Form and Manner for seeking registration and other requirements under International Financial Services Centres Authority (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024: A Brief Guide
The International Financial Services Centres Authority (IFSCA) vide circular dated June 28, 2024, has issued the new form and manner outlining the process for seeking registration and other requirements under International Financial Services Centres Authority (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024.
KEY HIGHLIGHTS:
- Who Needs to Register?
Any entity intending to provide these services within an IFSC needs to register under these regulations. This includes existing Ancillary Service Providers (ASPs) who want to expand their offerings to include BATF services and all applicants desirous of setting up an IFSC Unit in GIFT IFSC and for obtaining relevant permissions under the respective IFSCA Regulations/ Frameworks, except entities applying as Market Infrastructure Institutions (MII), Fintech Sandbox, Fintech Accelerator and Foreign Universities proposing to set up branch campuses in IFSC.
- How to Apply?
Entities seeking registration under the BATF Regulations must use the application form provided in Annexure-1 of the circular and the form can also be downloaded from the IFSCA website: https://www.ifsca.gov.in/.
- Provision for Fees
Applicants and registered BATF Service Providers are required to pay applicable fees as outlined in a separate circular titled “Fee Structure for the Entities undertaking or intending to undertake permissible activities in IFSC.”
- Provision for Existing Ancillary Service Providers(ASPs)
Existing ASPs wishing to offer BATF services under the regulations need to express their willingness using the format specified in Annexure-2 of the circular.
CONCLUSION:
Overall, with the introduction of BATF regulations and the standardized application process, the ambiguity is eliminated and a more streamlined process has been put into place for both applicants and the IFSCA. It also allows for better monitoring and enforcement of regulations, potentially leading to a more robust and compliant financial ecosystem within IFSCs, eventually attracting more businesses and investments, and promoting the growth and development of the IFSC ecosystem.
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