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CS Professional · IFSCA - Regulations, Listing and Compliances · Banking Services and Finance Companies in IFSC

Meera Finance Company, set up as a Finance Company in GIFT IFSC under IFSCA regulations, asks which authority prescribes its prudential norms and with which it must file its periodic returns. What is correct?

IFSCA is the unified regulator of financial services in GIFT IFSC and prescribes prudential norms and reporting for IFSC finance companies. RBI and SEBI are not the regulators for this purpose, and company law filings do not replace returns required by IFSCA.

  1. ARBI alone, as it regulates all NBFCs in India
  2. BSEBI, since it handles capital markets in GIFT IFSC
  3. CIFSCA, which prescribes norms and receives returns for IFSC finance companiesCorrect
  4. DThe Ministry of Corporate Affairs through the Registrar of Companies only

Explanation

IFSCA is the unified regulator for financial services in IFSC, including finance companies, and sets their prudential norms and reporting. RBI and SEBI do not regulate IFSC entities for these purposes. Companies Act filings may still apply but do not replace IFSCA returns.

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