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

Kaveri Books IFSC LLP wants to hire staff and begin accounting services in GIFT IFSC. What is the correct first regulatory step?

The firm must obtain authorisation or registration from IFSCA for the accounting service before commencing it. Incorporation alone or a banking licence does not permit the regulated activity, and operating first and applying later is not allowed.

  1. AStart operations and seek authorisation within five years
  2. BObtain authorisation or registration from IFSCA for the activity before commencing itCorrect
  3. CRegister only with the Registrar of Companies and skip IFSCA
  4. DObtain a banking licence from RBI

Explanation

Financial services in an IFSC need IFSCA authorisation or registration before commencement. Registering only with the ROC does not cover regulated activity, and RBI's banking licence is irrelevant.

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