[Image omitted. See the official document.]
CIRCULAR
IFSCA-DTFA/1/2025
April 08, 2025
To
All Regulated Entities (REs) in International Financial Services Centres (IFSC)
All applicants to the International Financial Services Centres Authority (IFSCA)
All persons seeking guidance under IFSCA (Informal Guidance) Scheme, 2024 (Informal Guidance Scheme)
Dear Sir/Madam,
Subject: Fee structure for the entities undertaking or intending to undertake permissible activities in IFSC or seeking guidance under the Informal Guidance Scheme
- Any applicant desirous of obtaining registration, licence, authorization or recognition, as the case may be, from the IFSCA (herein after referred to as ‘applicant’), the entities regulated by the IFSCA (herein after referred to as ‘Regulated Entities’ or ‘REs’) or any person seeking guidance under Informal Guidance Scheme, shall remit the applicable fees under the following categories to the designated account of the IFSCA :
- a) Application fees;
- b) Licence/Registration/Recognition/Authorization fees;
- c) Annual Recurring fees;
- d) Activity based fees;
- e) Processing fees;
- f) Late fees;
- g) Informal Guidance fees.
The details of fees to be remitted by any applicant, the Regulated Entities or any person seeking guidance under the Informal Guidance Scheme, to the designated account of the IFSCA, are provided hereinafter.
[Image omitted. See the official document.]
2. APPLICATION FEES
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i. An applicant shall pay the application fee, as specified at Schedule-I of this circular, at the time of making an application to the IFSCA (hereinafter referred to as the ‘Authority’). If an application is not accompanied by the mandated application fee, such an application shall not be considered by the Authority.
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ii. Applications for rendering different financial services shall be made separately under the respective regulations, circulars, guidelines or frameworks, except as otherwise provided by the Authority.
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iii. Multiple applications from a single entity for rendering different financial services shall be treated as separate applications and shall attract separate specified application fees, as indicated at Schedule-I of this circular.
3. LICENCE/REGISTRATION/RECOGNITION/AUTHORIZATION FEES
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i. On intimation of the decision by the Authority to grant provisional or in-principle approval, the applicant shall, within 15 days of such an intimation, pay the applicable licence, registration, recognition or authorization fees, as specified at Schedule-I of this circular.
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ii. In the instance where the license, registration, recognition or authorization is to be granted directly, the applicant shall pay the fees within the period specified by the Authority, before grant of final licence, registration, recognition or authorization.
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iii. In those cases where the applicant fails to pay the requisite licence, registration, recognition or authorization fees within the specified time, it shall be presumed that the applicant does not wish to continue the process. In such a case, the Authority may at its discretion reject the application. An application once rejected, shall be treated as non-est. The rejection of the application however, shall not render the entity ineligible for making a fresh application.
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iv. In case the Authority decides not to grant a licence, registration, recognition or authorization to an applicant to whom a provisional / in-principle approval has been granted, the fees paid by the applicant towards obtaining licence, registration, recognition or authorization fee shall not be refunded.
[Image omitted. See the official document.]
4. RECURRING FEES – FLAT
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i. Upon obtaining licence, registration, recognition or authorization, the REs shall pay flat recurring fee to the Authority as specified at Schedule-I of this circular.
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ii. For the financial year in which the license, registration, recognition or authorization has been granted, recurring fee shall be calculated on a pro rata basis for every remaining month in that financial year. The REs shall pay the applicable recurring fees within 15 days from the grant of license, registration, recognition or authorization. For the purpose of calculation of the recurring fees, a part of a month shall be considered as a full month.
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iii. For the ongoing financial year, after the financial year in which the license, registration, recognition or authorization has been granted, a flat recurring fee shall be payable by 30th April of such financial year to which the fee pertains. For e.g. a flat recurring fee for FY 2025-26 shall be payable by April 30, 2025.
5. RECURRING FEES – CONDITIONAL
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i. Upon obtaining licence, registration, recognition or authorization, the REs shall pay the conditional recurring fee, based on turnover or number of employees, to the Authority, as specified at Schedule-I of this circular.
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ii. For the financial year in which the license, registration, recognition or authorization, has been granted, the conditional recurring fee shall be determined on a pro rata basis. For the purpose of calculation of such fees, the lowest slab applicable to the RE shall be considered. Such a fee shall be payable within 15 days of grant of license, registration, recognition or authorization. For the purpose of calculation of the recurring fees, a part of a month shall be considered as a full month.
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iii. Further, at the end of financial year, the conditional recurring fee shall be calculated based on the actual turnover/no. of employees of that financial year and shall be payable, latest by 30th April of the next financial year, after adjustment of the fees paid earlier.
Illustration 1
In case of a Stock Exchange which has been granted the recognition first time on May 20, 2025, the applicable fee shall be calculated as under:
- Fee applicable for lowest slab [Please refer to Schedule-I of this circular] = USD 1,500
- Pro rata fee to be paid = USD 1,500 X 11/12 = USD 1,375 [by June 04, 2025]
- Turnover of FY 2025-26 (assumed) = USD 20 Billion
[Image omitted. See the official document.]
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Conditional recurring fee based on turnover of FY 2025-26 = USD 75,000
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Fee paid earlier in advance = USD 1,375
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Remaining Fee to be paid for FY 2025-26 by April 30, 2026 = USD 75,000 – USD 1,375 = USD 73,625
Accordingly, the total conditional recurring fee payable for FY 2025-26 i.e. USD 75,000 is payable as under:
- USD 1,375 on or before June 04, 2025; and
- USD 73,625 on or before April 30, 2026
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iv. For the financial years, after the financial year in which the license, registration, recognition or authorization has been granted, the conditional recurring fee shall be payable by 30th April of such financial year, to which the fee pertains, as under:
- The fee shall be calculated based on the turnover or number of employees of the preceding financial year. [A]
- At the end of the financial year, the conditional recurring fee shall be calculated based on the actual turnover or number of employees of such Financial Year [B]
The difference of [B] and [A] shall be paid by April 30th of next financial year.
Illustration 2
The case explained in Illustration 1 is being considered again as under:
- Date of grant of recognition of stock exchange: May 20, 2025
- Total conditional recurring fee payable for FY 2025-26 as explained at Illustration 1 above: USD 75,000
- Turnover of FY 2026-27 (assumed) = USD 110 Billion
- Conditional recurring fee payable for FY 2026-27 by April 30, 2026 based on turnover of preceding FY = USD 75,000 [Please refer to Schedule-I of this circular for slabs]
- Total conditional recurring fee Payable for FY 2026-27 based on actual turnover: USD 1,50,000
- Fee paid earlier in advance = USD 75,000
- Remaining Fee to be paid for FY 2026-27 before April 30, 2027 : USD 1,50,000 – USD 75,000 = USD 75,000
Accordingly, the total conditional recurring fee payable for FY 2026-27 i.e. USD 1,50,000 is payable as under:
- USD 75,000 on or before April 30, 2026; and
- USD 75,000 on or before April 30, 2027
