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

Mehul Accounting Services IFSC maintains the ledgers of a client fund manager. A client asks that records be kept only on the client's own premises in Singapore with no access in India. Which response best aligns with IFSC compliance expectations?

The provider should refuse, because as an IFSCA-regulated entity it must keep records and make them available to the regulator on request. Foreign client status gives no exemption, early destruction is improper, and records are not confined to paper.

  1. ARefuse, because the service provider must itself maintain and make books and records available to IFSCA on request, as a regulated entityCorrect
  2. BAgree, since records of foreign clients are exempt from regulatory inspection
  3. CAgree, provided records are destroyed after one month
  4. DRefuse, because records must be kept only in paper form

Explanation

A regulated service provider remains answerable to IFSCA, including for record maintenance and inspection access. Foreign client status does not remove this. Early destruction would breach retention expectations, and no rule limits records to paper form.

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