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CS Professional · IFSCA - Regulations, Listing and Compliances · Overview of FinTech and Service Providers in IFSC

Mehta Infotech, based in Mumbai, wants to provide software services only to its Indian domestic clients but also wishes to claim it is an IFSC FinTech entity by merely listing a GIFT City address. Which view is correct?

A GIFT City address alone is not enough. To be treated as an IFSC FinTech entity, the firm must set up an IFSC unit and obtain IFSCA authorisation for the specific activity it carries on. GST registration or passage of time does not confer that status.

  1. AMere address does not suffice; it must be an IFSC unit authorised by IFSCA for the activity it carries onCorrect
  2. BThe address alone makes it IFSCA-regulated
  3. CIt needs only a GST registration to be treated as IFSC FinTech
  4. DIt becomes eligible after one month of using the address

Explanation

IFSC status flows from being set up as a unit in the IFSC and obtaining IFSCA authorisation for the specific financial service or FinTech activity. An address, GST registration or elapsed time alone does not confer it.

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