IFSCA (Annual Report and Returns and Statements and Other Particulars) Rules, 2022

MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 28th February, 2022

G.S.R. 167(E).—In exercise of the powers conferred by clauses (e) and (f) of sub-section (2) of section 27 read with section 19 of the International Financial Services Centres Authority Act, 2019, the Central Government hereby makes the following rules, namely:

1. Short title and commencement.- (1) These rules may be called the International Financial Services Centres Authority (Annual Report and Returns and Statements and Other Particulars) Rules, 2022.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. Definitions.-

(1) In these rules, unless the context otherwise requires,

(a) “Act^‖ means the International Financial Services Centres Authority Act of 2019;

(b) “Form^‖ m ans the form of the annual report annexed to these rules;

(c) “financial year^‖ means the period beginning on the 1^st day of April and ending on the 31^st March of the immediately following year;

(d) “IFSCA^‖ means the International Financial Services Centres Authority

(2) Words and expressions used in these rules but not defined, and defined in the Act shall have the meanings respectively assigned to them in the Act.

3. Form of annual report.-The Authority shall prepare its annual report, giving true and full accounts of its activities, policies and programmes, during the previous financial year in the Form annexed to these

4. Submission of annual report. – The Authority shall submit a copy of the annual report referred to in rule 3 to the Central Government within a period of ninety days after the end of every financial year.

5. Furnishing of returns and statements and other particulars.- The Authority shall furnish to the Central Government –

(i) monthly updated status on the development and regulation of the financial products, financial services and financial institutions in the International Financial Services Centres;

(ii) monthly updated status on a scheme or project or event that has received assistance or support from the Central Government

(iii) report or statement or information on any other item as may be required by the Central Government.

Form of Annual Report

[See rule 3]

Section A:

(i) Statement of Goals and Objectives

(ii) Chairman’s Message/Statement

(iii) Members of the Board

(iv) Senior Management of the Authority

Contents

(i) List of Box Items

(ii) List of Tables

(iii) List of Figures

(iv) Abbreviations

Section B: The Year in Review: Overview of the General Economic Environment for –

(i) Global Economic Assessment, Outlook and Opportunities for IFSCA

(ii) Domestic Economic Assessment and Prospects limited to IFSCA

Section C: Review of policies, programmes and activities of the Authority:

This shall include the account/review with respect to the following broad areas:

(i) Capital Market

(ii) Banking

iii) Insurance

(iv) International Bullion Exchange

(v) Fintech Hub

(vi) Global in House Centres

(vii) Aircraft Leasing

(viii) Other areas

The write-up should detail on point (a) to point (j) as described below:

(a) Financial Products/Services/Market Infrastructure Institutions: Activities with respect to regulations, notifications, issuance of major circulars/guidelines including

(b) Transaction/Processes/Operations/Trends

(c) Advocacy and Outreach: Campaigns, engagements/consultations, publications etc.

(d) Research: Working papers, research reports, assessment & prospects etc.

(e) Regulations and Supervision

(f) Surveillance Mechanisms

(g) Enforcement and Recovery proceedings

(h) Legal Aspect

(i) International Engagements

(j) Policies and Programmes for the following year

Section D: A List/coverage of the quasi-legislative, executive and quasi-judicial functions of the Authority:

Section E: A performance assessment of the Authority with respect to: Outcomes/Target/Achievement/ Impact (with respect to objectives, mandate, vision). Summary data of the same:

Section F: Source of funds and major areas of expenditure:

Section C: A statement of non-compliance, if any, with statutory obligations by the Authority and the reason for the same;

Section H: Organisational Matters, including Meetings, Human Resources, Audit Committee, Right to Information and Transparency, Investor protection:

Section I: Such other details as would enable the stakeholders to review and appreciate the performance of the Authority:

Section J: Audit Committees:

Data Appendix: In support of the above