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

Meridian Ledgers LLP, set up in GIFT City, plans to offer book-keeping and accounting services to overseas clients from the IFSC. Under the IFSCA framework for ancillary services, what must it generally do before commencing this business?

The firm must obtain authorisation from IFSCA before commencing. Ancillary services like accounting and book-keeping in the IFSC are regulated by IFSCA, so prior authorisation is required. Municipal registration or RBI approval is not the relevant authority, and later intimation is not enough.

  1. AObtain authorisation from IFSCA to operate as a service provider in the IFSCCorrect
  2. BRegister only with the local municipal authority in Gandhinagar
  3. CSeek approval from the Reserve Bank of India as a bank
  4. DBegin operations and intimate IFSCA after one year

Explanation

Ancillary services such as accounting, book-keeping, taxation and financial crime compliance are regulated by IFSCA, so a unit must obtain authorisation from IFSCA before starting. Starting first and informing later, or relying on RBI or municipal registration, does not satisfy the framework.

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