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

Veda Ledgers LLP, set up in GIFT City, wants to maintain books of account, prepare financial statements and handle payroll processing for overseas clients. Under the IFSCA framework, which approach is correct?

A unit in GIFT IFSC offering book-keeping, accounting and similar services must be authorised or registered by IFSCA before starting. IFSCA is the unified regulator there, so no RBI or SEBI licence is the route, and the activity is not unregulated.

  1. AIt may carry on these services only after obtaining the necessary authorisation or registration from IFSCA as a service provider for such activitiesCorrect
  2. BIt needs no approval because accounting services are unregulated in an IFSC
  3. CIt must first obtain a licence from the Reserve Bank of India
  4. DIt must register with SEBI as a market intermediary

Explanation

IFSCA is the unified regulator of the IFSC and regulates book-keeping and accounting service providers operating there. A unit must obtain IFSCA authorisation or registration before commencing such services. RBI and SEBI do not license this activity inside the IFSC, and the claim that it is unregulated is wrong.

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