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

Kiran Advisors IFSC Pvt Ltd is authorised to provide accounting services in GIFT IFSC. Which client arrangement is most consistent with the purpose of the IFSCA framework for such services?

The consistent arrangement is serving overseas entities and IFSC units in permitted foreign currency. The IFSC regime targets offshore-style financial services, so rupee-based work for domestic retailers, statutory audits of Indian companies, or deposit-taking fall outside an accounting service authorisation.

  1. APreparing books for a non-resident group's overseas entity and for IFSC units, in a permitted foreign currencyCorrect
  2. BMaintaining books exclusively for resident Indian retail shops in the domestic tariff area, billed in rupees
  3. CIssuing audit reports for statutory audit of Indian listed companies
  4. DAccepting deposits from clients to fund their working capital

Explanation

The IFSC framework is aimed at servicing non-resident and IFSC clients, with transactions in permitted foreign currency. Purely domestic rupee work is outside the IFSC purpose. Statutory audit and deposit-taking are separate regulated activities not covered by an accounting service authorisation.

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