TaxTMI 
TaxTMI 
International Financial Services Centres Authority (TechFin and Ancillary Services) (Amendment) Regulations, 2026
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....ther to amend the International Financial Services Centres Authority (TechFin and Ancillary Services) Regulations, 2025 (hereinafter referred to as the 'principal regulations'), namely:- 1. In the principal regulations, after Chapter V, the following Chapter shall be inserted namely: - "CHAPTER- VA Trust and Company Services Provider 10A. Definition "Trust and Company Services Provider or TCSP" means an entity which has been granted registration as Tech Fin and Ancillary Services Provider under these regulations to undertake Trust and Company Services Provider services for leasing activities permitted by the Authority. 10 B. Obligation to seek registration (1) An entity desirous....
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....ership in the IFSC, or in any other form as may be permitted by the Authority. (2) All the promoters or partners of the applicant entity shall be from a jurisdiction which has not been identified in the public statement of Financial Action Task Force (FATF) as "High-Risk Jurisdictions subject to call for action". 10 D. Permissible services. The permissible services that may be undertaken by a Trust and Company Services Provider in IFSC are specified in the Fifth Schedule of these regulations. 10 E. Fit and Proper Requirements The Trust and Company Services Provider shall ensure that the entity and its principal officer, compliance officer, directors, partners, designated partners, and controlling....
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....ices Provider is involved; (d) services provided, service agreements and duration of engagement. (4) Such records as mentioned under sub-regulation (3) shall be: (a) readily accessible for inspection by the Authority or any government authority; (b) retained for a minimum period of five years after cessation of client relationship or such longer period as may be specified under applicable law and regulations; and (c) protected through appropriate data security and confidentiality safeguards. (5) The Trust and Company Services Provider shall establish and maintain internal policies, procedures and system-based controls to ensure effective segregation of duties so that no single function o....
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.... The Trust and Company Services Provider may provide the services to a Service Recipient, who is a Non-resident and from a jurisdiction which has not been identified in the public statement of Financial Action Task Force (FATF) as "High-Risk Jurisdiction subject to call for action". Provided that a Trust and Company Services Provider may provide services enlisted under Fifth Schedule to a special purpose vehicle in the IFSC, where such special purpose vehicle is the primary service recipient, even if such services are undertaken at the request of, or for the benefit of, a person resident in India. Explanation. - Any person resident in India who sponsors, originates, or finances a special purpose vehicle shall not b....
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....inst claims arising from negligence, errors, omissions or breach of duty. 10 L. Conflict of interest framework Every Trust and Company Services Provider shall identify and wherever appropriate, disclose conflicts of interest arising in the course of its business, and maintain a documented conflict management policy. 2. In the principal regulations, after The Fourth Schedule, the following Schedule shall be inserted namely: - THE FIFTH SCHEDULE [refer regulation 10D] A Trust and Company Services Provider may undertake one or more of the following services for leasing activities permitted by the Authority. (i) acting as an agent for setting up trusts, companies, limited liability partne....