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Recognition to Company Secretary in Practice under the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021 & International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021

The Institute in furtherance of its continuous endeavours to provide new opportunities to its Members has been sending suggestions on various draft rules, regulations, policies and guidelines, etc. issued by Ministries, Government organizations and Regulatory Bodies to seek recognitions in new areas of practice and employment.

In this direction, the Institute has also submitted its views on the Draft Consultation Paper on IFSCA (Registration of Insurance Business) Regulations, 2021 and Draft Consultation Paper for Proposed IFSCA (Insurance Intermediary) Regulations, 2021 placed by the IFSCA on its website for public comments.

The International Financial Services Centres Authority has notified the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021 & International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021 Vide Gazette Notification Dated 18th October, 2021.

We are pleased to inform you that the IFSCA has added two more feathers in the cap of Company Secretaries by authorizing them to certify the net worth certificate of IFSC insurance intermediary office (IIIO) under the International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021 and also to certify that all the requirements of the International Financial Services Centres Authority Act, 2019 read with IFSCA (Registration of Insurance Business) Registration 2021 and notifications issued under section 2CA of the Act have been complied with by the applicant.

We are grateful to the IFSCA for considering the suggestions submitted by the Institute, reposing the confidence and accorded the profession of Company Secretaries with these certification services.

The reference to the selected Regulations under IFSCA Regulations providing for recognitions mentioned above is as under:

International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021

“ FORM B, Point 12- Certificate from CA / CS

Provide a certificate from a practicing Chartered Accountant in India or a practising Company Secretary in India certifying that all the requirements of the Act read with IFSCA (Registration of Insurance Business) Registration 2021 and notifications issued under section 2CA of the Act have been complied with by the Applicant.”

FORM- C, Point 14- Certificate from CA / CS

Provide a certificate from a practicing Chartered Accountant in India or a practising Company Secretary of India certifying that all the requirements of the Act read with IFSCA (Registration of Insurance Business) Registration 2021 and notifications issued under section 2CA of the Act have been complied with by the applicant.

New Recognitions Notified to PCS under the IFSCA Regulations

International Financial Services Centres Authority (Insurance Intermediary) Regulations, 2021

13. Capital / Net-worth Requirement

6. The IIIO shall submit to the Authority a paid-up capital and net-worth certificate duly certified by its statutory auditor or Chartered Accountant or Practicing Company Secretary, on half yearly basis.

The notified regulations are available on the IFSCA website at the following link:
https://ifsca.gov.in/Regulation?MId=SPjXo43PViQ=

Recognition to Company Secretary in Practice under the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021

This is in continuation our communication dated 22nd October, to 2021 wherein we have informed all the members about the new recognitions accorded to Company Secretaries in Practice (PCS) by the International Financial Services Centres Authority (IFSCA).

As you are aware, the Institute is pro-actively making representations and submitting views/suggestions/comments on various Consultation/Discussion Papers/Reports issued by the various Ministries/ Regulators/ Statutory Bodies for seeking opportunities for its members under various legislations.

In this direction, the Institute has submitted its views on the Draft Consultation Paper for “Capital Market Intermediaries Regulations, 2021” placed by the IFSCA on its website for public comments, specifically requesting the IFSCA to authorise the PCS to conduct Audit of Capital Market Intermediaries registered with the IFSCA.

The International Financial Services Centres Authority has notified the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021Vide Gazette Notification Dated 18th October, 2021 wherein, the IFSCA has authorise the PCS to conduct annual audit of Capital Market Intermediaries and issue Net Worth Certificate to the applicant willing to register as an capital market intermediaries with the IFSCA.
We are grateful to the IFSCA for considering the suggestions submitted by the Institute, reposing the confidence and accorded the profession of Company Secretaries with these certification services.

The reference to the selected Regulations under IFSCA Regulations providing for recognitions mentioned above is as under:

"Annual Audit

22. (1) A registered capital market intermediary shall have an annual audit conducted in respect of compliance with these regulations by a member of the Institute of Chartered Accountants of India or a member of the Institute of Company Secretaries of India or any person authorised to conduct audit in a Foreign Jurisdiction.

Schedule I, Part I, Point 12

Net worth as per the latest financial statements of the applicant

Please enclose net worth certificate by Chartered Accountant / Company Secretary (or their equivalent in Foreign Jurisdiction) not older than six months as on the date of application.”

The notified regulations are available on the IFSCA website at the following link:
https://ifsca.gov.in/Regulation?MId=SPjXo43PViQ=

Regards,
(CS Nagendra D Rao)
President
The Institute of Company Secretaries of India

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