{"id":251858,"date":"2021-07-29T10:30:41","date_gmt":"2021-07-29T05:00:41","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=251858"},"modified":"2021-07-29T10:39:54","modified_gmt":"2021-07-29T05:09:54","slug":"ifsca-invites-public-comments-on-proposed-ifsca-capital-market-intermediaries-regulations-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/29\/ifsca-invites-public-comments-on-proposed-ifsca-capital-market-intermediaries-regulations-2021\/","title":{"rendered":"IFSCA invites public comments on proposed IFSCA (Capital Market Intermediaries) Regulations, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">On July 28, 2021, IFSCA has sought public comments on the proposed International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021. The objective of the Regulations is to enact a comprehensive regulatory framework for the intermediaries in the capital markets operating in IFSC focusing on ease of doing business and consistent with the fundamental principles laid down by IOSCO.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">Salient features of the proposed Intermediaries Regulations are as follows:<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><strong>A. Registration Requirements<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>It shall be mandatory for broker dealers, clearing members, depository participants, investment bankers, portfolio managers, investment advisers and custodians to obtain registration from IFSCA prior to providing any financial products or financial services in the IFSC. Additionally, the credit rating agencies, debenture trustees and account aggregators may register with the IFSCA and shall comply with all the applicable requirements specified in the Intermediaries Regulations.<\/li>\n<li>The banking units recognised by the IFSCA shall be permitted to function as bankers to an issue in the capital markets in IFSC, without any additional registration requirement, subject to compliance with the regulatory provisions that may be specified by the IFSCA from time to time.<\/li>\n<\/ul>\n<div><\/div>\n<div style=\"text-align: justify;\"><strong>B. Registration Requirements<\/strong><\/div>\n<ul style=\"text-align: justify;\">\n<li>The IFSCA shall consider the following factors for registration of capital market intermediaries:<\/li>\n<\/ul>\n<div style=\"padding-left: 40px; text-align: justify;\">(a) past experience;<\/div>\n<div style=\"padding-left: 40px; text-align: justify;\">(b) necessary infrastructure;<\/div>\n<div style=\"padding-left: 40px; text-align: justify;\">(c) compliance with eligibility criteria, net worth and applicable fund allocation requirements; and<\/div>\n<div style=\"padding-left: 40px; text-align: justify;\">(d) compliance with fit and proper requirements by the applicant and its directors, key managerial personnel and controlling shareholders.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div><\/div>\n<div style=\"text-align: justify;\"><strong>C. General obligations and responsibilities<\/strong><\/div>\n<div style=\"text-align: justify;\">\n<div>The registered capital market intermediaries shall be required to comply with the general obligations and responsibilities specified in the Intermediaries Regulations including, &#8211;<\/div>\n<div style=\"padding-left: 40px;\">(a) code of conduct;<\/div>\n<div style=\"padding-left: 40px;\">(b) maintenance of books of account, records and other documents in electronic retrieval form for minimum of 20 years;<\/div>\n<div style=\"padding-left: 40px;\">(c) submission of information and furnishing of returns and statements to the IFSCA;<\/div>\n<div style=\"padding-left: 40px;\">(d) redressal of investor grievances;<\/div>\n<div style=\"padding-left: 40px;\">(e) maintaining a business continuity plan;<\/div>\n<div style=\"padding-left: 40px;\">(f) cyber security and cyber resilience;<\/div>\n<div style=\"padding-left: 40px;\">(g) risk management and internal controls; and<\/div>\n<div style=\"padding-left: 40px;\">(h) annual audit.<\/div>\n<\/div>\n<p style=\"text-align: justify;\">The consultation paper is available <a href=\"https:\/\/ifsca.gov.in\/Viewer\/ReportandPublication\/14\">HERE<\/a> .<\/p>\n<p style=\"text-align: justify;\">Comments and suggestions from public are invited on the proposed Intermediaries Regulations by August 18, 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On July 28, 2021, IFSCA has sought public comments on the proposed International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021. <\/p>\n","protected":false},"author":8808,"featured_media":248110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-251858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IFSCA invites public comments on proposed IFSCA (Capital Market Intermediaries) Regulations, 2021 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Intermediaries) Regulations, 2021 vide notification dated October 18, 2021. \u00a0 Key highlights: Purpose: The Regulations provide for regulatory requirements in respect of registration, obligations and responsibilities, inspection and enforcement of various types of capital market intermediaries such as\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=525%2C300&ssl=1 1.5x, 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It is proposed that regulatory framework for registration and operations of Insurance Web Aggregators may be put in place enabling registration of Insurance Web Aggregators in the IFSC, focusing on development of\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":267268,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/05\/23\/fee-structure-under-ifsca-fund-management-regulations-2022-revised\/","url_meta":{"origin":251858,"position":2},"title":"Fee structure under IFSCA (Fund Management) Regulations, 2022, revised","author":"Bhumika Indulia","date":"May 23, 2022","format":false,"excerpt":"On May 19, 2022, the International Financial Services Centers Authority has revised the Application and Registration Fee under IFSCA (Fund Management) Regulations, 2022. Application Fee: USD 2,500 Registration Fee:(i) Authorised FME : USD 5,000(except Family Investment Fund)(ii) Registered FME (Non -retail): USD 7,500(iii) Registered FME (Retail): USD 10,000(iv) Family Investment\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"IFSCA","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-234.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-234.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-234.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-234.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-234.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":269659,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/06\/manner-of-obtaining-certificate-of-registration-by-finance-company-under-ifsca-revised-vide-ifsca-finance-company-amendment-regulations-2022\/","url_meta":{"origin":251858,"position":3},"title":"Manner of obtaining certificate of registration by &#8216;Finance Company&#8217; under IFSCA revised vide IFSCA (Finance Company) (Amendment) Regulations, 2022","author":"Editor","date":"July 6, 2022","format":false,"excerpt":"On 1-7-2022, International Financial Services Centres Authority (IFSCA) notifies International Financial Services Centres Authority (Finance Company) (Amendment) Regulations, 2022. This Amendment seeks to amend International Financial Services Centres Authority (Finance Company) Regulations, 2021, with the aim of defining the certification process and updating activities permitted to be carried out by\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"IFSCA","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-234.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-234.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-234.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-234.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-234.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":333584,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/10\/22\/ifsca-payment-and-settlement-systems-regulations-legal-news\/","url_meta":{"origin":251858,"position":4},"title":"New process of authorization and operations of Payment System introduced vide IFSCA (Payment and Settlement Systems) Regulations, 2024","author":"Kriti","date":"October 22, 2024","format":false,"excerpt":"On commencement of these regulations the Payment and Settlement Systems Regulations, 2008 will not apply in the International Financial Service Centre.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"International Financial Services Centres Authority","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/International-Financial-Services-Centres-Authority.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/International-Financial-Services-Centres-Authority.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/International-Financial-Services-Centres-Authority.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/International-Financial-Services-Centres-Authority.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":259615,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/06\/ifsca-insurance-intermediary-amendment-regulations-2021\/","url_meta":{"origin":251858,"position":5},"title":"IFSCA (Insurance Intermediary) (Amendment) Regulations, 2021","author":"Bhumika Indulia","date":"January 6, 2022","format":false,"excerpt":"On January 04, 2022, the International Financial Services Centres Authority (IFSCA) has issued the International Financial Services Centres Authority (Insurance Intermediary) (Amendment) Regulations, 2021 to further amend the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021. This came into force on January 4, 2022. \u00a0 Key points: \u2022 In\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/05\/IFSCA1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/251858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=251858"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/251858\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/248110"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=251858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=251858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=251858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}