The Central Government has notified the International Financial Services Centres Authority (Banking) (Amendment) Regulations, 2021 on March 31, 2021. The International Financial Services Centres Authority makes the following regulations, to amend the International Financial Services Centres Authority (Banking) Regulations, 2020, for banking and investment activities in the International Financial Services Centres. The amendment inserts the following sub regulation in regulation 13, after sub-regulation (8), in the International Financial Services Centres Authority (Banking) Regulations, 2020:
“(9) offering Portfolio Management services to person resident in India and persons resident outside India.
(10) Offering Investment Advisory services to person resident in India and persons resident outside India”
*Tanvi Singh, Editorial Assistant has put this story together.