19. 1) The Authority may initiate any action, as it may deem fit, in case a TechFin and Ancillary Service Provider contravenes any of the provisions of these regulations, circulars, guidelines or directions issued thereunder. 2) No action as referred under sub-regulation (1) shall be taken without giving the TechFin and Ancillary Service Provider, a reasonable opportunity of being heard by way of written submissions. =============... ... ...

18. The Authority, may suo motu or upon receipt of information or complaint, appoint one or more persons as Inspecting Authority to, inter-alia, undertake the inspection of books of accounts, records, documents, infrastructure, procedures and systems of a TechFin and Ancillary Service Provider. =============... ... ...

17. The Authority may call for any information, documents or records from the TechFin and Ancillary Service Provider and it shall be the duty of the TechFin and Ancillary Service Provider to submit the same within the specified time. =============... ... ...

16. The TechFin and Ancillary Service Provider shall pay the annual fees, and any other fees as may be specified by the Authority from time to time. =============... ... ...

15. For the purposes of implementation of these regulations and matters incidental thereto, the Authority may specify norms, procedures, processes, additional requirements, etc. by way of circulars or guidelines or directions. =============... ... ...

14. In order to remove any difficulty in the interpretation or application of the provisions of these regulations, the Authority may issue directions through guidance notes or circulars. =============... ... ...

M. S. KARNIK, J. For the Applicant : Adv. Zehra Charania a/w Adv. Dilip Mishra a/w Adv. Ayaz Khan For the State : Mr. P. H. Gaikwad, APP. API Gaikwad, ANC Bandra Unit. P.C. : 1. Heard learned counsel for the applicant and learned APP for the State. 2. This is an application for bail in respect of the offence punishable under Section 8(c) read with Sections 20(c) and 29 of the Narcotic Drugs and Psychotropic Substances Act, 1985 (NDPS Act), registered on 04/01/2021 vide C.R. No.... ... ...

13. 1) The Authority, for reasons to be recorded in writing, may in the interest of the development of the financial services market in the IFSC, relax the strict enforcement of any requirements of these regulations. 2) For seeking relaxation under sub-regulation (1), an application giving details and the grounds on which such relaxation has been sought, shall be filed with the Authority along with a non-refundable fee as may be specified by the Authority. 3) The application made under... ... ...

12. 1) The TechFin and Ancillary Service Provider shall furnish information relating to its operations to the Authority, in such manner, interval and form, as may be specified by the Authority. 2) Any financial reporting by the TechFin and Ancillary Service Provider to the Authority shall be in US Dollar, unless otherwise specified by the Authority. =============... ... ...

CHAPTER VI MISCELLANEOUS 11. 1) The TechFin and Ancillary Service Provider shall carry out its operation in any of the Specified Foreign Currency: Provided that the TechFin and Ancillary Service Provider may open an INR account to defray its administrative and statutory expenses and for such other purposes as may be permitted under the applicable laws. 2) Every TechFin and Ancillary Service Provider shall maintain its balance sheet in any of the Specified Foreign Currencies. =... ... ...

CHAPTER V INTERMEDIARIES AND SERVICE RECIPIENTS 10. 1) The TechFin and Ancillary Service Provider may provide the services only to an Intermediary or 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". 2) Notwithstanding anything contained in sub-regulation (1), the TechFin and Ancillary Service Provider may also provide t... ... ...

CHAPTER IV REQUIREMENT OF PRINCIPAL OFFICER AND COMPLIANCE OFFICER 9. 1) The TechFin and Ancillary Service Provider shall appoint a principal officer or designate one of its existing officers as a principal officer, who shall be responsible for its overall activities: Provided that in the case of a TechFin and Ancillary Service Provider providing services exclusively to its Group Entities located in the IFSC, the appointment of a principal officer is optional subject to the approval... ... ...

8. The TechFin and Ancillary Service Provider shall abide by the specified in the Fourth Schedule. =============... ... ...

CHAPTER III FIT AND PROPER REQUIREMENTS AND CODE OF CONDUCT 7. 1) The TechFin and Ancillary Services Provider shall ensure that the entity and its principal officer, compliance officer, directors/ partners/ designated partners, and controlling shareholders are 'fit and proper' persons, at all times. 2) For the purpose of sub-regulation (1), a person shall be deemed to be a 'fit and proper' if,- (i). such a person has a record of fairness and integrity, including but not lim... ... ...

6. 1) An applicant desirous of obtaining certificate of registration as TechFin and Ancillary Services Provider shall submit the application to the Authority through SWIT, along with the requisite documents and application fees, in the manner specified by the Authority. 2) After considering the application, if the Authority is of the opinion that the certificate of registration cannot be granted due to certain deficiencies, it shall communicate the same to the applicant, advising it to re... ... ...

5. 1) The applicant shall be an entity incorporated as a company or limited liability partnership in the IFSC, or a branch of a company or of a limited liability partnership incorporated outside the IFSC, or in any other form as may be permitted by the Authority: Provided that a partnership firm registered under the Indian Partnership Act, 1932, wherein all its partners are members of professional body or institute constituted under any Act of Parliament, shall also be eligible to make an... ... ...

CHAPTER II REGISTRATION 4. 1) An entity desirous of providing either TechFin or Ancillary Services or both, shall not commence its operations in the IFSC unless a certificate of registration is granted by the Authority to it in accordance with these regulations: Provided that an existing ancillary service provider authorised under Circular dated February 10, 2021, as amended from time to time, titled as "Framework for enabling Ancillary services at International Financial Services C... ... ...

3. 1) In these regulations, unless the context otherwise requires, the terms defined herein shall bear the meanings as assigned to them below and their cognate expressions and variations shall be construed accordingly: - (i). "Act" means the International Financial Services Centres Authority Act, 2019 (50 of 2019); (ii). "Ancillary Services" means those services which, directly or indirectly, aid, help or assist in making arrangements for carrying on any of the financial se... ... ...

2. These regulations are aimed at providing a regulatory framework for TechFins and Ancillary Services Providers for making arrangements for carrying on any of the financial services listed in sub-clauses (i) to (xi) of clause (e) of sub-section (1) of section 3 of the International Financial Services Centres Authority Act, 2019 (50 of 2019). =============... ... ...

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 8th July, 2025 International Financial Services Centres Authority (TechFin and Ancillary Services) Regulations, 2025 IFSCA/GN/2025/005-. In exercise of the powers conferred by sub-section (1) of Section 28, read with sub-section (1) of Section 12 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), the International Financial Services Centres Authority hereby makes the follow... ... ...