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

Veritas Ledger LLP, a unit in GIFT IFSC, wishes to provide book-keeping and accounting services to overseas clients as its main business. Under the IFSCA framework for ancillary services, what must it do before commencing this activity?

The LLP must obtain authorisation from IFSCA before starting. IFSCA is the unified regulator for IFSC and requires entities providing ancillary services like accounting and book-keeping to be authorised first. ROC registration or RBI licensing does not replace this, and later intimation is not permitted.

  1. AObtain authorisation from IFSCA to operate as an ancillary services providerCorrect
  2. BRegister only with the Registrar of Companies in Gandhinagar
  3. CObtain a licence from the Reserve Bank of India
  4. DBegin operations and intimate IFSCA after one year

Explanation

IFSCA regulates ancillary services such as accounting, book-keeping, taxation and financial crime compliance in the IFSC through an authorisation (registration) framework. Operating without it is not permitted. RBI licensing or ROC registration alone does not substitute for IFSCA authorisation, and post-facto intimation is not allowed.

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