INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 11th April, 2023
International Financial Services Centres Authority (Fund Management) (Amendment) Regulations, 2023
IFSCA/2022-23/GN/REG034.—In exercise of the powers conferred by sub-section (1) of Section 28 read with sub-section (1) of Section 12 and sub-section (1) of Section 13 of the International Financial Services Centres Authority Act, 2019, Section 28C of the Securities and Exchange Board of India Act, 1992, the International Financial Services Centres Authority hereby makes the following regulations, further to amend the International Financial Services Centres Authority (Fund Management) Regulations, 2022, (hereinafter referred to as the principal Regulations), namely: –
1. (1) These regulations may be called the International Financial Services Centres Authority (Fund Management) (Amendment) Regulations, 2023.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In regulation 77 of the principal Regulations, for sub-regulation (2) , the following sub-regulation shall be substituted, namely:—
“The funds of a client availing portfolio management services (other than those availing only advisory services) may be maintained in-
(a) a specific bank account of the FME in a Banking Unit;
(b) a specific bank account of the client in a Banking Unit, a bank in India or a Foreign Jurisdiction; or
(c) any other manner as may be specified by the Authority.
Provided that when the funds are maintained in the specific bank account of a client, the FME operating as portfolio manager shall ensure that it is duly authorised to operate the said bank account either by itself or through a custodian and that it shall provide the details of all such bank accounts including transactions carried out thereunder, to the Authority, whenever directed to do so.”
INJETI SRINIVAS, Chairperson
[ADVT.-III/4/Exty./017/2023-24]
Note:
1. The International Financial Services Centres Authority (Fund Management) Regulations, 2022 were published in the Gazette of India: Extraordinary vide notification No. IFSCA/2021-22/GN/REG024 on 19th April 2022.
