A statutory authority established by Government of India
News
24 AUG 2021
The International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India.
IFSCA vide circular dated 9th July 2021 issued the framework for setting up of International Trade Financing Services Platform (“ITFS”) at GIFT International Financial Services Centre (IFSC) for providing Trade Financing Services.
In this regard, IFSCA has invited application from eligible entities, which are desirous of setting up and operating the ITFS, to apply in the prescribed format along with supporting documents to the IFSCA by 15th of September 2021.
IFSCA upon satisfaction in the first instance will grant an in-principle approval to operate in IFSCA Regulatory Sandbox environment for such period as it may consider appropriate, before allowing regular operations.
The ITFS would be an electronic platform for facilitating the trade finance requirements of exporters and importers by providing access to multiple financiers. Once operational, it will play an instrumental role in arranging credit for exporters & importers from global institutions through Factoring, Forfaiting and other trade financing services at competitive cost. The platform is expected to be leveraged by exporters and importers across the world for availing trade finance services, thereby making GIFT IFSC a preferred location for international trade financing.
International Financial Services Centres Authority
Legal Framework
| Date | Title |
|---|---|
| 19/12/2019 | The International Financial Services Centres Authority Act, 2019 |
| 01/02/2014 | The Pension Fund Regulatory and Development Authority Act, 2013 |
| 12/08/2008 | The Payment and Settlement Systems Act, 2007 |
| 30/08/2006 | The Government Securities Act, 2006 |
| 23/06/2005 | The Credit Information Companies (Regulation) Act, 2005 |
| 01/05/2000 | The Foreign Exchange Management Act, 1999 |
| 19/04/2000 | The Insurance Regulatory and Development Authority Act, 1999 |
| 10/08/1996 | The Depositories Act, 1996 |
| 04/04/1992 | The Securities and Exchange Board of India Act, 1992 |
| 20/09/1972 | The General Insurance Business (Nationalisation) Act, 1972 |
Rules
| Date | Title |
|---|---|
| 27/07/2021 | International Financial Services Centres Authority (Banking) Regulations, 2020 (as amended up to 06-07-2021) |
| 16/07/2021 | International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021 |
| 06/07/2021 | IFSCA (Bullion Exchange) (Amendment) Regulations, 2021 |
| 06/07/2021 | IFSCA (Procedure for making regulations) Regulations, 2021 |
| 06/07/2021 | IFSCA (Banking) (Second Amendment) Regulations, 2021 |
| 12/05/2021 | Corrigendum – International Financial Services Centres Authority (Banking) Regulations, 2020 |
| 19/04/2021 | Corrigendum |
| 19/04/2021 | International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 |
| 31/03/2021 | International Financial Services Centres Authority (Finance Company) Regulations, 2021 |
| 31/03/2021 | International Financial Services Centres Authority (Banking) (Amendment) Regulations, 2021 |
REGULATIONS
| Date | Title |
|---|---|
| 27/07/2021 | International Financial Services Centres Authority (Banking) Regulations, 2020 (as amended up to 06-07-2021) |
| 16/07/2021 | International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021 |
| 06/07/2021 | IFSCA (Bullion Exchange) (Amendment) Regulations, 2021 |
| 06/07/2021 | IFSCA (Procedure for making regulations) Regulations, 2021 |
| 06/07/2021 | IFSCA (Banking) (Second Amendment) Regulations, 2021 |
| 12/05/2021 | Corrigendum – International Financial Services Centres Authority (Banking) Regulations, 2020 |
| 19/04/2021 | Corrigendum |
| 19/04/2021 | International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 |
| 31/03/2021 | International Financial Services Centres Authority (Finance Company) Regulations, 2021 |
| 31/03/2021 | International Financial Services Centres Authority (Banking) (Amendment) Regulations, 2021 |
| Date | Title |
|---|---|
| 11/12/2020 | International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 |
| 20/11/2020 | International Financial Services Centres Authority (Banking) Regulations, 2020 |
| 13/11/2020 | International Financial Services Centres Authority (Employees’ Service) Regulations, 2020 |
| 13/11/2020 | International Financial Services Centres Authority (Procedure for Authority Meetings) Regulations, 2020 |
| 13/11/2020 | International Financial Services Centres Authority (Global In-House Centres) Regulations, 2020 |
Guidelines
| Date | Title |
|---|---|
| 16/01/2019 | Insurance Regulatory and Development Authority of India (International Financial Service Centre Insurance Intermediary Office) Guidelines, 2019 |
| 21/12/2017 | Insurance Regulatory and Development Authority of India {Registration and Operations of International Financial Service Centre Insurance Offices(IIO)} Guidelines, 2017 |
| 06/04/2015 | Insurance Regulatory and Development Authority of India (International Financial Service Centre) Guidelines, 2015 |
| 27/03/2015 | Securities Exchange Board of India (International Financial Services Centres) Guidelines, 2015 |
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