International Financial Services Centres Authority (IFSCA) issued Circular F. No. 1744/IFSCA/BATF/2024-25 on June 28, 2024, detailing the procedures for registration and compliance under the IFSCA (Book-keeping, Accounting, Taxation, and Financial Crime Compliance Services) Regulations, 2024 (BATF Regulations). Notified in the Official Gazette on June 4, 2024, these regulations require entities to follow specified forms and procedures for registration and service provision.
To seek registration under BATF Regulations, applicants must use the application form provided in Annexure-1 of the circular, available on the IFSCA website. Existing Ancillary Service Providers (ASPs) wishing to offer BATF services must express their willingness using the format in Annexure-2 and notify IFSCA of any significant changes in their structure or functions promptly.
Applicants and BATF Service Providers are required to pay applicable fees as outlined in a separate circular on the fee structure, which is subject to amendments. This circular comes into force immediately, under the authority granted by section 12 of the IFSCA Act, 2019. The circular, including the application form and additional details, can be accessed on the IFSCA website.
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
(2nd and 3rd Floor, Pragya Tower, GIFT SEZ, GIFT City, Gandhinagar)
Circular F. No. 1744/IFSCA/BATF/2024-25 Dated: June 28, 2024
Subject: Form and Manner for seeking registration and other requirements under International Financial Services Centres Authority (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024.
1. Reference may be drawn to the International Financial Services Centres Authority (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024 (hereinafter referred as “BATF Regulations”) which have been notified in the Official Gazette on June 04, 2024. In terms of various requirements under these regulations, following are specified:
(i) Application Form [Reg. 5(1)]:
The application form for seeking registration under the BATF Regulations is annexed to this circular as Annexure-1 and is also available at IFSCA website https://ifsca.gov.in/Downloadfile/Index.
(ii) Submission of willingness by existing Ancillary Service Providers [Reg. 4(2)] :
(a) An Ancillary Service Provider, intending to provide BATF Services under BATF Regulations, shall communicate its willingness in the format specified at Annexure-2.
(b) Post communication of the willingness, any material changes in its function/ structure shall be communicated to the Authority, forthwith.
(iii) Payment of Applicable Fees [Reg.17]
2. An Applicant/ BATF Service Provider shall pay such fees as applicable and specified in the separate Circular titled as “Fee Structure for the Entities undertaking or intending to undertake permissible activities in IFSC”, as amended from time to time.
3. This circular is issued in exercise of powers conferred by section 12 of the International Financial Services Centres Authority Act, 2019, and shall come into force with immediate effect.
4. A copy of this circular is available on the website of the Authority https://ifsca.gov.in/Circular.
(Praveen Trivedi)
Executive Director
ANNEXURE-1
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY COMMON APPLICATION FORM (CAF)
This form must be submitted by all Applicants1 desirous of setting up an IFSC Unit in GIFT IFSC and for obtaining relevant permissions under the respective IFSCA Regulations/ Frameworks, except entities applying as Market Infrastructure Institutions (MII), Fintech Sandbox, Fintech Accelerator and Foreign Universities proposing to set up branch campuses in IFSC.
2. In addition to this form, you may be required to submit other supplementary forms as applicable to your intended business activities in GIFT IFSC.
3. All questions must be answered by the Applicant in English language only. Incomplete applications will not be considered. In case the applicant has already answered a question, specific reference to that cell/section may be provided to avoid duplication. In case of any non-applicability of a question, the Applicant may answer to that effect, stating the reasons justifying the non-applicability.
4. Applicants are advised to refer to the IFSCA website for latest amendments in the relevant IFSCA Regulations/ Frameworks/ Circulars etc. that may be pertinent to your application.
5. Applicants are required to pay the following fees:
(i) IFSCA Application Fee, as applicable to the intended business activity (Please refer Section I);
(ii) SEZ Fee (Please refer Section I).
6. All the documents provided must be in English language only. If any of the document is not in English, a certified English translation is required. The English translation to be certified “true copy” by the concerned financial regulator in country of the Applicant or an external legal counsel. All the documents provided shall be self-certified. However, in case of foreign nationals the documents are to be apostilled / notarized (e.g. Certificate of Incorporation, Certificate / Declaration of the person being authorized to act on behalf of the entity etc.)
7. IFSCA reserves the right to seek any additional information or clarifications, as necessary.
Notes
1 For applicants proposing to setup an IFSC Unit as a branch in IFSC, applicant shall be read as Parent Entity. Page 2 of 26
