International Trade Financing Services Platform at IFSC and Circulars

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

DateTitle
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

DateTitle
27/07/2021International Financial Services Centres Authority (Banking) Regulations, 2020 (as amended up to 06-07-2021)
16/07/2021International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021
06/07/2021IFSCA (Bullion Exchange) (Amendment) Regulations, 2021
06/07/2021IFSCA (Procedure for making regulations) Regulations, 2021
06/07/2021IFSCA (Banking) (Second Amendment) Regulations, 2021
12/05/2021Corrigendum – International Financial Services Centres Authority (Banking) Regulations, 2020
19/04/2021Corrigendum
19/04/2021International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021
31/03/2021International Financial Services Centres Authority (Finance Company) Regulations, 2021
31/03/2021International Financial Services Centres Authority (Banking) (Amendment) Regulations, 2021

REGULATIONS

DateTitle
27/07/2021International Financial Services Centres Authority (Banking) Regulations, 2020 (as amended up to 06-07-2021)
16/07/2021International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021
06/07/2021IFSCA (Bullion Exchange) (Amendment) Regulations, 2021
06/07/2021IFSCA (Procedure for making regulations) Regulations, 2021
06/07/2021IFSCA (Banking) (Second Amendment) Regulations, 2021
12/05/2021Corrigendum – International Financial Services Centres Authority (Banking) Regulations, 2020
19/04/2021Corrigendum
19/04/2021International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021
31/03/2021International Financial Services Centres Authority (Finance Company) Regulations, 2021
31/03/2021International Financial Services Centres Authority (Banking) (Amendment) Regulations, 2021
DateTitle
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

Guidelines

DateTitle
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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