International Financial Services Centres Authority (IFSCA) has issued a circular outlining the fee structure for Payment System Operators (PSOs) in IFSC, effective immediately. This circular, issued under the IFSCA (Payment and Settlement Systems) Regulations, 2024, specifies application fees, authorization fees, annual recurring fees, and additional charges for modifications or regulatory waivers.
Entities covered include real-time or deferred large-value payment systems, trade repositories, issuers of Legal Entity Identifiers (LEIs), card payment networks, and TREDS platforms, among others. The application fee for all entities is set at $1,000, while authorization fees range from $5,000 to $15,000, with annual fees between $5,000 and $15,000, depending on the entity type. An activity-based fee of 20% of the authorization fee and a $2,500 processing fee apply in certain cases.
The new fee structure is in line with the circular issued on May 17, 2023, regarding fees for entities undertaking financial activities in IFSC. All previous provisions remain applicable. Payment System Operators and applicants must comply with these revised fees for registration, licensing, and operational modifications.
INTERNATIONAL FINANCIAL
SERVICES CENTRES AUTHOURITY
Circular No. IFSCA-FMPP0BR/12/2023-Banking-Part(2) –SO/001 Dated: April 02, 2025
To,
All Payment System Operators (PSO) in IFSC/ Applicants desirous to setup a PSO in IFSC
Dear Sir/Madam,
Subject : Fee structure for Payment System Operators/ Applicants desirous to setup a PSO in IFSC
This circular is issued in exercise of powers under Regulation 6(2) and 12(2) of International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024, read with clause 6(iii) of the circular on Fee Structure for the entities undertaking or intending to undertake permissible activities in IFSC dated May 17, 2023, relating to fees applicable on grant of authorisation for all other FIs.
2. The following fee structure is applicable to all PSO/ applicants desirous to setup a PSO in IFSC, as applicable:
S.No. |
Entities |
Appli cation Fees1 |
Licence/Registratio n/Authorisation Fees |
Recurring Fees |
Activity based fee |
Processing Fees |
|||||
Flat |
Conditional |
||||||||||
Type of Fee |
Amount |
Type of Fee |
Amount |
Basis of Fee |
Amount |
Modification of terms & conditions of grant of Licence/Regist ration/Authoris ation/Recogniti on, etc. (of substantivenature) |
Relaxation/wa iver of provisions of applicable Regulations, Guidelines, Circulars, etc., and/or Removingdifficulties |
||||
–
L |
Payment System Operators (PSO) |
||||||||||
(a) |
Real time or deferred large value payment system |
$1000 |
Authoris ation |
$15000 |
Annual |
$10000 |
N.A. |
Nil |
Nil |
20% of Authorisation Fee |
$2500 |
(b) |
Trade Repository |
$1000 |
Authoris ation |
$5000 |
Annual |
$5000 |
N.A. |
Nil |
Nil |
20% of AuthorisationFee |
$2500 |
(c) |
Issuers of Legal Entity Identifier (LEI) |
$1000 |
Authoris ation |
$10000 |
Annual |
$5000 |
N.A. |
Nil |
Nil |
20% of Authorisation Fee |
$2500 |
(d) |
Card Payment Networks |
$1000 |
Authoris ation |
$15000 |
Annual |
$15000 |
N.A. |
Nil |
Nil |
20% of Authorisation Fee |
$2500 |
(e) |
TREDSplatforms authorised under the Payment and Settlement Systems Act, 2007 |
$1000 |
Authoris ation |
$5000 |
Annual |
$10000 |
N.A. |
Nil |
Nil |
20% of Authorisation Fee |
$2500 |
(f) |
Any Other |
$1000 |
Authoris ation |
$15000 |
Annual |
$10000 |
N.A. |
Nil |
Nil |
20% ofAuthorisation Fee |
$2500 |
3. All other provisions of circular on “Fee structure for the entities undertaking or intending to undertake permissible activities in IFSC”, dated May 17, 2023, (as amended) shall apply.
4. This circular shall come into force with immediate effect.
Yours faithfully,
Supriyo Bhattacharjee
Chief General Manager
Head Department of Banking
Notes:
1 In accordance with regulation 4(3) of International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024
