CIRCULAR
_________________________________________________________________________
F. No.865/IFSCA/Banking/Fee Revision/2022-23 July 03, 2024
To
All Regulated Entities in International Financial Services Centres (IFSC) and all
Applicants to the International Financial Services Centres Authority (IFSCA)
Sub: Fee structure for the entities undertaking or intending to undertake permissible
activities under IFSCA (Book-keeping, Accounting, Taxation and Financial Crime
Compliance Services) Regulations, 2024 in IFSC
1. This circular is issued in exercise of powers conferred by section 12 of the International
Financial Services Centres Authority Act, 2019, and powers conferred under Regulation
17 of IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance
Services) Regulations, 2024 (hereinafter referred as “BATF Regulations”) which have
been notified in the Official Gazette on June 04, 2024.
2. The International Financial Services Centres Authority (“Authority”) makes the following
amendments/additions to the Circular of even number dated May 17, 2023 on the subject
cited above, as amended from time to time:
i. In Schedule 1 of the said Circular, an entry for various fees applicable for BATF Service
Providers to be registered under the IFSCA (Book-keeping, Accounting, Taxation and
Financial Crime Compliance Services) Regulations, 2024, shall be inserted as sr. no.
“L’’ immediately before the heading “CLARIFICATORY NOTES” as indicated in
Annexure hereto:
3. Clarification for existing BATF Service providers under IFSCA Ancillary Service
Framework
i.
The existing ancillary services providers, who are currently undertaking Bookkeeping,
Accounting, Taxation or Financial Crime Compliance Services from IFSC and have
communicated to IFSCA about their willingness to operate under BATF Regulations
for the same activity, are not required to pay application fees for the same activity.
ii.
Further, for the above-mentioned entities, applicable Annual Fees/Recurring Fees
under the BATF regulation will be adjusted to the extent of fees already paid by the
entity under the ancillary services framework from the date of submission of
willingness.
4. The circular shall come in to force with immediate effect.
Yours faithfully
Denning K Babu
General Manager
Division of Treasury, Finance and Accounts
Annexure
SCHEDULE-I
Schedule of fees payable by applicants/Regulated Entities of the IFSCA (1)
Sr.
No
.
Entities
Applica
tion
Fees
License/ Registration/
Authorisation Fees
Recurring Fees
Activity
based
fees
Processing Fees
Flat
Conditional
Modification of
terms
and
conditions
of
grant
of
registration of
substantive
nature
Relaxation
/waiver
of
provisions
of
applicable
regulations or
removing
difficulties
Type
of Fees
Amount Type
of
Fees
Amount
Basis
of
Fees
Amount
L
Book-keeping, Accounting, Taxation and Financial Crime Compliance Services Providers (“BATF Service Providers”)
BATF Service
Providers
(per
activity
fees)
$1,000
Registration
Fees
$ 5,000
Nil
NA
No.
of
Employees
Annual
Nil
20%
of
Registration
fee
$1000
<500
$5,000
500-1000
$7,500
>1000
$10,000
