International Financial Services Centres Authority (Investment by International Financial Service Centre Insurance Office) Regulations, 2022
As amended up to 25th October 2023, the International Financial Services Centres Authority (IFSCA) has issued a notification titled “International Financial Services Centres Authority (Investment by International Financial Service Centre Insurance Office) Regulations, 2022”, releasing the updated document of the regulations.
These regulations incorporated the amendment proposed by IFSCA Investment by the International Financial Services Centre Insurance Office regarding regulations 5 and 20 of the principal regulation.
In regulation 5, prior to the amendment, the clause “in India, through extant regulatory framework on Foreign Portfolio Investment, as specified by the Reserve Bank of India and the Securities and Exchange Board India” to the new clause “in India, thought extant regulatory framework as specified by the Reserve Bank of India or the Securities and Exchange Board India”.
The change marked is the removal of “on Foreign Portfolio Investment”, and alteration from ‘and’ to ‘or’. This alteration reflects the amendment made to the regulation, indicating that entities can now comply with either RBI’s or SEBI’s regulatory framework concerning investment in India, rather than being required to follow both frameworks concurrently.
In regulation 20, the amendment changed the heading from “Repeals and Savings” to “Non-applicability of certain regulations and savings”.
