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CS Professional · IFSCA - Regulations, Listing and Compliances · Capital Market Intermediaries

Rohan Securities, a GIFT IFSC intermediary, deals with clients from different jurisdictions. Which general obligation applies to it as an IFSCA-registered capital market intermediary?

Rohan Securities must comply with IFSCA's conduct requirements, which include maintaining proper books and records and carrying out KYC and anti-money laundering checks. Having foreign clients gives no exemption, and the exchange holding trade data does not replace the intermediary's own obligations.

  1. AIt need not maintain records since the exchange keeps all trade data
  2. BIt must comply with IFSCA's conduct requirements, including maintaining books and records, KYC and anti-money laundering normsCorrect
  3. CIt is exempt from anti-money laundering norms because clients are foreign
  4. DIt must follow only the home-country rules of each client

Explanation

Registered intermediaries must follow IFSCA conduct norms, keep proper books and records, and carry out KYC and AML/CFT checks. Foreign clients do not remove these duties, and the exchange's data does not replace the intermediary's own records.

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