

(i) Ankit Ashok Bhansali
General Manager (GM)
Phone: +9179-61809846
Email: ankit.bhansali@IFSCa.gov.in

(ii) Kirankumar G Giriyappanavar
Manager
Phone: +9179-61809867
Email: kirankumar.gg@IFSCa.gov.in

406. For Legal Affairs division

(i) Ranveer Kumar
Deputy General Manager (DGM)
Phone: +9179-61809858
Email: kumar.ranveer@IFSCa.gov.in

(ii) Mihir Shukla
Manager
Phone: +9179-61809861
Email: mihir.shukla@IFSCa.gov.in

407. For Investor Education + Protection division

(i) Arjun Prasad
General Manager (GM)
Phone: +9179-61809815
Email: arjun.pd@IFSCa.gov.in

(ii) Shubham Goyal
Assistant General Manager (AGM)
Phone: +9179-61809806
Email: goyal.shubham@IFSCa.gov.in

(iii) Saurabh Kumar
Manager
Phone: +9179-61809843
Email: saurabh.kumar1@IFSCa.gov.in

(iv) Akash Boddeda
Assistant Manager (AM)
Phone: +9179-61809909
Email: akash.boddeda@IFSCa.gov.in

408. For SEZ Division

(i) Office of Administrator
(IFSCA)
Phone: +9179-61809863
Email: IFSCa-admin@IFSCa.gov.in

 (ii) Goutham S
Deputy General Manager (DGM)
Phone: +9179-61809863
Email: goutham.s1990@IFSCa.gov.in

(iii) Anshul Tandon
Assistant Manager (AM)
Phone: +9179-61809826
Email: anshul.tandon@IFSCa.gov.in

(iv) Shobhit Tripathi
Assistant Manager (AM)
Phone: +9179-61809890
Email: shobhit.tripathi@IFSCa.gov.in

409. For Insurance + Pension department

(i) Praveen Trivedi
Executive Director (ED)
Phone: +9179-61809800

Profile: In-charge for Insurance and Pension Department

(i) Insurance Division
(ii) Pension Division

410. For Insurance division

(i) Bhaskar Khadakbhavi
General Manager (GM)
Phone: +9179-61809800
Email: bhaskar.khadakbhavi@IFSCa.gov.in

(ii) Chandra Bhushan
Assistant General Manager (AGM)
Phone: +9179-61809848
Email: chandra-bhushan@IFSCa.gov.in

(iii) Rishi Kale
Manager
Phone: +9179-61809833
Email: rishi.kale@IFSCa.gov.in

(iv) Nitin Gupta
Assistant Manager (GM)
Phone: +9179-61809839
Email: g.nitin@IFSCa.gov.in

411. For Pension division

(i) Mihir Ashwin Upadhyay
General Manager (GM)
Phone: +9179-61809845
Email: mihir.upadhyay@IFSCa.gov.in

(ii) Kanika Singh
Assistant Manager (AM)
Phone: +9179-61809868
Email: singh.kanika@IFSCa.gov.in

412. For Global-In-House Centre + Ancillary Services division

(i) Sathyaraj C M
Genergal Manager (GM)
Phone: +9179-61809800
Email: sathyaraj.cm@IFSCa.gov.in

(ii) Kalpesh Mehta
Assistant Genergal Manager (AGM)
Phone: +9179-61809809
Email: kalpesh.mehta@IFSCa.gov.in

(iii) Gautam Tanwar
Manager
Phone: +9179-61809837
Email: gautam.tanwar@IFSCa.gov.in

(iv) Harish Jhajharia
Assistant Manager (AM)
Phone: +9179-61809910
Email: harish.jhajharia@IFSCa.gov.in

413. For General Administration department

Praveen Trivedi
Executive Director (ED)
Phone: +9179-61809800

Profile: In-charge for General Administration Department

(i) Administration & HR Division
(ii) Treasury, Finance and Accounts Division
(iii) Rajbhasha Division
(iv) Project Management Unit (International Events, Conferences and Summits)

414. For Administration + HR division

(i) Arun Kumar Singh
General Manager (GM)
Phone: +9179-61809836
Email: arunksingh.03@IFSCa.gov.in

(ii) I Sreekara Rao
Sr. Consultant
Phone: +9179-61809808
Email: sreekara.rao@IFSCa.gov.in

(iii) Gautam Tanwar
Manager
Phone: +9179-61809837
Email: gautam.tanwar@IFSCa.gov.in

(iv) Bipin Kumar Karn
Assistant Manager (AM)
Email: karn.bipinkr@IFSCa.gov.in

(v) Anshul Tandon,
Assistant Manager (AM)
Phone: +9179-61809826
Email: anshul.tandon@IFSCa.gov.in

(vi) Pogula Shiva Kumar
Assistant Manager (AM)
Phone: +9179-61809857
Email: shiva.pogula@IFSCa.gov.in

415. For Treasury + Finance + Account divi-sion

(i) Denning K Babu
General Manager (GM)
Phone: +9179-61809803
Email: denning.babu@IFSCa.gov.in

(ii) Amit Prajapati
Deputy General Manager (DGM)
Phone: +9179-61809888
Email: prajapati.amit@IFSCa.gov.in

(iii) Sonia Varma
Assistant Manager (AM)
Phone: +9179-61809896
Email: sonia.varma@IFSCa.gov.in

416. For Rajbhasha divi-sion

I Sreekara Rao
Sr. Consultant
Phone: +9179-61809808
Email: sreekara.rao@IFSCa.gov.in

417. For Project Management Unit division

(International Events, Conferences and Summits)

Sathyaraj C M
General Manager (GM)
Phone: +9179-61809800
Email: sathyaraj.cm@IFSCa.gov.in

418. For Regulatory Policy + Regulatory Af-fairs department

Division of Anti Money Laundering & CFT

(i) Ramachander S.S.R. Eranki
General Manager (GM)
Phone: +9179-61809818
Email: ramachander.essr@IFSCa.gov.in

(ii) Ekta Yadav
Manager
Phone: +9179-61809828
Email: ekta.yadav@IFSCa.gov.in

(iii) Sanjana Lahiri
Assistant Manager (AM)
Phone: +9179-61809903
Email: sanjana.lahiri@IFSCa.gov.in

Profile: In-charge for Regulatory Policy and Regulatory Affairs Department

(i) Regulatory Cooperation

(ii) Risk Based Supervision

(iii) Sup-Tech

(iv) FATF Cell

(v) Enforcement Division

419. For RBS Cell

(i) Debabrata Das
General Manager (GM)
Phone: +9179-61809810
Email: debabrata.das1@IFSCa.gov.in

(ii) Manisha Khuntia
Assistant General Manager (AGM)
Phone: +9179-61809823
Email: manisha.khuntia@IFSCa.gov.in

(iii) Devdarshan Yadav
Assistant Manager (AM)
Phone: +9179-61809902
Email: devdarshan.yadav@IFSCa.gov.in

420. For Regulatory Cooperation divi-sion

Manisha Khuntia
Assistant General Manager (AGM)
Phone: +9179-61809823
Email: manisha.khuntia@IFSCa.gov.in

421. For Enforcement division

Debabrata Das
General Manager (GM)
Phone: +9179-61809810
Email: debabrata.das1@IFSCa.gov.in

422. For Vigilance Cell

Supriyo Bhattacharjee
Chief General Manager (CGM)
Phone: +9179-61809813
Email: supriyo.b@IFSCa.gov.in

423. For Chairperson’s tenure

S.No.	Name	From	To
	Injeti Srinivas	Jul 09, 2020	Jul 08, 2023
(ii)	K Rajaraman	Aug 01, 2023	Till date

(X) Meaning for IFSCA’s forms

424. For ancillary service provider’s registration or renew-al

S.No.	Particulars	Details
1. Details of the Applicant
1.1	Name of Applicant
1.2	Entity Type (Branch/ IFSC Incorporated entity)
1.3	Legal form of the applicant (Company/ LLP/ registered partnership, etc,) along with the registration number, if any.
1.4	Address of the IFSC office of the Applicant
1.5	Contact details of the primary coordinator (s) of the applicant: a) Name, b) Contact Number and c) E-mail
1.6	Date of Incorporation of the applicant
1.7	Net worth as on 31st March of previous financial year
1.8	Shareholding pattern of the applicant/ shares of Partnership ( if more than 10 then top 10 shareholder / partners)
1.9	Currency in which accounts are being maintained
1.10	Name & Designation of the Key Managerial Person-nel
2. Details of the Person(s) in Con-trol
2.1	Name(s)
2.2	Date of incorporation/ Date of Birth
2.3	Legal form of the Person(s) in Control
2.4	Address of the Person(s) in Control
2.5	Share holding pattern of the person in control (Top 3 Share holder / part-ners)
2.6	Is the parent based in a Financial Action Task Force (FATF) compliant. jurisdiction?
2.7	Tax assessment Number of Person in control
2.8	Director Identification Number of the person in control, if any
2.9	Contact No.
2.10	Email
*Add more columns, if required
3. Business proposed to be undertaken by the Appli-cant Please provide a business plan including following information. (Use additional pages, if re-quired)
3.1	Company profile (in brief)	Information shall include but shall not be limited to existing activities, reve-nue from these activities, key client jurisdictions, no. of employees etc.
3.2	Proposed activities to be carried out as per the framework	The list of permissible activities under ‘IFSCA’s Ancillary Services Frame-work’ are provided at Annexure-I for reference
3.3	Present no. of employees & the estimated number of employees over the next 5 years
3.4	Details of Associate entities in IFSC, if any
3.5	Details of regulatory action against the applicant & person (s) in con-trol, if any in last 5 years
3.6	Whether the applicant or its person(s) in control are registered with IFSCA, SEBI, RBI, IRDA or PFRDA in any capacity. If so, details of such registration.
4. Documents to be annexed with the signed & stamped application form: a) Copy of the incorporation certification/registration docu-ment of the Applicant and person (s) in control as may be applicable b) Constitutional documents (such as Memorandum and Arti-cles of Association/ Partnership Deed) of the Applicant as may be applicable c) Last 3 years audited consolidated financial statements of the Applicant d) Address proof of directors / person (s) in con-trol e) Tax Identification Document of the applicant f) Copy of SEZ approval g) Copy of the proof of payment for the application fees paid h) Copy of authorisation for application by an authorized rep-resentative i) Declaration on the letter head of the company duly signed by the authorized signatory as per paragraph 6
5. Fees for Ancillary Service Provider : Following fee is applicable for the Ancillary Service Provider: · [1]Application Fee : USD 1000 · Registration Fee : USD 1,000 per activity [2]Bank ac-count details of IFSCA: Account Name: International Financial Services Centres Authority Account number: 970105000174 Type of Account: USD Current Account Bank Name: ICICI Bank Limited SWIFT Code: ICICINAAXXX NOSTRO Details: CHASUS33XXX JP MORGAN CHASE BANK NA, NEWYORK, USA Account no. : 83399953
6. Declaration to be submitted by the applicant in the following format on a company letter head, same should be signed by an Authorized signato-ry: We hereby declare that the information provided in the application along with its attach-ment, is complete and true. We further agree that- a. We shall notify the International Financial Services Centres Authority immediately of any material change in the information provided in the applica-tion. b. We shall comply with and be bound by the Guidelines and Regulations issued by the International Financial Services Centres Authority and the. Guidelines / instructions as may be announced by the International Financial Services Centres Authority from time to time.
c. We shall abide by such operational instructions/directives as may be issued by the international Financial Services Centres Authority from time to time, as a condition of authorisation.

List of Circulars

1. 206/IFSCA/Anc. Aux/2020-21 dated February 10, 2021

2. 206/IFSCA/Anc. Aux/2020-21 dated June 10, 2021

3. 206/IFSCA/Anc. Aux/2020-21 dated April 06, 2023

4. 865/IFSCA/Banking/Fee Revision/2022-23 dated May 17, 2023

Note: In case of any discrepancy, please refer the original circular.

 

425. For Common Application Form (CAF) registration or renewal

ANNEXURE-1

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY COMMON APPLICATION FORM (CAF)

This form must be submitted by all Appli-cants[1] desirous of setting up an IFSC Unit in GIFT IFSC and for obtaining rele-vant permissions under the respective IFSCA Regulations/ Frameworks, except entities applying as Market Infrastructure Institutions (MII), Fintech Sandbox, Fintech Accelerator and Foreign Univer-sities proposing to set up branch campuses in IFSC.

2. In addition to this form, you may be required to submit other supplementary forms as applicable to your intended business activities in GIFT IFSC.

3. All questions must be answered by the Applicant in English language only. Incomplete applications will not be considered. In case the applicant has already answered a question, specific reference to that cell/section may be provided to avoid duplication. In case of any non-applicability of a question, the Applicant may answer to that effect, stating the reasons justifying the non-applicability.

4. Applicants are advised to refer to the IFSCA website for latest amendments in the relevant IFSCA Regulations/ Frameworks/ Circulars etc. that may be per-tinent to your application.

5. Applicants are required to pay the following fees:

(i) IFSCA Application Fee, as applicable to the intended busi-ness activity (Please refer Section I);

(ii) SEZ Fee (Please refer Section I).

6. All the documents provided must be in English language only. If any of the document is not in English, a certified English translation is required. The English translation to be certified “true copy” by the concerned financial regulator in country of the Appli-cant or an external legal counsel. All the documents provided shall be self-certified. However, in case of foreign nationals the documents are to be apostilled / notarized (e.g. Certificate of Incorpo-ration, Certificate / Declaration of the person being authorized to act on behalf of the entity etc.)

7. IFSCA reserves the right to seek any additional information or clarifications, as necessary.

Section A1: General Information to be filled by appli-cants setting up as a branch1 in IFSC 1Indian Insurers may read this as ‘Place of Busi-ness’
S. No.	Particulars	Comments / Remarks (for IFSCA use)	SEZ use
0.	IFSCA Regulations/ Framework/ Circulars under which Application is being made by the Applicant (please refer Section E)
1.	Name of the Applicant.
2.	Form of the Applicant (Company/ Limited Liability Partnership/ Trust/ Reg-istered Partnership / One Person Company / Body Corporate / If any other (please specify)) along with Registration/ Identification No. and documentary proof. For example, in case of a company provide the Certificate of Incorporation, Memorandum of Association and Articles of Association.
3.	Date of incorporation of the Applicant.
4.	Address of Head/ Corporate Office of the Applicant (also provide FAX no(if available), Email ID and Website)
	Address of Registered Office of the Applicant (also provide FAX no(if avail-able), Email ID and Website)
	Address of principal place of Business of the Applicant (also provide FAX no(if available), Email ID and Website)
5.	Provisional address of the Applicant’s proposed IFSC Unit. Attach copy of Provisional Letter of Allotment.
6.	Details of Person Authorised with respect to this application (Name, Des-ignation, Email, Phone, Address)
7.	i) If Applicant is regulated by Financial Sector Regulator(s) provide the fol-lowing details: Name of Regulator, Name of Country, Type of Activity, License/ Registration No., Date of Registration and Validity & No Objection Certificate (NOC) from home country regulator, if required as per IFSCA regulations. ii) If any of the Applicant’s group2 entities are regulated by Finan-cial Sector Regulator(s) provide the following details: Name of Regulator, Name of Country, Type of Activity, License/ Registration No., Date of Registration and Validity 2for the purpose of this question, the term group shall include: JVs/ Subsidiaries / Associates / Promoter / Body Corporate operating under common brand name
8.	Whether Applicant, including all promoters /controlling shareholders / senior management/ founders are from a country identified in the latest public statement of Fi-nancial Action Task Force as: a) High-risk jurisdiction subject to a call for Action; or (Yes/No) b) a Jurisdiction under Increased Monitoring. (Yes/No) If yes to any of the above, provide further details.
9.	Whether Applicant’s group3 enti-ties, having transactions/commercial engagements with applicant entity are from a country identi-fied in the latest public statement of Financial Action Task Force as: a) High-risk jurisdiction subject to a call for action; or (Yes/No) b) a Jurisdiction under Increased Monitoring. (Yes/No) If yes to any of the above, provide further details. 3for the purpose of this question, the term group shall include: JVs/ Subsidiaries / Associates / Promoter / Body Corporate operating under common brand name

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Section A2: General Information to be filled by ap-plicants incorporated in IFSC
S. No.		Particulars	Comments / Remarks (for IFSCA use)	SEZ use
0.		IFSCA Regulations/ Framework/ Circulars under which Application is being made by the Applicant (please refer Section E)
1.		Name of the Applicant
2.		Form of the Applicant (Company/ Limited Liability Partnership/ Trust / Reg-istered Partnership / One Person Company / Body Corporate / If any other (please specify)) along with Registration/ Identification No. and documentary proof. For example, in case of a company provide the Certificate of Incorporation, Memorandum of Association and Articles of Association.
3.		Date of incorporation of the Applicant
4.		Name and Address of Head/ Corporate Office of the Applicant’s Parent Entity(ies) (also provide FAX no(if available), Email ID and Website)
		Address of Registered Office of the Applicant’s Parent Entity(ies) (also provide FAX no(if available), Email ID and Website)
		Address of principal place of Business of the Applicant’s Parent Entity(ies) (also provide FAX no(if available), Email ID and Website)
5.		Provisional address of the Applicant’s proposed IFSC Unit. Attach copy of Provisional Letter of Allotment.
6.		Details of Person Authorised with respect to this application (Name, Des-ignation, Email, Phone, Address)
7.		i) If Applicant’s parent entity(ies) is regulated by Financial Sector Regula-tor(s) provide the following details: Name of Regulator, Name of Country, Type of Activity, License/ Registration No., Date of Registration and Validity & No Objection Certificate (NOC) from home country regulator, if required as per IFSCA regulations. ii) If any of the Applicant’s group4 entities are regulated by Financial Sector Regulator(s) provide the following details: Name of Regulator, Name of Country, Type of Activity, License/ Registration No., Date of Registration and Validity 4for the purpose of this question, the term group shall include: JV’s/ Subsidiar-ies / Associates / Promoter / Body Corporate operating under common brand name
8.		Whether Applicant’s Parent Entity, including all promoters/controlling shareholders/ senior management/ founders are from a country identified in the latest public statement of Financial Action Task Force as: a) High-risk jurisdiction subject to a call for Action; or (Yes/No) b) a Jurisdiction under Increased Monitoring. (Yes/No) If yes to any of the above, provide further details.
9.		Whether Applicant’s group5 entities, having transactions/ commercial engagements with applicant entity are from a country identified in the latest public statement of Financial Action Task Force as: a) High-risk jurisdiction subject to a call for action; or (Yes/No) b) a Jurisdiction under Increased Monitoring. (Yes/No) If Yes to any of the above, provide further details. 5for the purpose of this question, the term group shall include: JVs/ Subsidiar-ies / Associates / Promoter / Body Corporate operating under common brand name
Section B: Corporate Information (This section is to be filled by all applicants)
10.	Copy of the Resolution passed by the Applicant authorizing its Director(s)/Partner(s)/ Authorized Person(s) as applicable, for enabling the Applicant to: · make an application to IFSCA, and thereby executing, or providing necessary documents on behalf of the Applicant to IFSCA. · to incorporate/ setup unit in IFSC · in case applicant wants to pursue business activities different from the ones for which the applicant is licensed (if applicable) Attach copy(ies).
11.	Provide details of ‘Information on Management’ as per given format in Section G.
12.	Shareholding pattern / List of major sharehold-ers6 (for all holding 10% or more of shares or voting rights or distributable dividend) / Persons exercising Control7 of Applicant. a) Authorized Capital: b) Paid up Capital / Partners Capital contribution: c) Subscribed Capital and Issued Capital: d) Face value of shares: e) Details of the Shareholding or partnership structure as below:   Instrument Name of the Shareholder or Investor Nationality of Individual shareholders/ Country of Registration for Institutional Inves-tors Amount Invested (incl. Currency) % Direct Holding in Applicant entity (as on_____) % Indirect Holding in Applicant entity (as on_____) Equity Shares/ Capital Contribution Others (Preference /Convertibles etc.) TOTAL   6The intent of this question is to identify the Ultimate Beneficial Owner (UBO) of the Applicant. In case the shareholding is not held directly by the shareholder mentioned in ta-ble above in Q12, provide ownership structure chart of the applicant clearly bringing out the verti-cal group structure and ownership percentages at all levels. 7Control shall include the right to appoint majority of the directors or to control the management or policy decisions exercisable by a person or persons acting individ-ually or in concert, directly or indirectly, including by virtue of their shareholding or management rights or shareholders’ agreements or voting agreements or in any other manner.
13.	In respect of the shareholders disclosed in Q12 above: If the direct shareholder is a Natural person then: provide Net Worth Certifi-cate8 along with the last three year Personal Tax Returns. If the shareholder is a body-corporate then: provide audited financial state-ments (Balance sheet, P&L and Cash flow statement) for the last three years. 8Net worth Certificate should not be older than six months as on the date of application (As certified by CA/CS or their equivalent in foreign jurisdiction). (Mention figures in space provided and Attach copy)
13A.	Please provide the Net Worth Certifi-cate8 of the Applicant.

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Section C: Information on Business Plan for the IFSC Unit
S.No.		Particulars	Comments/ Remarks (for IFSCA use)
14.		Briefly describe the Applicant (including existing activities carried out, rev-enue from these activities, key client jurisdictions, no. of employees etc.). Also, provide group’s experience in providing regulated financial services in India or any other jurisdictions.
14 A		Provide the Applicant’s Business Plan, highlighting their proposed business activities to be carried out in IFSC as per relevant regulations/framework.
15.		Has the Applicant previously submitted an application form or a regulatory business plan to any other financial services authority to carry out regulated activities?   If “yes,” when was the most recent submission made, and to which regulator?   If the answer is “yes,” what happened with that submission?
16.		Describe the procedures and measures that will be taken to ensure that the client’s assets and/or funds are adequately protected.
17.		Provide answers to the following: i) Immediate and Future markets being targeted ii) Types of clients (whether institutional/ retail/ any other) iii) Projected number of clients at the end of Year-1   Describe the Applicant’s prior experience serving retail clients (if applicable), including that of its Senior Management. Briefly explain measures in place, in terms of client agreements, marketing materials, etc. to safeguard retail clients.
Organisation structure and corporate governance
18.		Describe any intra-Group4 business ties and transactions (such as guarantees, loans, cash flows, or services)
19.		Briefly describe the scope of interactions of IFSC Unit with other regula-tors/supervisors, if any.
20.		Describe the detailed organizational structure of the IFSC Unit outlining the roles and reporting lines of key personnel (including to its Parent Entity)
21.		For each Board and Management Committee, provide the following de-tails: i) Mandate ii) Composition iii) Reporting Lines
22.		Describe any conflicts of interest envisaged and how the Applicant’s cor-porate governance structure and mechanisms will reduce or resolve them.
Human resources in the IFSC
23.		Provide details of the Applicant’s proposed human resource deployment in IFSC. Also describe various business activities (including front and back-office operations) to be carried out in the IFSC.
24.		Identify any key-person risk for the Applicant and describe the measures in place (such as succession planning or retention policies) for tackling them.
Business support activities proposed to be conducted from outside the IFSC
25.		What activities will be conducted from outside IFSC? And Why?
26.		Where will these activities be conducted from?
27.		What are the Inherent risks of conducting these activities from outside IFSC? How these risks will be mitigated?
IT System
28.		Describe (functions, capability, location etc.) the IT systems (Hardware, Software and Network) that the Applicant will use to support its business activities regard-ing: Risk management, Compliance monitoring, Financial accounting, Suspicious transactions surveillance and reporting, Recordkeeping of customer information and execution of transactions, Data back‐up and redundancy, IT security and other cyber‐related risks
Risk management
29.		Describe the key internal and external risks that the applicant’s planned business will face, as well as how it plans to mitigate those risks. Indicate the policies that will be implemented to identify and reduce these risks.
30.		Indicate if risk management will be the responsibility of a specified person. Describe that person’s training and experience for the position, as well as whether they are a part of senior management.
31.		Will there be a board or management committee specifically charged with handling risk-related matters, and if so, what will its mandate be?
32.		How often do senior management and the Governing Body propose to receive risk reports?
33.		In the event of a disruptive occurrence, describe the business continuity and disaster recovery plan.
Compliance arrangements
34.		Describe the Applicant’s compliance functions. Indicate the persons re-sponsible and their interactions with risk management, internal audit, and group compliance func-tions.
35.		How will the Applicant establish a culture of compliance within the organi-zation?
36.		Describe the scope and periodicity of compliance audits.
37.		Provide an overview of the compliance monitoring frame-work.
38.		Describe measures proposed to be adopted for resolving com-plaints.
39.		How will the Applicant ensure that competence and training are ingrained into its business culture?
Anti‐Money Laundering and Counter and Combating the Financing of Terrorism (AML/CFT)
40.		Briefly explain the applicant’s risk-based approach to AML/CFT compliance. Also, provide details of how the applicant will track, identify, and report suspicious customers, ac-tivities, and transactions.
41.		Will the applicant have any third parties arrangements to conduct one or more elements of customer due diligence?
42.		Describe the scope and frequency of AML/CFT reviews or au-dits.
43.		Briefly explain the policies and processes in place to ensure that employ-ees are informed of their legal obligations with regard to AML/CFT and the repercussions of non-compliance.
Internal audit
44.		Describe the internal audit function’s scope, organizational structure, re-porting lines and staffing. Illustrate independence and the separation of functions. If the applicant is a member of a group, describe how the group’s internal audit function interacts with the appli-cant’s internal audit function.
45.		If the internal audit process is outsourced, provide details on the selection procedure and due diligence for their appointment.
Financial projections
46.		Applicant is required to provide annual financial projections (including as-sumptions made) for a 5‐year period. Please provide the following:
		· Balance sheet · Profit & Loss statement · Cash flow statement · Provide source of capital
Section D: SEZ Specific Infor-mation
S. No.	Particulars			Comments / Remarks (for SEZ use)
Details of Applicant
0.	Name of Bank with Address & Account No.
1.	Digital Signature Identifier number
2.	Income Tax PAN (Attach copy)
Investment
3.	Office Equipment such as computers, servers, office furniture
	(Rs. In Lakhs) (a) Indigenous (b) Import CIF value (c) Total (a) + (b)
4.	Details of source(s) of finance
Infrastructure Requirements
5.	Requirement of land/Office Space (Area in sq. mtrs.)
Employment
6.	Men
7.	Women
8.	Transgenders
Shareholding of IFSC Unit
9.	Equity Capital including Foreign Investment
	($ in thousand) (Rs. In lakhs) (a) Authorized (b) Subscribed (c) Paid up Capital   Note: If it is an existing company, give the break up of existing and proposed capital struc-ture
10.	Shareholding Pattern
	($ in thousand) (Rs. In lakhs) (a) Foreign holding (b) Indian holding (c) IFSC holding Total Equity
Other Information
11.	Whether the applicant has been issued any Industrial license or LOI/LOA under EOU/SEZ/STP/EHTP scheme. If so, give full particulars, namely reference num-ber, date of issue, items of manufacture and progress of implementation of each pro-ject.
12.	Whether the applicant or any of the partner/Director who are also partners/ Directors of another company or firms its associate concerns are being proceeded against or have been debarred from getting any License/Letter of Intent/ Letter of Permission un-der Foreign Trade (Development and Regulation) Act, 1992 or Foreign Exchange Management Act, 1999 or Customs Act, 1962 or Central Excise Act, 1944.
Place: Signature of the Applicant Date: Name in Block Letters Designation Tel. No. E-mail Official Seal/Stamp Web-Site, if any Full Residential Address
UNDERTAKING I/We hereby declare that the above statements are true and correct to the best of my/our knowledge and belief. I/We shall abide by any other condition which may be stipulated by the De-velopment Commissioner.   I/We fully understand that any Permission Letter/Approval granted to me/us on the basis of the statement furnished is liable to cancellation or any other action that may be taken having re-gard to the circumstances of the case if it is found that any of the statements or facts therein fur-nished are incorrect or false.   An affidavit duly sworn in support of the above information is enclosed.   Place: Signature of the Applicant Date: Name in Block Letters Designation Official Full Official address Seal/Stamp Tel. No. E-mail Address Web Site Address Full Residential address Tel. No

 

Section E: The relevant IFSCA Regulations/ Frameworks/ Circulars under which Reg-istration/ Authorization/ License is sought by the Applicant.

S. No.	Regulations/ Frameworks/ Circulars	Tick (as applicable)
1	International Financial Services Centres Authority (Banking) Regulations, 2020
2	International Financial Services Centres Authority (Finance Company) Regulations, 2021
3	International Financial Services Centres Authority (Capital Market Interme-diaries) Regulations, 2021
4	Consolidated IFSCA (Registration of Insurance Business) Regulations, 2021
5	Consolidated IFSCA (Insurance Intermediary) Regulations, 2021
6	IFSCA (Insurance Web Aggregator) Regulations, 2022
7	IFSCA (Fund Management) Regulations 2022
8	Framework for FinTech Entity in the International Financial Services Centres (IFSCs)
9	Framework for enabling Ancillary Services at International Financial Services Centres
10	Global In-House Centres (GIC) in International Financial Services Centre (IFSC)
11	IFSCA (Vault Manager) Circular, 2021 (Operating Guidelines on Bullion Ex-change, Bullion Clearing Corporation, Bullion Depository & Vault Manager)
12	IFSCA (Book- keeping, Accounting, Taxation and Financial Crime Compli-ance Services ) Regulations, 2024

Section F: Declaration by Authorized Signatory of the Applicant

A Declaration cum undertaking containing following details on the letter head of the appli-cant stating that:

a. We hereby declare that the information supplied in this application, including the attachment sheets, is complete, authentic and true, and nothing has been concealed therein.

b. The activities proposed in the IFSC are in line with the ob-ject clause of the applicant as provided in the MoA/Prospectus/LLP Agreement.

c. The applicant and its promoters/principal offic-ers/founders/ directors/ partners/ designated partners, key managerial personnel and controlling shareholders are fit and proper persons (please refer Section H).

d. We shall ringfence the operations of branch(es) from other operations of the applicant (applicable in case of branch)

e. We shall notify IFSCA immediately of any material change in the information provided in the application.

f. We declare that any funds / capital in operation with re-spect to our business operations in IFSC are not from the proceeds of crime.

g. We shall ensure that the key activities of Investment deci-sion, portfolio management and grievance handling shall be undertaken from IFSC (applicable only for Fund Management entities)

h. We further undertake to comply with, and be bound by the International Financial Services Centres Authority Act, 2019, and the regulations, circulars, guidelines, rules, etc. and instructions thereunder as may be applicable from time to time [includ-ing any modifications or re-enactments thereof]

i. We further agree that as a condition of registration, we shall at all times abide by such operational instructions/directives as may be issued by the IFSCA from time to time.

j. We shall, to the satisfaction of IFSCA, furnish any other in-formation as may be sought by IFSCA.

For and on behalf of (Please insert name of the applicant)

Authorised signatory

(Name)(Signature)

(With seal / stamp of the Applicant)

Date:

Place:

Section G: Information on Management (IOM)

Instructions:

1. This section is to be filled by the applicants who are willing to establish a unit in the IFSC in an incorporated form.

2. This section is not applicable for the applicants who are will-ing to establish its office in an unincorporated form such as place of business or branch office etc. provided the applicant entity is regulated by a Financial Sector Regulator in its home coun-try.

3. This section is only to be filled by Natural persons and not by body-corporates i.e to include all persons acting in the capacity of Promoters/ Key Managerial Personnel/ Founders/ Shareholder(s) holding 10% & above shares and/or voting rights and/or distributable dividend/ Designated Partners/ Authorised Representatives/ Directors/ Principal Of-ficer/Persons in control, of the Applicant, a separate self-attested form shall be submitted.

Sr. No.	Particulars	Remarks by IFSCA	SEZ use
0)	Name
1)	Director / Designated Partner Identification Number (DIN / DPIN) if any
2)	Designation in company/ Legal Form
3)	Nationality
	Country
	Passport Number, if any
4)	Date of Birth (DD\MM\YYYY)
	Sex
5)	Business Address (along with Phone, Fax and Email)
6)	Residential Address (along with Phone, Fax and Email) with supporting document
7)	Permanent Account Number (PAN) under Income Tax Act / Tax Identifica-tion No. / Tax Residency No.
8)	Date of Appointment to current post
9)	Key functions and responsibilities in the IFSC unit.
10)	Position in the organizational hierarchy of the Applicant (in case of branch, also include reporting relationships to the parent entity)
11)	No. of Shares / % of Shareholding in the Applicant
12)	Detailed Resume outlining qualifications and experience.
13)	Is the promoter/director/founder associated with any other entity in any capacity? If yes, please furnish the name(s) of other organizations or entities or associa-tions or unincorporated entities in which the person has held the post of Chairman or Managing Director or Director or Chief Executive Officer or associated with the above entities in any other capacity indicating the activity of the company and regulators, if any.

Section H: Fit and Proper Criteria

For the purpose of Fit and proper criteria as given here, the term ‘functionaries’ include (but are not limited to) the following officials of the applicant. Separate form should be submitted by each functionary. For, all the questions below, provide details for the past 8 years.

• Promoters
• Founders
• Directors/Partners/Designated Partners
• Key Managerial Personnel
• Principal Officers
• Persons /Shareholders having 10% and above share/voting rights/ distributable dividend
• Trustees
• Authorised Representatives
• Any other person, as maybe specified.

Sr. No.	Particulars	Comments/Remarks (For IFSCA Use)
0	Whether any of the functionaries or any of the entities associated with9 the functionary have been refused a Registration/ Authorization/ License by the IFSCA or any other regulatory authority or their Registration/ Authorization/ License has been suspended at any time prior to this application. (If Yes, provide details. If No, enclose a declaration to that effect). 9for this Section, a person is said to be ‘associated with’ an entity if he/she is/ was a functionary of the entity
1	Whether the functionary or any of the companies/ entities in which the functionary is/ was associated with9, is in default or have defaulted in the past in re-spect of credit facilities obtained from any entity or bank? (If yes, please furnish information about the default and the name of the lending institu-tion)
2	Whether any of the functionaries have been disqualified to act as promot-er/ director/ key managerial personnel under any law in any jurisdiction where the applicant entity or the group companies of the applicant entity are operating? If yes, please furnish details.
3	Name/s of the companies, firms, partnership firms, in which any of the functionaries hold substantial interest.
4	Whether the Applicant/Group4 or any of the functionaries are/ were undergoing/ involved in any investigation/ disciplinary action/ legal or regulatory viola-tions/ criminal case by any law enforcement/ regulatory agencies? If yes, please furnish details.
5	Whether any order has been passed by any bankruptcy/ resolution au-thority against any company/ entity with which any of the functionaries are/ were associat-ed9? If yes, please furnish details.
6	Whether any of the functionaries have been convicted by a court for any offence involving moral turpitude or any economic offence or any offence against securities laws? If yes, please furnish details.
7	Whether a recovery proceeding has been initiated against any of the func-tionaries by a financial regulatory authority and is pending? If yes, please furnish details.
8	Whether an order for winding up has been passed against any of the func-tionaries for malfeasance? If yes, please furnish details.
9	Whether an order restraining, prohibiting or debarring any of the func-tionaries from accessing or dealing in financial products or financial services, has been passed by any regulatory authority/ courts, and a period of five years from the date of the expiry of the peri-od specified in the order has not elapsed If yes, please furnish details.
10	Whether any other order against any of the functionaries, which has a bearing on the securities market, has been passed by any regulatory authority, and a period of five years from the date of the order has not elapsed? If yes, please furnish details.
11	Whether any of the functionaries i) have been declared insolvent and not discharged? If yes, please furnish details.
	ii) have been found to be of unsound mind by a court of competent juris-diction and the finding is in force? If yes, please furnish details.
	iii) are financially not sound or have been categorized as a wilful default-er? If yes, please furnish details.
	iv) have been declared a fugitive economic offender? If yes, please furnish details.
We declare that all the functionaries have a record of fair-ness and integrity, including but not limited to financial integrity, good reputation, character and honesty.
We undertake to bring to the notice of IFSCA within one week, if any of the above actions is initiated against any of the functionaries in future.
	Signature:
	Name:
	Designation
	Seal / Stamp
	Date: Place:

Section I: Fee Structure

IFSCA Fee:-

All Applicants are advised to refer to circular F. No.865/IFSCA/Banking/Fee Revi-sion/2022-23 dated May 17, 2023 and amendment to the said circular dated July 05, 2023 for various fees applicable, and amendment from time to time and the bank account details for remission of fee to IFSCA. The said circular can be obtained on IFSCA website. Applicants are also required to submit proof of payment of application fee.

SEZ Fee: –

The applicants are required to pay a sum of rupees five thousand (Rs 5000/-) to the Pay & Accounts Officer of the Kandla Special Economic Zone as per the details mentioned be-low.

Name of the Bank: CENTRAL BANK OF INDIA

Account No: 3561135529

IFSC Code: CBIN0282169

MICR Code: 110016060

Branch Code: 282169

Branch Location: Udhyog Bhawan, New Delhi

Applicants are required to fill the below details after completion of payment of SEZ fee.

Amount Rs. __________________________

Transaction/ Reference No. __________________________

Transaction date __________________________

Mode of Payment __________________________

(NEFT/ RTGS/ UPI etc.)

Section J: Document Checklist to be attached with CAF

(Please provide all documents of all concerned as may be applicable)

Sr. No.	Supporting Documents Attached	Specify Yes/No, as applicable	SEZ use
0.	Certificate of Incorporation / Registration / equivalent certificate (A1.2/A2.2)
1.	Articles of Association (AOA) (A1.2/A2.2)
2.	Memorandum of Association (MOA) (A1.2/A2.2)
3.	LLP Agreement (A1.2/A2.2)
4.	Trust Deed (A1.2/A2.2)
5.	Partnership Agreement (A1.2/A2.2)
6.	Provisional Letter of Allotment (A1.5/A2.5)
7.	NOC from Home Regulator (A1.7/A2.7)
8.	Board Resolution(s) (B.10)
9.	Ownership and Group Structure Chart (to ascertain UBOs) (B.12)
10.	Last 3 years Audited Financial Statements (Balance Sheet, P&L State-ment, Income Statement). In case of branch, provide above details of Parent entity. (B.13)
11.	Net Worth Certificate and Personal Tax Returns (B.13)
12.	Business Plan (C.14 A)
13.	Financial Projections for next 5 years (C.46)
14.	Permanent Account Number (PAN) or any other tax identification no. (D.2)
15.	Affidavit as required in Undertaking in Section D
16.	Declaration on the letter head of the company duly signed by the author-ized signatory (Section F)
17.	Information on Management (Section G)
18.	Director /Designated Partner Identification Number (DIN/DPIN) (G.1)
19.	Passport (G.3)
20.	Detailed Resume/CV (G.12)
21.	Copy of proof of payment of application fees (Specify SWIFT MT 103 or UTR No.) (Section I)

ANNEXURE-2

(Willingness to operate under BATF Regula-tions)

To,
International Financial Services Centres Authority,
2nd & 3rd Floor, Savvy Pragya, Gujarat International Finance Tec-City,
Gandhinagar, Gujarat 382355

Dear Sir,

Subject: Expression of Willingness to provide BATF Services and to operate under BATF Reg-ulations

This is with reference to the requirement specified under regulation 4 (2) of the BATF Regu-lations for Ancillary Service Providers to communicate their willingness to the Authority to operate under the BATF Regulations.

2. In this regard, I, __________ an authorised person of the (name of the Ancil-lary Service Provider), do hereby state, affirm and declare on behalf of the (name of the Ancillary Service Provider) as follows:

(1) That the (name of the Ancillary Service Pro-vider) is currently operating as an Ancillary Service Provider in terms of the authorisation bearing ref. no.________ dated _________ granted by IFSCA for providing Bookkeeping/Accountancy/ Taxation services (strike off whichever is not applicable) under Framework dated February 10, 2021 for enabling Ancillary services at IFSC (“Ancillary Services Framework”).

(2) That the Board/Governing Body of the (name of the Ancillary Service Provider) has, vide resolution passed in its meeting held on _____resolved to operate under BATF Regulations and provide the (name of the services intending to pro-vide).

3. I , on behalf of the (name of the Ancillary Service Provider), do hereby convey our willingness to operate under BATF Regulations and affirm our commitment to adhere to all ap-plicable legal requirements, ensuring full compliance of the requirement specified under BATF Regulations.

4. I, on behalf of the (name of the Ancillary Service Provider), understand and acknowledge that pursuant to our expressed willingness and commitment to operate strictly in accordance with the BATF Regulations and the subsidiary directions issued thereunder, IFSCA may grant the letter of continuation under regulation 4 (3) of the BATF Regulations.

For and on behalf of
(Name of the applicant)
Authorized signatory

(Signature)

426. For stock exchange’s registration or renewal

FORM A

(See Regulation 5 and 12)

Application for recognition under regulation 5/renewal of recognition of a stock exchange under regulation 12 of the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021

To

………………………………..

………………………………..

Subject: Application for recognition of a stock exchange under regulation 5/ Applica-tion for renewal of recognition of a stock exchange under regulation 12 of the International Finan-cial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021.

Dear Sir,

1. Pursuant to the Notification ……..dated ………../Certificate of recognition dat-ed………….We/I on behalf of ……….. (name and address of stock exchange) being a stock ex-change as defined in section 2 of the Securities Contracts (Regulation) Act, 1956 hereby apply for recognition/renewal of recognition for the purposes of the said Act in respect of contracts in secu-rities.

2. Enclosed with this application are:

a) four copies of the rules, memorandum and articles of asso-ciation relating in general to the constitution and management of the stock exchange and

b) four copies of the bye-laws for the regulation and control contracts in securities

3. All the necessary information required in the Annexure to this Form is en-closed. Any additional information will be furnished as and when called for by the International Fi-nancial Services Centres Authority (IFSCA).

4. We/I on behalf of the said stock exchange hereby undertake to comply with the requirements of regulation 8 of the Regulations and such other conditions and terms as may be contained in the certificate of recognition or be prescribed or imposed subsequently.

5. Remittance receipt No. …. dated……for USD ……….is at-tached..

Yours faithfully,
Signature of applicant

ANNEXURE TO FORM ‘A’

Part I – General

1. Name of the applicant stock exchange.

2. Address.

3. Date of establishment.

4. Is your exchange a joint stock company (state whether public or private) registered under the Indian Companies Act or an association for profit or otherwise? If it is organized on some other basis, please provide details thereof.

5. Please provide details of your capital structure and attach three copies of the audited bal-ance sheets and profit and loss account of the Exchange for the preceding three years.

Part II – Membership

6. State the number of members at the time of application. Please specify the number of inactive

7. State whether there is any provision, resolution or convention for limiting the number of members and whether in pursuance thereof you have fixed a ceiling on the number of members that you would take.

8. Do you insist on any minimum qualifications and experience before enrolling new mem-bers? If yes, please provide

9. State the different classes of members, if any, the number thereof and the privileges en-joyed by each class. What is the procedure followed by your exchange for the admission of differ-ent classes of new members?

10. What are the rates of your annual subscription in respect of the different classes of members?

11. Do you collect any security deposit from your members? If yes, please provide details and state the manner in which such deposits are utilized and the rate of interest allowed, if any.

12. Do you collect any admission or entrance fees from your members or from partners of firms who are members? If yes, how much?

13. Do you insist on your members and partners of firms who are members divesting them-selves of other activities either as principal or as employee?

14. Do your rules permit firms to become members? If yes, is it incumbent on members to seek the approval of the governing body before admitting new partners? State the conditions, if any, laid down in your rules for the admission of such

15. In the event your rules do not permit firms from being enrolled as members, do you permit individual members to form a partnership? State the procedure followed for the recogni-tion of such

16. Do you permit members to work in partnership with non-members? If yes, how far such non-members subject to the control of the stock exchange?

Part III – Governing Body

17. What is the present strength of your governing body? Please provide details of the constitution, powers of management, election and tenure of office of mem-bers of the governing body, and the manner in which its business is

18. Are any trade or commercial interest represented on your governing body? If yes, please provide details of interests represented.

19. Do you associate shareholders of investors associations with the management of your exchange? If yes, please state the manner in which it is

20. Are there any Government representatives on your governing body? If yes, furnish their

21. Do your rules provide for the direct election by members of any other bodies or commit-tees, apart from the governing body? If yes, please provide details of their constitution, tenure, powers and functions.

22. Do you have any provision for the appointment of standing or ad hoc sub- committees of the governing body? If yes, furnish details of the method of their appointment, terms of office, powers and functions.

23. Give the designations, powers and duties of principal office-bearers of your Are any of these office-bearers in the pay of the stock exchange? If yes, please provide details as to the mode of their appointment, tenure of office and remuneration.

Part IV – Trading

24. Do you have a trading ring? If not, how do you carry on the business? Please provide de-tails.

25. State the different kinds of contracts in use on your exchange g., spot, ready and for-ward. State the period of delivery and payment in each case.

26. Please provide details of business hours for each type of

27. Please provide details of the scale of brokerage and other charges, if any, prescribed by your

28. Do you prescribe standard forms of contract for the use of your members? Attach three copies of each such contract form.

29. Do you classify your members into brokers and jobbers? If yes, specify the bye-law under which this is

30. Do you have a system of registration of remisiers and/or authorized clerks? If yes, please provide details as to their qualifications, obligations and rights,

31. Do you have any regulations regarding dealings by members on their own account whether in the nature of Taravani (day-to-day) or otherwise?

32. Do you have any provisions for regulating the volume of business done by any individual member other than through a system of margins? If yes, please provide details.

33. What provisions have you made for periodical settlement of contracts and differences thereunder, the delivery of, and payment for securities and the passing of delivery orders?

34. Do you have a clearing house for the settlement of contracts? If yes, please provide de-tails of its organization and management.

35. If you have clearing house, what returns do the members of your exchange submit re-garding the transactions cleared through such clearing house? Does the exchange ask for any regu-lar returns in respect of transactions settled outside the clearing house? Submit three copies of forms used in this connection.

36. How do you fix, alter or postpone the dates of settlement?

37. How do you determine and declare making-up prices?

38. Do you have any arrangements for making or recording of bargains?

39. Have you any arrangements for recording and publishing market rates including opening, closing, highest and lowest rates?

40. What provisions have you made for regulating—(a) the entering into contracts, their per-formance and rescission, including contracts: (i) between members, (ii) between a member and his constituent, and (iii) between a member and a non-member; (b) the consequences of breach, de-fault or insolvency on the part of members whether acting as buyers, sellers or intermediaries; and (c) ‘havalas’ and other matters relating to conduct of business of members in the exchange?

41. Do you prescribe margin requirements? If yes, please provide details.

42. Do you prescribe maximum and minimum prices for securities? If yes, how and under what

43. Do you provide any safeguards for the prevention of ‘bullsqueezes’ and; ‘bear- raids’ and for meeting emergencies in trade? Please provide details.

44. What are the measures adopted by you to regulate or prohibit advertising or issue of cir-culars by your members?

45. What are the disciplinary powers with the governing body to enforce due compliance by members of the rules and bye-laws of the exchange and generally to ensure proper standard of business conduct?

46. Do you require members to supply such information or explanation and to produce such books relating to their business as your governing body may require?

47. Do you publish any statistics in regard to business done on the exchange including the transactions settled through the clearing house, if maintained? In particular, have you evolved any machinery for computing the volume of transactions in the different kinds of contracts permitted on your exchange? Please provide details.

48. Do you have any bye-laws contravention of which makes a contract void?

Part V – Miscellaneous

49. Do you have any machinery for arbitration of disputes between members and/or be-tween members and their constituents? Please provide details.

50. What are the conditions subject to which securities are listed for dealings on your ex-change?

51. What are your requirements for admitting securities to forward-trading?

52. Do you have the right to prohibit, withdraw or suspend dealings in a listed security? If yes, under what circumstances is this right exercised?

53. What provisions have you made for the levy and recovery of fees, fines and penalties?

427. For clearing corporation’s registration or renewal

FORM B

[See regulations 5 and 12]

Application for recognition of clearing corporation under regulation 5/renewal of recognition of clearing corporation under regulation 12 of the Inter-national Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021.

To

……………………….

……………………….

Subject: Application for recognition of clearing corporation under regulation 5/ Ap-plication for renewal of recognition of clearing corporation under regulation 12 of the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021.

Sir,

1. We/I on behalf of ………………(name and address of clearing corporation) be-ing a clearing corporation, hereby apply for recognition/renewal of recognition for the purposes of the International Financial Services Centres Authority (Market Infrastructure Institutions) Regula-tions, 2021 (“the Regulations”).

2. Enclosed with this application are:

a. Two copies of the rules, memorandum and articles of association relating in general to the constitution and management of the clearing corpo-ration and

b. two copies of the bye-laws for the clearing and settlement of contracts in securities

3. All the necessary information required in the Annexure to this Form is en-closed. Any additional information will be furnished as and when called for by the Authority.

4 We/I, on behalf of the said clearing corporation, hereby undertake to comply with the requirements of regulation 8(3) of the Regulations and such other conditions and terms as may be contained in the certificate of recognition or be provided or imposed subsequently.

5. Remittance receipt No. …………. dated………………… for USD ………………is attached.

Yours faithfully,

Authorized signatory

ANNEXURE TO FORM ‘B’

Part I — General

1. Name of the applicant clearing corporation.

2. Address.

3. Date of establishment or incorporation of a clearing corporation.

4. Is your clearing corporation a joint stock company (state whether public or private) regis-tered under the Companies Act?

5. Please provide details of your capital structure and attach three copies of the audited bal-ance sheets and profit and loss account of the clearing corporation for the preceding three years.

6. Please provide details of shareholding pattern of the clearing corporation.

7. Has your business viability plan been appraised by a reputed agency having expertise in securities market for its viability? Give a copy of the appraisal report.

8. Have you entered into an agreement with recognized stock exchange(s) for clearing and settling its trades? Give the name of such stock exchange(s) and details of its organization and management.

Part II — Clearing membership of clearing corpora-tion.

9. State the number of clearing members at the time of application. Also specify how many are inactive.

10. State whether there is any provision, resolution, or convention for limiting the number of clearing members and whether in pursuance thereof you have fixed a ceiling on the number of clearing members that you would admit.

11. Do you insist on any minimum qualifications and experience before enrolling new clearing members? If yes, please provide details.

12. State the different classes of clearing members, if any, the number thereof and the privi-leges enjoyed by each class. What is the procedure followed by your clearing corporation for the admission of different classes of new clearing members?

13. What are the rates of your annual subscription in respect of the different classes of clear-ing members?

14. Do you collect any security deposit from your clearing members? If yes, please provide details and also state the manner in which such deposits are utilized and the rate of interest al-lowed, if any.

15.Do you collect any admission or entrance fees from your clearing members? If yes, how much?

16.Do you insist on your clearing members divesting themselves of other activities either as principal or as employee?

17. Please provide details of the scale of brokerage and other charges, if any, specified by your clearing corporation.

18. Do you prescribe standard form of agreement to be entered with the trading member for engaging the services of your clearing member? Attach two copies of such agreement.

19. What are the measures adopted by you to regulate or prohibit advertising or issuing circu-lars by your clearing members?

20. Do you require clearing members to supply such information or explanation and to pro-duce such books relating to their business as your governing board may require?

21. Do you undertake periodic inspection of your clearing members? Please provide details including the number of annual inspections and manpower available for conducting inspec-tion.

Part III — Governing Board

22. What is the present strength of your governing board? Please provide details of the con-stitution, powers of management, election and tenure of office of members of the governing board, and the manner in which its business is transacted.

23. Are any trade or commercial interest represented on your governing board? If yes, please provide details of interests represented.

24. Do you associate members of investors associations with the management of your clear-ing corporation? If yes, state the manner in which it is done.

25. Are there any Government or the Board representatives on your governing board? If yes, furnish their names.

26. How many public interest directors are there on the governing board? Furnish their names, qualifications and experience.

27. Do your rules provide for the direct election by clearing members on the Advisory Com-mittee of the governing board? If yes, please provide details of its constitution, tenure, powers and functions.

28. Do you have any provision for the appointment of standing or ad hoc subcommittees of the governing board? If yes, furnish details of their composition, appointment, term of office, powers and functions.

29. Give the designations, powers and duties of key management personnel of your clearing corporation. Please provide details as to the mode of their appointment, tenure of office and re-muneration.

30. What are the disciplinary powers with the governing board to enforce due compliance by clearing members of the rules and bye-laws of the clearing corporation and generally to ensure proper standard of business conduct?

31. What provisions have you made for the levy and recovery of fees, fines and penal-ties?

Part IV — Clearing and Settle-ment

32. Describe the clearing and settlement system of the clearing corporation.

33. State the different kinds of products being cleared and settled or proposed to be cleared and settled in your clearing corporation (e.g., equity, equity derivative, currency derivatives, inter-est rate derivatives, debt instruments, etc.). State the period of delivery, payment and the settle-ment mechanism in each case.

34. What are the conditions subject to which trades are settled and cleared on your clearing corporation?

35. What are your requirements for admitting derivative transactions for clearing and settle-ment?

36. Do you have the right to prohibit, withdraw or suspend clearing and settlement of deal-ings admitted for clearing and settlement? If yes, under what circumstances is this right exer-cised?

37. Please provide details of the clearing and settlement charges and other charges, if any, levied by your clearing corporation.

38. What provisions have you made for periodical settlement of contracts and differences thereunder, the delivery of, and payment for securities and the passing of delivery orders?

39. How do you fix, alter or postpone the dates of settlement?

40. Do you provide any safeguards for the prevention of market manipulation, especially in the case of physical delivery of shares in the derivative markets and for meeting emergencies in settlement? Please provide details.

41. Provide a detailed assessment of the measures adopted to address the various risks faced by the clearing corporation in terms of the BIS-IOSCO paper on ‘Principles for Financial Mar-ket Infrastructures.’

42. Do you publish any statistics in regard to business done on the clearing corporation includ-ing the value of Settlement Guarantee Fund and transactions settled through the clearing corpora-tion, if maintained? In particular, have you evolved any machinery for computing the gross and net exposure of the clearing corporation and the value of clearing and settling of different kinds of contracts permitted on your clearing corporation? Please provide details.

43. (a) Do you have any bye-laws, contravention of which makes a contract void?

(b) Do you have necessary infrastructure, margin mechanism and adequate risk management mechanism to ensure market safety and integrity? Please provide details

(c) Do you undertake any other activity other than clearing and settling? Please provide details.

(d) What is your net worth? Please provide de-tails.

(e) Please provide details of business hours.

(f) What are the conditions subject to which dealings are admitted for clearing and settlement?

44. Do you maintain Settlement Guarantee Fund? Please provide details of the corpus of the settlement guarantee fund, its contribution, circumstances for utilization, priority of utilization, etc

45. How do you ensure the adequacy of the Settlement Guarantee Fund? Do you perform stress tests on a periodic basis. Please provide details and results of the latest stress test.

46. What is the netting procedure adopted by the clearing corporation for determining the obligations of the clearing member?

47. What is your policy in respect of settling trades of shareholder stock exchange and non-shareholder stock exchange?

48. Do you have any provisions for regulating the volume of business and exposure taken by any individual clearing member other than through a system of margins? If yes, please provide de-tails.

49. What provisions have you made for regulating— (a) entering into contracts, their perfor-mance and rescission (b) the consequences of breach, default or insolvency on the part of trading or clearing members whether acting as buyers, sellers or intermediaries?

Part V — Infrastructure

50. Do you have any machinery for arbitration of disputes between clearing members and/or between clearing members and their constituents and trading member and clearing member? Please provide details.

51. Have you established connectivity with the depositories, clearing banks, stock exchange and clearing members? Please provide details.

52. What is the average load that is being handled by your systems? What is the peak load that can be handled and the extent of scalability of the systems in times of stress?

53. What is your business continuity plan? Please provide details including details of the dis-aster recovery site.

54. What are the names, qualifications, and expertise of your key management person-nel?

428. For depository’s registration or renewal

FORM C

[See regulations 5 and 12]

Application for recognition of a depository under Regulation 5/ renewal of recognition of a Depository under Regulation 12 of the International Fi-nancial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021

To

………………………..

………………………..

Subject: Application for recognition of a depository under regulation 5/ Application for renewal of recognition of a depository under regulation 12 of the International Financial Services Centres Authority (Market Infrastructure Institutions) Regula-tions, 2021

Sir,

1. We/I on behalf of ……………… (name and address of the Depository), being a Depository, hereby apply for recognition/renewal of recognition for the purposes of the said regulations in re-spect of securities contracts.

2. Enclosed with this application are :

i. Two copies of the rules, memorandum and articles of asso-ciation relating in general to the constitution and management of the Depository and

ii. Two copies of the bye-laws

3. All the necessary information required in the Annexure to this Form is en-closed. Any additional information will be furnished as and when called for by the Authority.

4. We/I on behalf of the said Depository hereby undertake to comply with the requirements of Regulation 8 (4) of the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 and such other conditions and terms as may be con-tained in the certificate of recognition or be prescribed or imposed subsequently.

5. Receipt No. …………. dated………………… for USD ………………is at-tached.

Yours faithfully,

Signature of applicant

ANNEXURE TO FORM ‘C’

1. Name of the Applicant:

2. Address of the registered office:

3. Contact coordinates of the of the Applicant:

a. Contact number (s) of the applicant

b. Email address of the applicant

4. Date of incorporation of the depository (enclose certificate of incorporation and memorandum and articles of association)

a. Objects (main and ancillary) of the deposito-ry.

b. Authorized, issued, subscribed and paid-up capital of the depository.

c. Proposed net worth of the depository.

d. Details of proposed shareholding of each appli-cant.

5. Three copies of the audited balance sheets and profit and loss account of the Depository for the preceding three years.

6. Details about each Director of the Depository:

a. Name, age, nationality.

b. Details of educational and other qualifications.

c. Details of experience.

d. Details of other directorships held.

e. Details of any litigation connected with the securities mar-ket which has an adverse bearing on the business of the depository, involving the director or prin-cipal officer, and details of any conviction of the director or principal officer for a crime involving moral turpitude or of any economic offence for which the director or principal officer has been found guilty.

7. Details of staff and organization structure that is proposed to be set- up prior to commencement of business

8. Details of infrastructure such as premises and automatic data processing, storage and back-up systems and procedures, communication systems proposed to be set-up prior to commencement of business.

9. Internal evaluation and monitoring systems including details of background and experience of personnel involved that have been set-up (enclose copies of risk management and operations manuals).

10. Details of the automatic data processing and communications sys-tems:

a. Details of hardware, software and communications sys-tems, their capability, function and location;

b. Details of data storage and back up procedures and sites, their capability, function and location;

c. Details of disaster recovery systems and proce-dures.

11. Details of the agreements entered into with the Depository Participant (copy of the agreement to be enclosed)

12. Arrangements for indemnification of beneficial owners that are proposed to be put in place, including details of insurance cover proposed to be taken prior to the commence-ment of business.

13. Indicate whether premises and automatic data processing and communica-tions systems are owned, leased or rented (enclose copies of title lease or rental agree-ments).

14. Details about the key management personnel

a Designations,

b. Duties,

c. Mode of appointment,

d. Tenure of office

e. Remuneration of key management personnel.

15. Declaration statement (to be given as below).

We hereby agree and declare that the information supplied in the application including the attachment sheets, is complete and true.

And we further agree that, we will notify International Financial Services Centres Authority immediately of any change in the information provided in the application.

We further agree that we shall comply with and be bound by the International Financial Ser-vices Centres Authority Act 2019 and the International Financial Services Centres Au-thority (Market Infrastructure Institutions) Regulations, 2021 and such other guide-lines/instructions which may be announced by the International Financial Services Centres Authori-ty from time to time.

We further agree that as a condition of registration, we shall abide by such operational in-structions/directives as may be issued by the International Financial Services Centres Authority from time to time.

For and on behalf of………………………………………
Authorized signatory……………… ……………………..

(Name)
(Name of the applicant)

(Signature)
Date:
Place:

429. For capital market interme-diary’s registration or renewal

Schedule I

PART I

Application form

S. No.	Parameters	Information by applicant
1.	Name of the applicant
2.	Activity for which application is being made
3.	Address of the registered office Address for correspondence Telephone numbers Name, telephone number (mobile and direct line) and e-mail address of the contact person (Compliance officer / principal officer only)
4.	Legal status of the applicant Law under which it is incorporated/ established/ registered If listed, names on stock exchanges on which it is listed
5.	Date and place of incorporation or establishment Date of commencement of business Please enclose: o Certificate of incorporation, o Memorandum of association o articles of association o LLP deed/ partnership deed / trust deed o provide statutory provisions or any other constitutional documents under which incorpo-rated or established o PAN / Tax Identification Number (if applicable)
6.	Whether present in IFSC in the form of branch or established/ incorporated in IFSC? If established in the form of branch, provide a declaration that the operations of the branch in IFSC would be ring fenced with the operations of outside IFSC
7.	Whether registered with IFSCA or any other regulatory authority in the fi-nancial sector? If yes, provide details of registration (registration number, registration date, validity date) Please enclose a copy of the certificate of registration
8.	Brief summary of activities already carried out by the applicant in IFSC, or outside IFSC
9.	Details such as name, designation, business address, telephone number, e-mail address of the principal officers and board of directors / partners / designated partners/ pro-prietor/ Trustee Please provide a copy of the PAN / Tax Identification Number (if applicable)
10.	List of major shareholders (5% or more voting rights) / part-ners
11.	Financial Information (Balance Sheet and P&L Statement) Please enclose financial information not older than six months as on the date of applica-tion
12.	Net worth as per the latest financial statements of the applicant Please enclose net worth certificate by Chartered Accountant / Company Secretary (or their equivalent in Foreign Jurisdiction) not older than six months as on the date of applica-tion.
13.	Details of infrastructure in IFSC
14.	Business Plan (for at least three years)
15.	In respect of the applicant or its directors, key managerial personnel or controlling shareholders, whether#:
(a)	The person has been convicted of any economic offence? If yes, provide details.
(b)	Any recovery proceeding has been initiated against the person by a finan-cial regulatory authority and is pending? If yes, provide details.
(c)	Any order for winding up has been passed against the person for malfea-sance? If yes, provide details.
(d)	The person has been declared insolvent and not discharged? If yes, pro-vide details.
(e)	Any order, restraining, prohibiting or debarring the person from accessing or dealing in financial products or financial services, has been passed by any regulatory authority? If yes, provide details.
(f)	Any other order has been passed by any regulatory authority against the person which has a bearing on the securities market? If yes, provide details.
(g)	The person has been found to be of unsound mind by a court of compe-tent jurisdiction? If yes, provide details.
(h)	The person has been categorized as wilful defaulter? If yes, provide de-tails.
(i)	The person has been declared as a fugitive economic offender? If yes, pro-vide details.

#A declaration regarding compliance with fit and proper requirements specified in these regulations shall be provided by the applicants.

Additionally, with respect to Investment Advisers, declaration shall be provided re-garding compliance with qualification and certification requirements specified in these regula-tions.

Additional information for the various categories of intermediaries:

A. Broker dealer / Clearing Member

1. Name of Member with Code No.

2. Trade name of member

3. Name of the stock exchange/ clearing corporation of which the applicant is the member

4. Date of admission to exchange / clearing corpora-tion

The application form for broker dealer / clearing member shall be accompanied by a recom-mendation of the stock exchange / clearing corporation.

B. Depository Participant

1. Name of Depository in which the applicant will be acting as participant.

2. Provide the following details regarding safekeeping and security systems and procedures:

i. risk control and operations manuals;

ii. give details of independent internal control mechanisms for monitoring evaluation and review of accounting, and reporting systems and proce-dures.

3. Please provide the following details regarding automatic data processing systems and record keeping:

i. details of hardware, software and communications sys-tems, their capability, function and location;

ii. details of data storage and back up procedures and sites, their capability, function and location;

iii. details of disaster recovery systems and proce-dures.

4. Details of insurance cover to be taken up.

5. A declaration from the depository in which the applicant is to act as participant that:

i. the applicant is eligible to act as depository participant and meets with the eligibility criteria specified in these regulations and in the depository’s bye-laws; and

ii. the applicant has adequate automatic data processing sys-tems, adequate and competent staff, risk management systems, procedures and manuals, disas-ter recovery procedures, secure data storage and off site back up facilities, adequate communica-tions links and insurance to fulfil its obligations as participant to the satisfaction of the deposito-ry.

The application form for depository participant shall be ac-companied by a recommendation of the depository.

C. Investment bankers

1. Experience of key managerial personnel, particularly in in-vestment banking activities.

2. Details of infrastructure shall include details regarding computing facilities, equity research and other relevant information relating to invest-ment banking activities.

3. Experience in handling the activities relating to investment banking during the last 3 years, if applicable.

4. Details of Banking Unit.

5. Name and address of the auditors.

D. [1][***]

E. Investment Advisers

1. Number of principal officers and persons who propose to render investment advice under these regulations on behalf of the applicant.

2. Provide details regarding qualification, work experience and certification of the principal officers and persons associated with investment advice.

3. Provide a copy of the relevant certifica-tions.

4. Details about business plan shall include in-formation about:

a. Type of clients

b. Type of products/ securities on which invest-ment advice is proposed to be rendered

c. Process for risk profiling of the client and for assessing suitability of advice.

5. Additional Declarations:

a. Declaration by the applicant that its principal officer and persons associated with investment advice shall comply with qualification and certifica-tion requirements specified in these regulations.

b. Declaration that the applicant shall not obtain any consideration by way of remuneration or compensation or any other form what-soever, from any person other than the client being advised, in respect of the underlying products or securities for which advice is provided to the client.

F. Custodians

1. Please indicate services that are provided to clients or are proposed to be provided to clients as custodian.

2. Provide details regarding qualification and ex-perience of key managerial personnel.

3. Details about past experience in custodian activities, particularly during the last 3 years.

4. Details about infrastructure shall include de-tails regarding automatic data processing systems and record keeping, back up procedures and dis-aster recovery systems and procedures.

5. Provide details regarding safekeeping and se-curity systems and procedures.

G. Credit Rating Agencies

1. Provide details regarding qualification and experience of key managerial personnel.

2. Details about infrastructure shall include de-tails regarding computing facilities, facilities for research and database available with the appli-cant.

3. Details about past experience in credit rating activities and other activities, particularly during the last 3 years.

H. Debenture Trustees

1. Provide details regarding qualification and experience of key managerial personnel.

2. Details about past experience in debenture trustee related activities, particularly during the last 3 years.

I. Account Aggregators

1. Provide details infrastructure shall include details about the IT systems.

2. Details about past experience in account ag-gregation activities, particularly during the last 3 years.

J. Distributors of Capital Market Products & Services

S. No.	Particulars	Details
1.	Details of Principal Officer(s) including qualifications, certification and work experience (along with supporting documents)
2.	Details of persons associated with distribution activities including their qual-ifications and work experience (along with supporting documents)
3.	Details of Compliance officer including qualifications and work experi-ence
4.	Detailed regulatory business plan, which, among others, shall include in-formation about:
	i) Type of clients proposed to be catered (whether all type of investors or only sophisticated investors).
	ii) Type of capital market products or services which are proposed to be distributed.
	iii) Process proposed to be followed for risk profiling and for assessing suit-ability of a capital market product or service.
	iv) A detailed description of the proposed systems and controls to ensure that its business activities are carried out in compliance with applicable laws and regula-tions.
	v) A detailed description of the proposed governance and risk manage-ment framework covering its business and operations to ensure effective oversight and govern-ance of its operations
5.	Additional Declarations:
	i) That its principal officer and persons associated with distribution activities shall comply with qualification and certification requirements specified by the Authori-ty.
	ii) That the entity shall not obtain any consideration by way of remunera-tion or compensation or any other form whatsoever, from the client, in respect of the capital mar-ket products or services distributed to the client.
	iii) That it shall comply with the code of conduct as specified in Schedule III of the IFSCA (Capital Market Intermediaries) Regulations, 2021 and Annexure I of IFSCA Circular dated December 21, 2022.
	iv) That it shall comply with regulation 49 of the IFSCA (Capital Market In-termediaries) Regulations, 2021 (applicable only if the applicant is registered as an Investment Ad-viser).

Declaration-cum-undertaking [Applicable for all cate-gories of applicants]

We hereby agree and declare that the information supplied in the application, including the attachment sheets, is complete and true to our knowledge.

We undertake to notify the International Financial Services Centres Authority (IFSCA) imme-diately of any material change in the information provided in the application.

We further undertake to comply with, and be bound by the International Financial Services Centres Authority Act, 2019, and the regulations, circulars, guidelines and instructions thereunder as issued by IFSCA from time to time.

We further agree that as a condition of registration, we shall abide by such instructions or directives as may be issued by IFSCA from time to time.

For and on behalf of (Please insert name of the applicant)

Authorised signatory

(Name)(Signature)

Date:
Place:

430. For investment banker’ Half yearly reports

1. Name:

2. Registration / License No. (in case of banking unit operating as an investment banker)

3. Name of the Compliance Officer

4. Addition / deletion / change in address of office from last submitted re-port

5. Change in control, if any, since the last If yes, provide details.

6. Change, if any, in directorship details since the last report

Name	Induction/ retirement/ resignation	Reasons	Effective Qualification Date	Brief Experience (in case of induction)	Shares in the company

7. Change in the key management personnel since last report

Name	Date of Appointment/ Resignation / Termination	Qualification	Experience

8. Change including addition to/in associate concerns

Name	Nature of change	Activities handled	Nature of interest with investment banker

9. New activities undertaken/discontinuation of any existing activities

Activity	When commenced/ discontinued	Object of the new activities/ reasons for discontinuation

10. Details of all pending litigations involving the investment banker

11. Issue management activities (attach separate sheet if required):

Sr. No.	Type of issue	Name of issuer	Instrument	Offer size	Issue Price	Issue opening date	Issue closing date	No. of times oversubscribed
	1	2	3	4	5	6	7	8

–

Functional Responsibility	Stock Exchanges where instruments were to be listed	Date of listing	Reasons for delay in listing (if any)	Opening Price	Current market price	Remarks
9	10	11	12	13	14	15

12. Regulatory action, if any, by IFSCA or any other financial services regula-tor

13. Underwriting activities

13. 1 Total number of issues underwritten during the peri-od

13. 2 Total amount underwritten during the period Outstanding underwriting commitment at the close of the period

13.3 Details of disputed/devolved case

Sr. No.	Name of the issuer	Instrument	Amount underwritten	Amount devolved	Devolvement met yes/no	If not met, the reasons thereof & how dispute was settled

14. Redressal of Investor Grievances

System of redressal of investor grievances (a brief write up)

i. Number of investor grievances received during the peri-od

ii. Nature of grievances

iii. Number of grievances resolved

iv. Number of grievances pending

v. The date of oldest grievance

15. Financial Information

Please enclose a copy of the latest audited financial results along with schedules.

16. Changes, if any, in significant shareholding (more than 5%)

Name	Date	Investment / disinvestment	Number of Shares	% of total paid- up capital

17. List of major shareholders holding more than 5%

Name	PAN (if available)	Number of Shares	% of total paid-up capital

18. Any capital issue (rights or public) during the period. If yes, details thereof inclusive of status of complaints from investors and their redressal.

19. Indictment or involvement in any economic offence by the investment banker or its di-rectors or KMPs or principal officer, if any, during the period.

PLACE:

DATE:

AUTHORISED SIGNATORY

431. For Clear-ing Corporation’s Monthly Devel-opment Report (MDR)

1. Clearing and Settlement for Segments –

Sr. No.	Name of Segment	Average Daily Settlement Value (INR Crores)*		Highest Settlement Value for the Month (INR Crores)
1	Equity market	Funds
		Securities
2	Equity Derivatives
3	Currency Derivatives
4	Debt Market	Funds
		Securities
5	ITP	Funds
		Securities

* Average Daily Settlement Value = Total Settlement Value for the Month/ Total number of trading days Total Settlement Value shall include settlement value of normal trades, trade for trade and block deals

2. Top 10 Settlement Shortages for each segment

Sr. No.	Name of Member	Shortage in Segment	Date of Settlement (for which there was a short-age)	Number of times the Member had settlement shortages in the previous 6 months	Shortage Type (Funds/ Securities)	Amount (INR Crores)

Note : In cases of repetitive shortages by members, action taken by the Clearing Corpora-tion, if any –

3. Penalty Imposed on Short / Non-Collection of Margins / Margin Vio-lation/ Settlement Shortages and other penalties Imposed/collected by Clearing Corporation –

Sr. No.	Type of Penalty Collected	Number of members	Amount of Penalty	Interest on Penalty	To which fund it is transferred (IPF/ SGF)

Note:

IPF – Investor Protection Fund SGF – Settlement Guarantee Fund

1. Securities lending and borrowing

Sr. No.	Particulars	Figures
1	Number of securities permitted
2	Number of securities traded
3	Turnover for the month (INR)
4	Lending fees collected (INR)

2. Members declared Default-er/Expelled

Sr. No	Name of Member declared defaulter/ Expelled	Date of default/ Expulsion	Reason for declaring defaulter/ Expulsion

3. Corpus of core SGF (for the Month of , 20XX)

Sr No	Segment	Minimum Required Corpus (INR crores)*	Contributions towards MRC by			Other Contributions **	Total SGF Available with the Clearing Corporation
			Clearing Corporation (INR crores)	Stock Exchange (INR crores)	Members (INR crores)
1	Equity market
2	Equity Derivatives
3	Currency Derivatives
4	Debt Market
Total

* Minimum Require Corpus (MRC) as applicable for the month

**Other Contributions shall include Penalties, Interests and other accruals to SGF

4. Investment of Core SGF

Sr No	Instrument of Investment	Amount (INR crores)	Tenure of Investment

CLEARING CORPORATION ADMINISTRATION

1. Composition of Governing Board (To be reported in case of change):

Sr. No.	Names	Category	Date of Appointment	Date of Last Renewal of the term	No. of terms completed	Date of Expiry of current term

2. Composition of Statutory/Standing Committees (To be reported in case of change):

Sr. No.	Names	Category	Date of Appointment	Date of Last Renewal of the term	No. of terms completed	Date of Expiry of current term

3. Board Meeting / Annual General Meeting / Extra Ordinary General Meeting Held During the Month:

Sr. No.	Date of the Meeting	Names of Members who attended the Meeting	Board Meeting/ AGM/EGM	Main Heading of Agenda

4. Important Decisions taken by governing board in the meeting(s).

MISCELLENEOUS

1. Net worth as on March/ June/ September/ De-cember 20XX (INR crores) –

2. Shareholding pattern as on date –

Sr. No.	Entity	Shares	% Equity

3. Implementation status of Circulars of Regula-tor

Circular No. & date	Provisions in the circular (Subject)	Implemented (Y/N)	Date of implementation of the provisions	In case not implemented, reasons for non- implementation

4. No. of Clearing Member/Self Clearing Mem-ber/Professional Clearing Member segment wise.

Segments	SCM		TMCM		PCM		Custodian
	Total	Enabled	Total	Enabled	Total	Enabled	Total	Enabled
Total

5. Top 10 Clearing Members based on highest ‘Daily Average Pay-In’ obligation for each segment:

Sr. No.	Name of Clearing Member	Category (CM/SCM/PCM)	Segment	Amount (INR crores) *

Note: Separate tables for each segment

*Daily Average pay-in = Daily average value of Funds + Securities

6. Inspections of Clearing Members

Sr. No	Number of Clearing members inspected during the period	Cumulative number of Clearing embers inspected during the current Finan-cial Year

7. Major Observations in Clearing Member Inspections, if any –

8. Any other matter that the Clearing Corporation would like to report

*****

(Author can be reached at email address satishagarwal307@yahoo.com or on Mobile No. 9811081957)

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