International Financial Services Centres Authority (Global In-House Centres) Regulations, 2020
On 12th November 2020, the International Financial Services Centres Authority (IFSCA) issued a Notification No. IFSCA/2020-21/GN/REG 003, titled “International Financial Services Centres Authority (Global In-House Centres) Regulations, 2020”.
The objective of the IFSCA Global In-House Centres Regulations, 2020 is to provide the regulatory and operational framework for Global In-House Centres in an IFSC. This framework comprises of the registration process and criteria for GICs in an IFSC, their functioning, and their operational requirements along with other miscellaneous policies.
The regulations outlines the eligibility criteria for registering a GIC in an IFSC, including details on the application process and criteria for grant by the authority. It also covers the operational aspects, such as permitted services and activities, acceptable currencies, and methods of conducting business. The operational requirements, as mentioned in the regualtions, include reporting requirements, and maintenance of books of accounts, records, and documents.
