Introduction: The International Financial Services Centrals Authority (IFSCA) has issued a press release to caution the public against dealing with unauthorised entities within the International Financial Services Centre (IFSC). This warning comes in response to the actions of Nyara Consultancy Services (IFSC) Private Limited (“Nyara”), which has misrepresented itself as a regulated entity within the IFSC and provided unauthorised forex trading services to investors without obtaining proper authorization from IFSCA or any domestic financial sector regulator.
Detailed Analysis: The IFSCA’s warning is a crucial step to protect investors and maintain the integrity of the financial markets in the IFSC. Nyara’s actions are a clear violation of regulatory guidelines and could expose investors to significant risks. It is essential for both investors and the general public to exercise caution when engaging with entities in the IFSC for any financial services.
The IFSCA emphasizes the importance of ensuring that any entity one deals with in the IFSC is duly regulated by IFSCA to conduct permissible activities. To help the public make informed decisions, IFSCA maintains a list of regulated entities on its official website (ifsca.gov.in). By referring to this list, individuals can verify the legitimacy of the entities they intend to work with.
Conclusion: The IFSCA’s commitment to investor protection and maintaining the highest standards of integrity in the IFSC is evident in this cautionary press release. The authority encourages the public to promptly report any doubts or suspicions regarding unauthorised activities or entities within the IFSC. Maintaining trust and transparency in the financial markets is paramount to safeguarding investments and fostering a healthy financial environment.
In light of the warning issued by IFSCA, individuals and investors should exercise due diligence when considering financial services in the IFSC and refer to the official list of regulated entities for peace of mind. This measure ensures that their investments remain secure and legitimate, in line with IFSCA’s mission to uphold the highest standards in the financial services sector.
IFSCA
INTERNATIONAL FINANCIAL SERVICES CENTRALS AUTHORITY
Press Release
Caution to Public against Dealing with Unauthorised Entities in IFSC
It has come to the notice of IFSCA that an entity named Nyara Consultancy Services (IFSC) Private Limited (“Nyara”) has portrayed itself as a regulated entity in the International Financial Services Centre (“IFSC”) and had provided unauthorised forex trading to some investors without taking any registration/ authorisation from IFSCA or any domestic financial sector regulator for any of its activities in the IFSC.
2. The investors and the general public are hereby cautioned against dealing with any unauthorized entities in the IFSC. Any person dealing with entities in the IFSC for any financial services should ensure that such entity is regulated by IFSCA for carrying out permissible activities in the IFSC. The list of regulated entities is available on the website of IFSCA(ifsca.gov.in).
3. IFSCA is committed towards maintaining the highest standards of investor protection and ensuring integrity in the financial markets in the IFSC. In case of any doubt or suspicion regarding any unauthorised activity or entity in the IFSC, the same may be immediately reported to IFSCA.
November 02, 2023
Gandhinagar
