IFSCA has revised the meeting frequency requirement for the governing bodies of IFSC Banking Units (IBUs). Previously outlined in the ‘IFSCA Banking Handbook: General Directions – V 5.0 (GEN)’, Module No. 2 on ‘Governance Directions (GOV)’, the governing body of an IBU is now mandated to meet at least once every quarter during a financial year. However, they retain the flexibility to hold more frequent meetings as deemed necessary. This change, effective immediately, is issued under the authority granted by Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, which empowers IFSCA to regulate financial products, services, and institutions within the International Financial Services Centres. Corresponding amendments will be made to the IFSCA Banking Handbook in due course.
International Financial Services Centres Authority
Circular F No. IFSCA-FMPP0BR/8/2025-Banking/001 Date: April 08, 2025
To,
All IFSC Banking Units (IBUs)
Madam/ Sir,
Subject: Revision to the requirement of meetings of the governing body of the IBUs in IFSC.
1. Please refer to point 4 of para 3 of the Module No. 2 on ‘Governance Directions (GOV)’ of the ‘IFSCA Banking Handbook: General Directions – V 5.0 (GEN)’.
2. The content of the aforementioned point shall be replaced by the following:
“The governing body of the IBU shall meet at least once each quarter during a financial year, with the flexibility to convene additional meetings as needed.”
3. This circular is issued in exercise of powers conferred by Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, to develop and regulate the financial products, financial services and financial institutions in the International Financial Services Centres.
4. The relevant amendments to the IFSCA Banking Handbook shall be carried out subsequently. The content of the circular shall come into force with immediate effect.
Yours faithfully
(Supriyo Bhattacharjee)
Chief General Manager
Head – Department of Banking
