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The Ministry of Finance has issued a notification (S.O. 4493(E)) clarifying that Section 25 of the Pension Fund Regulatory and Development Authority (PFRDA) Act, 2013 will not apply to financial products, financial services, or financial institutions operating in an International Financial Services
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FAQ :
The government has issued a notification stating that Section 25 of the Pension Fund Regulatory and Development Authority (PFRDA) Act, 2013, will not apply to financial products, services, or institutions operating in an International Financial Services Centre (IFSC).
Section 25 of the PFRDA Act, 2013, has been exempted for IFSC entities.
The exemption is intended to strengthen the autonomy of IFSC entities, ensure regulatory clarity for market participants, promote innovation, attract global financial players, and enhance India's competitiveness in the international financial services ecosystem.
Industry experts believe this move will streamline compliance requirements for pension and retirement-linked financial products offered in IFSCs, such as GIFT City.
An IFSC stands for International Financial Services Centre, which is a jurisdiction designated to provide financial and related services to international clients.
The notification was issued by the Ministry of Finance, specifically the Department of Economic Affairs (Financial Market Division), under the powers conferred by the International Financial Services Centres Authority (IFSCA) Act, 2019.
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