ICAI Invites Suggestions On Consultation Paper on Draft IFSCA Regulations 2024

Development of International Trade, Services & WTO Directorate
The Institute of Chartered Accountants of India
30th March, 2024

India to be Accounting and Finance Hub: Invitation for Comments/Suggestions: Consultation Paper on Draft IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations 2024
Last date: 10th April 2024

The International Financial Services Centres Authority (IFSCA) has released a Consultation Paper seeking feedback and suggestions on the draft regulations in the aforementioned areas. As members of the Institute of Chartered Accountants of India (ICAI), your insights and expertise are invaluable in shaping these regulations.

Objective

The primary aim of this consultation paper is to gather feedback, comments, views, and suggestions from the public regarding the proposed International Financial Services Centres Authority (IFSCA) Regulations for Book-keeping, Accounting, Taxation, and Financial Crime Compliance Services in the year 2024.

Background

The Ministry of Finance, through a Gazette notification dated 18th January 2024, designated specific services as ‘Financial services' under Section 3(1)(e)(xiv), namely:

• 1. Book-keeping services
• 2. Accounting services
• 3. Taxation services
• 4. Financial crime compliance services

Following this notification, the International Financial Services Centres Authority (IFSCA) formed an Expert Committee tasked with developing GIFT IFSC into a "Global Finance and Accounting Hub" under the chairmanship of President, ICAI. This committee was entrusted with the responsibility of recommending a regulatory framework for conducting book-keeping, accounting, taxation, and financial crime compliance services. Subsequently, the Expert Committee submitted its report to the Chairman of IFSCA (To access the report, please click here)

IFSCA has now drafted the IFSCA (Book-keeping, Accounting, Taxation, and Financial Crime Compliance Services) Regulations 2024, which outlines the regulatory framework for the provision of these services within the IFSC. You may refer the Consultation Paper by [clicking here]

Please take a moment to submit your comments in the link by [clicking here] or by mail at cditswto@icai.in in the format below. Your participation will help ensure that the final regulations reflect the highest standards of professionalism and effectiveness.
 

Your responses will be treated with the utmost confidentiality and will be compiled for review by the relevant authorities. The deadline for submitting your input is 10th April 2024.