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

Tarang Consultants, authorised in the IFSC, receives a request from a Singapore group company to maintain its books and prepare financial statements. Which statement best reflects the purpose of the IFSC ancillary services framework in this case?

The framework enables IFSC entities to provide accounting and related services to global clients under IFSCA regulation. This supports the wider financial ecosystem in the IFSC. It does not confine services to domestic taxpayers, forbid foreign group clients, or move clients' audit responsibility to IFSCA.

  1. AIt lets IFSC units serve only domestic Indian taxpayers
  2. BIt enables IFSC entities to provide such services to global clients under IFSCA regulation, supporting the financial ecosystemCorrect
  3. CIt bars services to foreign group companies
  4. DIt transfers the clients' statutory audit duties to IFSCA

Explanation

The framework aims to let IFSC-based providers serve offshore and IFSC clients in a regulated manner, supporting financial services units. It does not restrict clients to domestic taxpayers, prohibit foreign group companies, or shift audit duties to IFSCA.

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