TaxTMI 
TaxTMI 
International Financial Services Centres Authority (Registration of Factors and Registration of Assignment of Receivables) Regulations, 2024
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....ith Section 19(1A) and clause (a) and (b) of sub-section (2) of Section 31A of the Factoring Regulation Act, 2011 (12 of 2012), the International Financial Services Centres Authority, hereby makes the following regulations namely: - CHAPTER I PRELIMINARY 1. Short title and commencement ^1[(1).] These regulations may be called the International Financial Services Centres Authority (Registration of Factors and Registration of Assignment of Receivables) Regulations, 2024. ^2[(2).] These regulations shall come into force on the date of their publication in the Official Gazette. 2. Objective These regulations aim to provide for the manner of: ^3[(1).] granting certificate of registration to Factors; and ....
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....ces Centre (IFSC)" shall have the meaning assigned to it in clause (g) of sub-section (1) of section 3 of the International Financial Services Centres Authority Act, 2019 (50 of 2019); h. "International Trade Financing Services platform (ITFS)" means an electronic platform for facilitating the trade finance requirements of exporters or importers, through multiple financiers. i. "Key managerial personnel" shall have the meaning assigned to it in ^7[clause 51] of section 2 of the Companies Act, 2013 (18 of 2013) and shall include any other person whom the Factor may declare as key managerial personnel; j. "Relevant Person" means the Key Managerial Personnel and includes the persons exercising control over the F....
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....ion shall be contingent upon fulfilment of the following conditions: a. the Factor shall have obtained a Certificate of Registration under the International Financial Services Centres Authority (Finance Company) Regulations, 2021; b. the "Relevant Persons" of the Factor shall possess adequate experience in the business of factoring ; c. the Factor shall either possess necessary infrastructure including adequate office space, equipment, communication facilities and manpower to undertake the business of factoring or shall be willing and able to invest in the same; d. the Factor and Relevant Persons shall satisfy the 'fit and proper' requirements; e. the financial soundness of the Factor; and ....
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.... Authority. CHAPTER III REGISTRATION OF ASSIGNMENTS OF RECEIVABLES ^19[6]. Registration of assignments of receivables transactions ^21[(1).] The trade receivables financed through a Trade Receivables Discounting System (TReDS) shall be filed with the Central Registry, by the concerned TReDS on behalf of the Factor, within a period of ten days, from the date of such assignment or satisfaction thereof, as the case may be, containing the particulars of: a. assignment of receivables in favour of a Factor, in such form and manner as prescribed in clause (a) sub-rule (1) of rule 3 of the Registration of Assignment of Receivables Rules, 2012. b. satisfaction of any assignment of receivables on full realisation o....
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....aiting of Receivables" dated August 17, 2021, issued by the Authority shall stand repealed. ^26[(3).] Notwithstanding anything contained in sub-regulation (1) and (2), any action taken or purported to have been taken under the Regulations and Circular mentioned in sub-regulation (1) and (2) respectively, before the date of coming into force of these regulations shall be deemed to have been done or taken under the corresponding provisions of these regulations. K. RAJARAMAN, Chairperson [ADVT.-III/4/Exty./695/2024-25] *************** NOTES:- 1. Corrected vide Corrigendum No. IFSCA/GN/2024/012 dated 04-02-2025 before it was read as, "i." 2. Corrected vide Corrigendum No.&nbs....