International Financial Services Centres Authority (Banking) (Amendment) Regulations, 2021

Last updated: 05 April 2021

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The International Financial Services Centres Authority (IFSCA) has introduced the Banking (Amendment) Regulations, 2021. These new regulations, effective from their publication date, amend the 2020 Banking Regulations. Specifically, they introduce the ability to offer Portfolio Management services and Investment Advisory services to both individuals and entities residing in India and those living outside of India.

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 25th March, 2021
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (BANKING)
(AMENDMENT) REGULATIONS, 2021

IFSCA/2020-21/GN/REG009.- In exercise of the powers conferred by sub-section (1) of section 28 read with sub-section (1) of section 12 and sub-section (1) of section 13 of the International Financial Services Centres Authority Act, 2019, the International Financial Services Centres Authority hereby makes the following regulations, further to amend the, International Financial Services Centres Authority (Banking) Regulations, 2020, for banking and investment activities in the International Financial Services Centres, namely: –

1. (1) These regulations may be called the International Financial Services Centres Authority (Banking) (Amendment) Regulations, 2021.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the International Financial Services Centres Authority (Banking) Regulations, 2020 (hereinafter referred to as the principal regulations), in regulation 13, after sub-regulation (8), the following subregulation shall be inserted, namely:

“(9) offering Portfolio Management services to person resident in India and persons resident outside India.

(10) Offering Investment Advisory services to person resident in India and persons resident outside India”

INJETI SRINIVAS, Chairperson
[ADVT.-III/4/Exty./572/2020-21]

Note : The International Financial Services Centres Authority (Banking) Regulations, 2020 were published in the Gazette of India Extraordinary vide notification No. IFSCA/2020-21/GN/REG004 on 20th November, 2020.

FAQ :

These are amendments to the existing International Financial Services Centres Authority (Banking) Regulations, 2020, made by the IFSCA.

The regulations come into force on the date of their publication in the Official Gazette.

The amendments allow for the offering of Portfolio Management services and Investment Advisory services.

These services can be offered to persons resident in India and persons resident outside India.

Regulation 13 of the International Financial Services Centres Authority (Banking) Regulations, 2020 has been amended by inserting new sub-regulations (9) and (10).