TaxTMI 
TaxTMI 
TaxTMI 
International Financial Services Centres Authority (Global In-House Centres) Regulations, 2025.
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....ncial Services Centres (IFSCs) as global hub for delivery of high-value financial and related services, generating employment opportunities, and strengthening India's integration within the global value chain of financial services; (2) To bring back the India centric financial services and transactions that are currently carried out in offshore financial centres to International Financial Service Centre by offering world class business and regulatory environment. 3. Definitions (1) In these regulations, unless the context otherwise requires, the terms defined herein shall bear the meanings assigned to them below, and their cognate expressions and variations shall be construed accordingly: - (a) "Act" means the International Financial Services Centres Authority Act, 2019 (50 of 2019); (b) "Authority" means the International Financial Services Centres Authority established under sub-section (1) of section 4 of the Act; (c) "Global-In-House Centre (GIC)" means a service provided by a GIC Unit for delivering services relating to financial products and financial services to a Financial Institution Group; (d) "Global-In-House Centre Unit (GIC Unit)" means a unit set up in In....
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....t Act, 1999 (42 of 1999); (j) "Single Window IT Systems (SWIT)" refers to an online platform designed, inter-alia, to facilitate the processing of applications submitted by the applicants for obtaining Certificate of Registration under these regulations; (k) "Specified Foreign Currency" means the currencies specified in the First Schedule of the International Financial Services Centres Authority (Banking) Regulations, 2020, as amended from time to time. (2) Words and expressions used and not defined in these regulations but defined in the Act or Acts mentioned in the First Schedule to the Act, or the Companies Act, 2013 (18 of 2013), or the Limited Liability Partnership Act, 2008 (6 of 2009), or any rules or regulations made thereunder shall have the same meanings respectively assigned to them in those Acts, rules, regulations or any statutory modification or re-enactment thereto, as the case may be. CHAPTER-II REGISTRATION OF A GLOBAL IN-HOUSE CENTRE UNIT 4. Eligibility Criteria (1) An entity exclusively falling under the definition of 'Financial Institution Group' may make an application under these regulations: Provided that, in models where third-party is permitted....
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....ant in-principle approval to the applicant, subject to such conditions as deemed fit. (2) On receipt of in-principle approval, the applicant shall, within a period of one hundred eighty (180) days, unless extended by the Authority, take necessary steps to comply with these regulations and conditions of the in-principle approval. (3) An application seeking extension beyond one hundred eighty (180) days shall be filed in such form and manner as may be specified by the Authority. (4) On being satisfied that the applicant has fulfilled the conditions of the in- principle approval, the Authority may grant a certificate of registration, subject to such conditions as it deemed fit. (5) The certificate of registration granted under these regulations shall remain valid unless suspended or cancelled by the Authority or voluntarily surrendered by the GIC Unit in accordance with these regulations: Provided that the voluntary surrender of certificate of registration shall be effective only after its acceptance by the Authority. (6) The GIC Unit shall immediately furnish to the Authority any material changes that have a bearing on the certificate of registration granted to it, includ....
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....nces and is pending; (c) charges have been framed by a court of law or an equivalent institution in matters concerning economic offences; (d) a recovery proceeding has been initiated against the person by a statutory body or financial regulatory authority and is pending; (e) an order has been passed against the person for malfeasance; (f) the person has been declared an undischarged insolvent; (g) An order, restraining, prohibiting or debarring the person from accessing, providing or dealing in financial product (s) or financial service (s), has been passed by any regulatory authority, in any matter concerning financial services market and such order is in force; (h) any other order, which has a material bearing on the financial services market, has been passed against the person by the Authority or any other regulatory authority, and a period of three (3) years from the date of the order has not elapsed. Explanation. - For the purpose of this sub-clause, the decision to determine materiality shall be with the Authority; (i) the person has been found to be of unsound mind by a court of competent jurisdiction, and the finding is in force; (j) the person is financia....
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....be filed with the Authority along with a non-refundable fee as may be specified by the Authority. (3) The application made under sub-regulation (2), complete in all respects, shall be processed within thirty (30) days from the date of receipt of the application, or receipt of the responses to clarifications sought by the Authority, if any. (4) The Authority shall dispose of the application received under sub-regulation (2), by recording the reasons in writing for acceptance or refusal of relaxations sought by the applicant. 14. Power to Remove Difficulties and Issue Clarifications In order to remove any difficulty in the interpretation or application of the provisions of these regulations, the Authority may issue directions, clarifications, guidance notes or circulars. 15. Power to Specify Procedures For the purposes of implementation of these regulations and matters incidental thereto, the Authority may specify norms, procedures, processes, manners and such additional requirements as it may deem necessary, by way of guidelines, circulars or directions. 16. Payment of Fees The GIC Unit shall pay the annual fees and any other fees, as may be specified by the Authority f....