International Financial Services Centres Authority (IFSCA) has issued Circular No. IFSCA-GIC/1/2024-CM on July 31, 2025, outlining the transition process to the newly notified IFSCA (TechFin and Ancillary Services) Regulations, 2025 (“TAS Regulations”), effective from July 8, 2025. New applicants seeking to operate as TechFin and Ancillary Service Providers must submit applications in the prescribed format via email, with applicable fees detailed in Annexure-II, while existing fee circulars remain in force. For pending applications under previous frameworks (Ancillary Services or FinTech), the transition will be governed by TAS Regulations without requiring additional processing fees. Entities holding in-principle approvals must secure a Certificate of Registration (CoR) within 12 months from the date of TAS notification, or such approval will lapse unless extended by IFSCA. Existing entities operating under the older frameworks may continue operations for up to 12 months post-notification or until CoR is granted under the new regulations, whichever is earlier. The circular has been issued under the authority granted by the IFSCA Act, 2019, and relevant provisions of the TAS Regulations, and is effective immediately. Stakeholders are advised to review the full circular and comply accordingly.
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
(FINANCIAL SUPPORT SERVICES REGULATORY DIVISION)
Circular No. IFSCA-GIC/1/2024-CM |Dated: July 31, 2025
Subject: Transition to IFSCA (TechFin and Ancillary Services) Regulations, 2025
Reference is drawn to the International Financial Services Centres Authority (TechFin and Ancillary Services) Regulations, 2025 (“TAS Regulations”) which have been notified in the Official Gazette on 8th July, 2025.
2. In terms of various requirements under TAS Regulations, following are specified:
(A) New Applications:
An entity desirous of obtaining a Certificate of Registration (CoR) as TechFin and Ancillary Service Provider (TAS Provider), may submit an application to the Authority, through email in the format specified under Annexure-I. The application may be sent at the designated email address: tas-ifsc@ifsea.aov.in
The fees structure for new applicant entity is provided at Annexure-II. All other terms and conditions of IFSCA fees circular dated April 8, 2025 as amended from time to time, shall remain the same.
(B) Pending applications, under the Framework for enabling Ancillary services at IFSC or Framework for Fin Tech Entity (collectively referred to as “existing frameworks”):
All the pending applications under the existing frameworks, as on the date of notification of TAS Regulations, shall be processed in accordance with the provisions of TAS Regulations.
Provided that where the applicant has already paid the application/ processing fees under the existing frameworks, no additional application/ processing fees shall be payable.
(C) Transition of Entities which were granted in-principle approval under the existing frameworks:
An entity which has been granted an in-principle approval under the existing frameworks prior to the notification of the TAS Regulations, shall obtain a CoR within a period of 12 months from the date of notification of the TAS Regulations, unless extended by the Authority.
Provided that the validity of in-principle approval shall expire, if such entity fails to obtain the CoR within a period of 12 months from the date of notification of the TAS Regulations.
Such entity shall continue to pay the applicable fees in terms of the existing frameworks till the time it is granted a CoR under the TAS Regulations.
(D) Transition for Existing Entities (Ancillary Services Providers or TechFin Entities):
An entity authorised under the existing frameworks may continue operations under the existing frameworks till the grant of CoR under the TAS Regulations, or 12 (twelve) months from the date of notification of the TAS Regulations, unless extended by the Authority, whichever is earlier.
3. This Circular is issued in exercise of the powers conferred under sections 12 of the International Financial Services Centres Authority Act, 2019, read with regulations 6 and 15 of the TAS Regulations, 2025, and shall come into force with immediate effect.
4. A copy of this Circular is available on the website of the International Financial Services Centres Authority at ifsca.gov.in
5. All stakeholders and market participants are advised to take note of the above.
Enclosure: As above.
(Sathyaraj CM)
General Manager
To,
Entities undertaking or desirous to undertake the Ancillary services and/or TechFin Services from the GIFT-IFSC
