The International Financial Services Centres Authority notified the International Financial Services Centres Authority (Performance Review Committee) (Amendment) Regulations, 2026 on January 5, 2026, exercising powers under Sections 28(1) and 17(4) of the IFSCA Act, 2019. The amendment modifies Regulation 3(1)(ii) of the 2022 regulations governing the composition of the Performance Review Committee. Specifically, it replaces the earlier provision permitting “up to two independent experts” with a requirement for “at least two independent experts from relevant fields.” This change strengthens the committee’s composition by mandating a minimum threshold of independent expertise and ensuring that such experts possess domain-relevant knowledge. The amendment takes effect from the date of publication in the Official Gazette. By enhancing independence and technical depth within the Performance Review Committee, the regulation aims to improve the robustness, objectivity, and quality of performance assessments carried out under the IFSCA’s regulatory framework.
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 5th January, 2026
International Financial Services Centres Authority (Performance Review Committee) (Amendment) Regulations, 2026
F. No. IFSCA/GN/2026/004.— In exercise of the powers conferred by sub-section (1) of Section 28 read with sub-section (4) of Section 17 of the International Financial Services Centres Authority Act, 2019, the International Financial Services Centres Authority hereby makes the following regulations, further to amend the International Financial Services Centres Authority (Performance Review Committee) Regulations, 2022 (hereinafter referred to as the principal regulations), namely:-
1. (1) These regulations may be called the International Financial Services Centres Authority (Performance Review Committee) (Amendment) Regulations, 2026.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In clause (ii) of sub-regulation (1) of regulation 3 of the principal regulations, for the words “Up to two independent experts”, the words “At least two independent experts from relevant fields” shall be substituted.
PRAVEEN TRIVEDI, Executive Director
[ADVT.-III/4/Exty./600/2025-26]
