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

Meera, a chartered accountant, plans an IFSC unit that prepares financial statements for a fund manager in GIFT City. Which compliance practice is most appropriate for the unit?

The unit should maintain proper records and client documentation and comply with IFSCA reporting requirements. Regulated service providers are expected to have internal controls and protect client data, so destroying records or sharing data freely would be improper.

  1. AMaintain proper records and client documentation and follow IFSCA reporting requirementsCorrect
  2. BDestroy client records after each month's close
  3. CShare client data freely with unrelated parties
  4. DAvoid any internal controls because services are outsourced

Explanation

A regulated service provider is expected to keep adequate records, maintain client documentation, and meet reporting and conduct requirements. Destroying records, careless data sharing and having no controls conflict with regulatory expectations.

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