CS Professional · IFSCA - Regulations, Listing and Compliances · Book-keeping, Accounting, Taxation and Financial Crime Compliance Services and TAS
Veda Ledger Services LLP, set up in GIFT City, plans to maintain books of account and prepare financial statements for overseas clients of a multinational group. Under the IFSCA framework for book-keeping, accounting and taxation services, which description best fits its proposed activity?
Book-keeping and accounting for overseas clients is a permitted financial service that an IFSC unit can provide under IFSCA's framework. It is not reserved for banks or exchange members and is not barred as a domestic professional service.
- AA permitted financial service that may be offered from an IFSC unit to clients, including non-resident clientsCorrect
- BAn activity reserved only for banking units in the IFSC
- CAn activity prohibited in the IFSC because it is a domestic professional service
- DAn activity that can be done only after the IFSC unit becomes a stock exchange member
Explanation
IFSCA regulates book-keeping, accounting and taxation services as financial services that can be provided from an IFSC unit. Serving overseas group entities is a typical use case. Restricting it to banks or stock exchange members has no basis.
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