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

Anaya Books IFSC is authorised for accounting services. Its director proposes to also run client portfolio management and accept client money to invest. What is the correct position?

Portfolio management requires its own separate IFSCA authorisation. The accounting service authorisation is activity-specific and does not extend to other financial services, and neither a director's qualification nor client consent can replace the required registration.

  1. APortfolio management needs its own separate IFSCA authorisation; the accounting authorisation does not cover itCorrect
  2. BThe accounting authorisation automatically covers all financial services in the IFSC
  3. CPortfolio management is allowed if the director holds a CS qualification
  4. DIt is permitted if clients give written consent

Explanation

Authorisation is activity-specific. Each regulated activity such as portfolio management is governed by its own IFSCA framework and requires separate registration. Qualification of the director or client consent cannot substitute for authorisation.

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