Considering the importance of professional and other service providers for the development of financial products, financial services and financial institutions in the International Financial Services Centres (IFSC), a framework for enabling ancillary services has been notified.

The framework shall be applicable to ancillary service providers engaged in any one or more of the following activities:

(i) Legal, Compliance and Secretarial;

(ii) Auditing, Accounting, Bookkeeping and Taxation Services;

(iii) Professional & Management Consulting Services;

(iv) Administration,  Assets Management Support Services and Trusteeship Services;

(v) Any other services as approved by IFSCA from time to time.

The framework details the activities of permissible ancillary services, eligible entities, service recipients, etc. The detailed framework is available on the IFSCA website at the URL:  https://ifsca.gov.in/Circular

Ancillary services framework for IFSCs expands permissible professional services and clarifies eligible providers and recipients. A regulatory framework permits ancillary service providers to operate in International Financial Services Centres by listing permissible service categories - legal, compliance and secretarial; auditing, accounting, bookkeeping and taxation; consulting; administration, asset management support and trusteeship; and other services approved by the regulator - and by defining eligible entities and service recipients, with further procedural details available in the regulator's published circular.