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

Anand & Co., an Indian chartered accountancy firm, applies to IFSCA for authorisation to offer accounting services from GIFT IFSC. Which approach best reflects the framework's treatment of eligible applicants?

Eligible professional firms or entities can apply if they satisfy IFSCA's conditions, such as having qualified professionals and a presence in the IFSC. The framework does not bar Indian firms, does not waive qualifications for payment of capital, and is not restricted to banks.

  1. AOnly foreign firms can apply; Indian firms are barred
  2. BEligible professional firms or entities with the prescribed qualified professionals and a presence in the IFSC may apply, subject to IFSCA's eligibility conditionsCorrect
  3. CAny individual without qualification may apply if capital is paid
  4. DOnly banks in the IFSC may apply

Explanation

The framework allows eligible entities, including professional firms, to be authorised if they meet IFSCA's conditions on qualified professionals, a physical presence and fitness. Nationality of the firm is not a bar, and qualifications cannot be waived by capital. Banks are not the exclusive applicants.

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