CS Professional · IFSCA - Regulations, Listing and Compliances · Book-keeping, Accounting, Taxation and Financial Crime Compliance Services and TAS
Kaveri Advisory, an authorised IFSC ancillary service provider, wants to add a new category of service not mentioned in its original authorisation. What is the correct course of action?
Kaveri must seek IFSCA's approval before offering the new service. Authorisation covers only the activities permitted, so extending beyond them without approval would be unauthorised activity. Annual reporting afterwards or restricting clients to residents does not cure the lack of permission.
- AStart the service and report it in the annual return
- BSeek IFSCA's approval for the additional service before offering itCorrect
- COffer it freely since all ancillary services are interchangeable
- DOffer it only to Indian resident clients
Explanation
Authorisation is specific to the services permitted. Adding a new activity requires IFSCA's prior approval or an amended authorisation. Reporting afterwards would mean operating without permission, and the resident-client restriction has no basis here.
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