Regulation 10A requires each recognised market infrastructure institution to abide by the Code of Conduct specified in Part A of Schedule I to the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021. Inserted with effect from 1 November 2024, it makes adherence to that Schedule-based Code of Conduct mandatory for recognised market infrastructure institutions within the regulatory framework.

The Central Identities Data Repository, its facilities, information assets, logistics infrastructure and dependencies are declared a Protected System under the Information Technology Act, 2000. Role-based access is authorised for designated officers and support staff, approved managed service provider personnel, authorised third-party vendors and their partners, and authorised business partners.

The First Schedule to the Information Technology Act, 2000 is amended to revise exclusions concerning negotiable instruments and powers of attorney. Negotiable instruments remain excluded except for cheques and specified demand promissory notes or bills of exchange issued in favour of or endorsed by regulated financial entities. Powers of attorney authorising such regulated entities to act for, on behalf of, and in the name of the executing person are also excluded from the relevant Schedule entry. Serial number 5 and its related entry are omitted.

Core Banking Solution and Unified Payments Interface Switch computer resources of South Indian Bank, including associated dependencies, are declared protected systems as Critical Information Infrastructure under section 70 of the Information Technology Act, 2000. South Indian Bank may specify authorised persons through written orders, including designated employees, need-based contractual service-provider or vendor personnel, and consultants, regulators, government officials, auditors or stakeholders requiring case-by-case access.

Look Out Circulars restricting a guarantor's foreign travel engage the constitutional protection of personal liberty. Such coercive action ordinarily relates to cognizable offences; the exceptional power to restrain departure for detriment to India's economic interests requires higher gravity and a significant national economic impact. It cannot be used routinely for business loan defaults or ordinary recovery claims. A guarantor who lacked prior knowledge of the alleged fraud and was not accused in the related criminal proceedings did not meet that threshold. The Look Out Circular was therefore unsustainable and quashed.

Central Government authorisation under section 69B empowers CERT-In to monitor and collect traffic data or information connected with computer resources. The authority covers information generated, transmitted, received, or stored in any computer resource and is directed to enhancing cyber security, including the identification, analysis, and prevention of intrusions and the spread of computer contaminants.

Within International Financial Services Centres, the prior 2022 registration frameworks for assignments of receivables and factors cease to apply, and guidelines on factoring and forfaiting of receivables are repealed from commencement. Actions taken or purportedly taken before commencement under those earlier instruments are deemed to have been taken under the corresponding provisions of the 2024 regulations, preserving legal continuity.

Trade receivables assignments financed through a Trade Receivables Discounting System require the concerned TReDS, acting for the Factor, to file assignment and satisfaction particulars with the Central Registry within ten days. Delayed filing may be permitted for an additional period not exceeding ten days on an application stating reasons for delay and payment of the prescribed fee. Registration forms for assignments or satisfaction upon realisation must be accompanied by the applicable fee.

Factors may undertake factoring business directly with an assignor or through an ITFS, subject to applicable law and regulatory directions. Entities other than Factors may undertake factoring only through an ITFS if they meet prescribed eligibility criteria. Both Factors and eligible non-Factor entities must furnish operational information to the Authority in the manner, intervals, and form specified by it.

Registration to commence factoring business requires an application for a certificate of registration, subject to statutory exemptions. Grant depends on registration under the Finance Company framework, adequate factoring experience of Relevant Persons, infrastructure or capacity to invest in it, fit and proper status, financial soundness, and absence of judicial proceedings for breach of law. Earlier factoring certificates are treated as granted under this framework, and factoring business must commence within six months of registration.

Definitions for factor registration and assignments of receivables adopt statutory meanings for Factor, Finance Company, International Financial Services Centre, Trade Receivables Discounting System, Central Registrar, and Central Registry. The International Trade Financing Services platform facilitates trade finance for exporters or importers through multiple financiers. Relevant Person includes key managerial personnel and persons controlling a Factor. Undefined expressions retain meanings assigned under applicable factoring, financial services, and securitisation legislation and related rules or regulations.

Factor registration and assignment-of-receivables filing cover the grant of certificates of registration to Factors and filing of transaction particulars with the Central Registry. A Trade Receivable Discounting System (TReDS) files such particulars on behalf of Factors under the prescribed statutory mechanism.

International Financial Services Centres Authority (Registration of Factors and Registration of Assignment of Receivables) Regulations, 2024 establish a framework for registration of factors and registration of assignments of receivables within International Financial Services Centres. Made under the International Financial Services Centres Authority Act, 2019 and the Factoring Regulation Act, 2011, the framework takes effect on publication in the Official Gazette.

KYC Registration Agencies must protect client interests through ethical and professional conduct, due diligence, confidentiality safeguards, accurate disclosures, grievance redressal and compliance with applicable regulatory requirements. They must maintain effective internal controls, qualified personnel, compliance independence, sound governance, safeguards against financial loss and responsibility for employee conduct. Agencies must use automated validation systems to support KYC data accuracy and must not engage in misleading representations, investment recommendations, market manipulation, unlawful sharing of price-sensitive information, or fraudulent KYC identification, verification or updation practices.

Implementation of KYC Registration Agency regulations may be supported by norms, procedures, processes and additional requirements specified by the Authority through circulars, guidelines or directions, including matters incidental to implementation.

The Authority may relax strict enforcement of KYC Registration Agency requirements to support development of the IFSC financial services market, provided written reasons are recorded. Applicants must provide details and grounds for relaxation and pay the prescribed non-refundable fee. Complete applications, including responses to clarifications, must be processed within thirty days, with reasons recorded for acceptance or refusal.

Regulation 33 confers on the Authority a power to remove difficulties arising in the interpretation or application of the International Financial Services Centres Authority (KYC Registration Agency) Regulations, 2025. This power is exercisable by issuing directions through guidance notes or circulars. Directions may address difficulties associated with interpreting or applying the regulations.

The Authority may require a KYC Registration Agency to furnish any information, documents or records, enabling regulatory access to material held by the agency for oversight and compliance purposes.

Contravention by a KYC Registration Agency (KRA) of applicable regulations, guidelines, circulars, or directions attracts enforcement action under the Act, including suspension or cancellation of registration. Before any such action is taken, the KRA must receive a reasonable opportunity to make submissions, ensuring that enforcement for regulatory default is preceded by procedural fairness.

Inspection reporting under the KYC Registration Agency Regulations requires the Inspecting Authority to submit an inspection report, including interim reports, to the Authority for regulatory consideration. The Authority may take fit and appropriate action on the basis of the report. When directed by the Authority, the Inspecting Authority may submit an interim report as directed.