TaxTMI 
TaxTMI 
International Financial Services Centres Authority (FinTech Incentive) Scheme, 2022
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....rs (IFCs) across jurisdictions, at International Financial Services Centre (IFSC) in India by providing financial support to FinTech activities in the form of specific grant(s) as specified in the scheme, based on their eligibility and fulfilment of terms and conditions as may be specified. (2) This scheme shall be open to - a) Domestic FinTechs seeking access to overseas markets; b) Domestic FinTechs seeking listing on IFSCA recognised stock exchanges; c) Foreign FinTechs seeking market access to IFSCs in India and work within the Authority's regulatory framework; d) Foreign FinTechs seeking access to domestic market under Inter-Operable Regulatory Sandbox (IORS) framework; e) Domestic FinTec....
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....r this Scheme; vi) 'Financial Institution' shall have the same meaning as assigned to it under clause (c) of sub-section (1) of Section 3 of the Act; vii) 'FinTech' means a technologically enabled innovative solution aiding or assisting Financial Institutions in delivery of Financial Products or Financial Services; viii) 'FinTech Entity' or 'FE' means a Domestic FinTech Entity or a Foreign FinTech Entity; ix) 'Foreign FinTech Entity' means a non-resident entity from outside India which is regulated by the Authority to undertake FinTech related activities in the IFSC; x) 'Incentive' means monetary grant given to the FinTech Entities under the terms and conditions of this Scheme; xi) 'Inno....
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.... shall be granted certain exemptions / relaxations from applicability of certain regulatory provisions for experimenting FinTech ideas and solutions. (2) Words and expressions used and not defined in this scheme but defined in the applicable Laws, and in particular, under the Act, or any rules or regulations made thereunder shall have the same meanings respectively assigned to them in those Acts, rules or regulations or any statutory modification or re-enactment thereto, as the case may be. 4. Eligibility (1) An Applicant, satisfying any of the conditions mentioned below, shall be eligible to make an application for availing incentive under this Scheme: i) Where the Applicant is from India: a) An entity registered....
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....to the qualifying criteria and they shall be treated as separate projects and be evaluated and incentivised separately. 5. Scope of the Incentive Scheme The Grants contemplated under this scheme shall be available to eligible FEs: (1) who are part of the Authority's Regulatory or Innovative Sandbox; (2) who participate in the Authority's supported Accelerators or Cohorts or Special Programs; or (3) who are referred to by the entity(ies) including regulatory or supervisory bodies having Memorandum of Understanding (MoU) or collaboration or special arrangement with the Authority for strengthening identified area of common interest. 6. Types of Incentives for eligible applicants subject to meeting the terms and conditions as ....
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....s grant shall be utilized for supporting accelerators at the IFSC. An amount of up to Rs. 10 lacs of grant may be provided to an eligible Accelerator applicant for capacity building, build capabilities around mentors, bringing investors, bringing more projects or PoC, tie ups, etc. (6) Listing Support Grant - The grant shall be utilized for supporting Domestic FEs aspiring to go for listing on stock exchanges recognised by the Authority. An amount of up to Rs. 15 lacs may be provided to an eligible Domestic FE for meeting expenses pertaining to road shows, international travel and listing requirements, etc. 7. Execution of the Scheme (1) Process i) The Applicant shall make the application in the form and manner, containing....
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....with regulatory requirements and be responsible for all the acts of omission or commission of its representative. ii) The FE or its project team or its implementation team shall operate from IFSC during the sandbox or accelerator period. iii) On successful completion of the Sandbox/accelerator/cohort/special program, the FE shall incorporate an entity at IFSC and seek registration/license/authorisation etc. under the Act, if applicable. iv) The FE shall undertake not to implement a successful solution using the grant under this scheme in any other jurisdiction for a period of 3 years. v) If the FE fails to meet any conditions of the sanction of a grant, the FE shall undertake to return the grant to the Au....