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CS Professional · IFSCA - Regulations, Listing and Compliances · Book-keeping, Accounting, Taxation and Financial Crime Compliance Services and TAS

A chartered accountancy firm in Ahmedabad wants to serve IFSC clients through a presence in GIFT City. Which structure is consistent with the IFSCA ancillary services framework?

The firm should set up a unit or branch in the IFSC and obtain IFSCA authorisation for the services. Being located outside the IFSC does not confer IFSC status, and neither a bank's licence nor an unauthorised nominee satisfies the regulatory requirement.

  1. AOperate from Ahmedabad and call it an IFSC unit
  2. BSet up a unit or branch in the IFSC and obtain IFSCA authorisation for the servicesCorrect
  3. CUse a bank's licence for the services
  4. DAppoint a nominee in GIFT City without any authorisation

Explanation

A provider must have a presence in the IFSC and obtain IFSCA authorisation. Operating from outside does not make it an IFSC unit, a bank licence does not cover these services, and a nominee without authorisation is unregulated.

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