CIVIL

The Law Of Financial Services in India

“Financial product” means—(i) securities;(ii) contracts of insurance; (iii) deposits; (iv) credit arrangements; (v) foreign currency contracts other than contracts to exchange one currency for another that are to be settled immediately; and (vi) any other product or instrument that may be notified by the Central Government from time to time.

Financial service” means—(i) buying, selling, or subscribing to a financial product or agreeing to do so; (ii) acceptance of deposits;(iii) safeguarding and administering assets consisting of financial products, belonging to another person, or agreeing to do so;(iv) effecting contracts of insurance; (v) offering, managing or agreeing to manage assets consisting of financial products belonging to another person; (vi) exercising any right associated with a financial product or financial service; (vii) establishing or operating an investment scheme; (viii) maintaining or transferring records of ownership of a financial product; (ix) underwriting the issuance or subscription of a financial product; (x) providing information about a person’s financial standing or credit worthiness; (xi) selling, providing, or issuing stored value or payment instruments or providing payment services; (xii) making arrangements for carrying on any of the services insub-clauses (i) to (xi); (xiii) rendering or agreeing to render advice on or soliciting for the purposes of—(A) buying, selling, or subscribing to, a financial product; or(B) availing any of the services in sub-clauses (i) to (xi); etcs

Regulator

International Financial Services Centres Authority

Acts

19/12/2019The International Financial Services Centres Authority Act, 2019
01/02/2014The Pension Fund Regulatory and Development Authority Act, 2013
12/08/2008The Payment and Settlement Systems Act, 2007
30/08/2006The Government Securities Act, 2006
23/06/2005The Credit Information Companies (Regulation) Act, 2005
01/05/2000The Foreign Exchange Management Act, 1999
19/04/2000The Insurance Regulatory and Development Authority Act, 1999
10/08/1996The Depositories Act, 1996
04/04/1992The Securities and Exchange Board of India Act, 1992
20/09/1972The General Insurance Business (Nationalisation) Act, 1972
07/12/1961The Deposit Insurance and Credit Guarantee Corporation Act, 1961
04/09/1956The Securities Contracts (Regulation) Act, 1956
10/03/1949The Banking Regulation Act, 1949
01/07/1939The Insurance Act, 1938
06/03/1934The Reserve Bank of India Act, 1934

Rules

29/04/2020International Financial Services Centres Authority (Salary, Allowances and other Terms and Conditions of Service of Chairperson and Members) Rules, 2020.
27/03/2015Insurance Regulatory and Development Authority of India (Regulations of Insurance Business in Special Economic Zone) Rules, 2015
11/12/2020International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020
20/11/2020International Financial Services Centres Authority (Banking) Regulations, 2020
13/11/2020International Financial Services Centres Authority (Employees’ Service) Regulations, 2020
13/11/2020International Financial Services Centres Authority (Procedure for Authority Meetings) Regulations, 2020
13/11/2020International Financial Services Centres Authority (Global In-House Centres) Regulations, 2020

Notifications

16/10/2020Central Government notifies Aircraft Lease and Global in-House Centres in IFSCA Act, 2019
29/09/2020Notification on Commencement of section 13 and section 33 of IFSCA Act, 2019
31/08/2020Powers and functions of the IFSCA to include bullion spot delivery contract and bullion depository receipt
21/08/2020Notification on Commencement of Provisions of IFSCA Act, 2019
27/04/2020Notification for Establishment of International Financial Services Centres Authority and its Head office
13/03/2020Non-Resident Eligible Foreign Investor in IFSC as FII u/s 115AD of Income Tax Act, 1961
05/03/2020Securities u/s 47 of Income Tax Act, 1961 listed of Rec. Stock Exchange in IFSC
13/02/2020Ammendment to Companies (Issue of Global Depository Receipts) Rules, 2014
07/01/2020Foreign Exchange Management (International Financial Services Centre) (Amendment) Regulations, 2020
31/12/2019Special Economic Zone(4th Amendment) Rules, 2019 – Exemption to Alternate Invesment Fund & Mutual Funds
28/11/2019Jurisdictions under Prevention of Money Laundering Act, 2002
18/09/2019Ammendment to Prevention of Money-laundering (Maintenance of Records) Rules, 2005
26/07/2019Exemption to Non Resident and Foreign Company u/s 139(1) of Income Tax Act, 1961
04/01/2017Exceptions, Modifications and Adaptations to specified IFSC Public Company under Companies Act, 2013
04/01/2017Exceptions, Modifications and Adaptations to specified IFSC Private Company under Companies Act, 2013
03/01/2017Amendment to Rule 76 of Special Economic Zone Rules, 2006
08/04/2015Setting up of IFSC units in Special Economic Zone
01/04/2015Setting up of IFSC Banking Units (IBUs) (Updated as on January 21, 2020)
27/03/2015Specific Provisions of Insurance Act not to apply in Special Economic Zone
08/03/2015Procedure for Setting up an IFSC units in Special Economic Zone
02/03/2015Foreign Exchange Management (International Financial Services Centre) Regulations, 2015

Circulars

11/12/2020Guideline on manner of determining net worth for individuals under IFSCA Banking Regulations
11/12/2020IFSC (Banking) Regulations, 2020 – Prudential regulatory requirements
11/12/2020Membership of stock exchanges and clearing corporations in IFSC by foreign entities
09/12/2020Alternative Investment Funds in IFSC
04/12/2020Directons on business in foreign currency at IFSCs
04/12/2020IFSCA (Deposits) Directions, 2020
04/12/2020OTC Derivatives at IFSCs
04/12/2020IFSC (Banking) Regulation, 2020 – Directions for implementation
18/11/2020Global In-House Centres (GIC) in International Financial Services Centre (IFSC)
28/10/2020Depository Receipts in the International Financial Services Centre
21/10/2020Real Estate Investment Trusts in International Financial Services Centres
21/10/2020Infrastructure Investment Trusts in International Financial Services Centres
19/10/2020Framework for Regulatory Sandbox
14/10/2020Market Access through Authorized Persons
07/10/2020Liquidity Enhancement Scheme
16/09/2020Listing and trading of units of Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) on recognized stock exchanges in International Financial Services Centres (IFSC)
09/09/2020Operating Guidelines for Portfolio Managers in International Financial Services Centre
21/08/2020Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 – Amendments_155
21/08/2020Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 – Amendments_154
07/08/2020Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 – Amendment
09/07/2020Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 – Amendments
27/03/2020Risk Management and Inter-bank Dealings- Participation of Banks in Offshore Non-deliverable Rupee Derivative Markets
28/02/2020Operating Guidelines for Investment Advisers in International Financial Services Centre (IFSC) – Clarifications
27/02/2020Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015- Amendments
03/02/2020Currency Future and Options Contracts (involving Indian Rupee) on Exchanges in International Financial Services Centres (IFSC)
20/01/2020Introduction of Rupee derivatives at International Financial Services Centres (IFSC)
09/01/2020Operating Guidelines for Investment Advisers in International Financial Services Centre
28/11/2019Framework for issue of Depository Receipts
10/10/2019Framework for issue of Depository Receipts
09/08/2019Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015-Permissible investments by Alternative Investment Funds operating in IFSC
03/07/2019Taxability of Income earned by a Non-Resident investor from off-shore investments though AIFs
26/04/2019Net worth Requirements for Clearing Corporations in International Financial Services Centre (IFSC)
18/03/2019Clarification on participation of Eligible Foreign Investors (EFIs) in Commodity Derivatives in IFSC
26/11/2018Operating Guidelines for Alternative Investment Funds in International Financial Services Centres
24/05/2018Segregated Nominee Account Structure in International Financial Service Centre (IFSC)
21/05/2018Investment of own funds (excluding funds lying in Core Settlement Guarantee Fund) by Clearing Corporations in International Financial Services Centre (IFSC)
20/02/2018Acceptance of Bank Guarantees by Clearing Corporations in International Financial Services Centre
14/11/2017Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 – Amendments
17/10/2017Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 – Amendments
26/09/2017Participation of Foreign Portfolio Investors (FPIs) in Commodity Derivatives in IFSC
21/09/2017Clarification to SEBI (IFSC) Guidelines, 2015 – Liquidity Enhancement Scheme (LES)
31/08/2017Issuance, listing and trading of debt securities on exchanges in International Financial Services Centres (IFSC)
31/08/2017Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 – Amendments
10/08/2017Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015-Liquidity Enhancement Scheme.
27/07/2017Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 – Amendments
11/07/2017Guidelines for participation/functioning of Eligible ForeignInvestors (EFIs) and FPIs in IFSC – Amendment
23/05/2017Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 – Permissible investments by Portfolio Managers, Alternate Investment Funds and Mutual Funds operating in IFSC
17/05/2017Position limits for cross-currency futures and options contracts (not involving Indian Rupee) on exchanges in International Financial Services Centres (IFSC)
27/04/2017Securities Exchange Board of India (International Financial Services Centres) Guidelines, 2015 – IFSC Banking Units (IBUs) acting as Trading Member or Professional Clearing Member on stock exchanges/clearing corporations in IFSC
13/04/2017Inclusion of “Derivatives on Equity shares”-IFSC
04/01/2017Guidelines for participation/functioning of Eligible Foreign Investors (EFIs) and FPIs in International Financial Services Centre (IFSC)
28/11/2016Guidelines for functioning of Stock Exchanges and Clearing Corporations in International Financial Services Centres (IFSC)
04/07/2016Applicability of 197A(1D) and Section 10(15) of Income Tax Act, 1961 to interest paid by IFSC Banking Unit (IBU)
17/03/2016Securities Exchange Board of India (International Financial Services Centres) Guidelines, 2015 – Inclusion of Commodity Derivatives
28/01/2016Issues Pertaining to Opening of Offices in IFSC, GIFT City, Gujarat

Guidelines

16/01/2019Insurance Regulatory and Development Authority of India (International Financial Service Centre Insurance Intermediary Office) Guidelines, 2019
21/12/2017Insurance Regulatory and Development Authority of India {Registration and Operations of International Financial Service Centre Insurance Offices(IIO)} Guidelines, 2017
06/04/2015Insurance Regulatory and Development Authority of India (International Financial Service Centre) Guidelines, 2015
27/03/2015Securities Exchange Board of India (International Financial Services Centres) Guidelines, 2015

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