Purpose

(b) a person intending to undertake a business transaction in relation to financial product(s)

or financial service(s) regulated by the Authority;

(c) a person desirous of setting up a Unit in IFSC; and

(d) such other person as may be specified/permitted by the Authority.

No-Action Letters:  In this Department may indicate whether to recommend/ or not any action to the IFSCA Authority against proposed activity/ business/ transaction described in the request made.

Interpretive Letters: In this form, the Department may provide an interpretation of specific provision of the Act, Rules, Regulations, Guidelines, Circulars, directions administered by the IFSCA  authority/ RBI, SEBI, IRDAI and PFRDA/ other legal provisions of any act, Rules, Regulations, Guidelines or Circulars being administered by the Authority, in the context of a proposed activity/ business/ transaction related to a financial product (s) or financial service (s) or in a specific factual situation

– To file electronically through the Single Window IT System (SWITS) of the Authority and through an e-mail addressed to the nodal co-ordination cell of the Authority at igdesk@ifsca.gov.in, until such filing of application is enabled under the Single Window IT System (SWITS).

–  Application to: –

• Clearly mention that it is made under International Financial Services Centres Authority (Informal Guidance) Scheme 2024 and also whether made for ‘no-action letter’ or ‘interpretive letter’.
• Disclose and analyse all relevant and material facts and circumstances involved, along with all relevant and applicable legal provisions
• Clearly demonstrate the link between the guidance sought/question asked and the current or proposed activity of the applicant in the IFSC as applicable.

– Payment of fee of USD 1000 by way of direct credit into the bank account of the Authority through SWIFT or any other mode specified by the Authority from time to time. Out of the total fees paid, 75% of it will be charged as guidance fees and the remaining 25% will be charged as processing fees.

Applicant to respond to communication from the Department within 15 days or within such additional time as may be permitted by the Department at the request of the Applicant. In case, no response received within rejection of application by the Department.

• General in nature and the application not completely and sufficiently discloses the factual situation;
• Based on hypothetical situations;
• No direct or proximate interest;
• Applicable legal provisions not cited;
• No-action or interpretive letter already been issued by any Department of IFSCA on a substantially similar question involving substantially similar facts, as that to which the request relates;
• Investigation, enquiry or other enforcement action already been initiated
• Connected issues pending before any Court or Tribunal and the issue is subjudice;
• Policy concerns require that the Department does not respond to the query; and
• Such other cases as the Department deems fit.

In such cases, the guidance fee paid by the applicant shall be refunded.

In case applicant request to Department to maintain confidentiality of guidance issued under Scheme on grounds of sensitivity of proposed business decisions and transactions concerned Department to give confidential treatment for a period of 90 days from the date of issuance of guidance and in case on specific request from the Applicant, Department redact the names or any other specified details from the guidance issued, before uploading the same on Authority’s website.

Guidance issued is conditional upon the Applicant and not:

• be construed as a conclusive decision or determination of any question of law or fact by the Authority;
• be construed as an order of the Authority; and
• be appealable.

No liability of Authority for any loss / damage that the Applicant or any other person suffer on account of request not being answered or being belatedly answered or the Authority taking a different view from that taken in a letter already issued under this Scheme.

Guidance obtained by way of unlawful means be declared as invalid.