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Page 1 of 26 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (2nd and 3rd Floor, Pragya Tower, GIFT SEZ, GIFT City, Gandhinagar) CIRCULAR F. No. 1744/IFSCA/BATF/2024-25 June 28, 2024 Subject: Form and Manner for seeking registration and other requirements under International Financial Services Centres Authority (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024. 1. Reference may be drawn to the International Financial Services Centres Authority (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. In terms of various requirements under these regulations, following are specified: (i) Application Form [Reg. 5(1)]: The application form for seeking registration under the BATF Regulations is annexed to this circular as Annexure-1 and is also available at IFSCA website https://ifsca.gov.in/Downloadfile/Index. (ii) Submission of willingness by existing Ancillary Service Providers [Reg. 4(2)] : (a) An Ancillary Service Provider, intending to provide BATF Services under BATF Regulations, shall communicate its willingness in the format specified at Annexure-2. (b) Post communication of the willingness, any material changes in its function/ structure shall be communicated to the Authority, forthwith. (iii) Payment of Applicable Fees [Reg.17] 2. An Applicant/ BATF Service Provider shall pay such fees as applicable and specified in the separate Circular titled as “Fee Structure for the Entities undertaking or intending to undertake permissible activities in IFSC”, as amended from time to time. 3. This circular is issued in exercise of powers conferred by section 12 of the International Financial Services Centres Authority Act, 2019, and shall come into force with immediate effect. 4. A copy of this circular is available on the website of the Authority https://ifsca.gov.in/Circular. (Praveen Trivedi) Executive Director Page 2 of 26 ANNEXURE-1 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY COMMON APPLICATION FORM (CAF) This form must be submitted by all Applicants1 desirous of setting up an IFSC Unit in GIFT IFSC and for obtaining relevant permissions under the respective IFSCA Regulations/ Frameworks, except entities applying as Market Infrastructure Institutions (MII), Fintech Sandbox, Fintech Accelerator and Foreign Universities proposing to set up branch campuses in IFSC. 2. In addition to this form, you may be required to submit other supplementary forms as applicable to your intended business activities in GIFT IFSC. 3. All questions must be answered by the Applicant in English language only. Incomplete applications will not be considered. In case the applicant has already answered a question, specific reference to that cell/section may be provided to avoid duplication. In case of any non-applicability of a question, the Applicant may answer to that effect, stating the reasons justifying the non-applicability. 4. Applicants are advised to refer to the IFSCA website for latest amendments in the relevant IFSCA Regulations/ Frameworks/ Circulars etc. that may be pertinent to your application. 5. Applicants are required to pay the following fees: (i) IFSCA Application Fee, as applicable to the intended business activity (Please refer Section I); (ii) SEZ Fee (Please refer Section I). 6. All the documents provided must be in English language only. If any of the document is not in English, a certified English translation is required. The English translation to be certified “true copy” by the concerned financial regulator in country of the Applicant or an external legal counsel. All the documents provided shall be self-certified. However, in case of foreign nationals the documents are to be apostilled / notarized (e.g. Certificate of Incorporation, Certificate / Declaration of the person being authorized to act on behalf of the entity etc.) 7. IFSCA reserves the right to seek any additional information or clarifications, as necessary. 1 For applicants proposing to setup an IFSC Unit as a branch in IFSC, applicant shall be read as Parent Entity. Page 3 of 26 Section A1: General Information to be filled by applicants setting up as a branch1 in IFSC 1Indian Insurers may read this as ‘Place of Business’ S. No. Particulars Comments / Remarks (for IFSCA use) SEZ use 0. IFSCA Regulations/ Framework/ Circulars under which Application is being made by the Applicant (please refer Section E) 1. Name of the Applicant. 2. Form of the Applicant (Company/ Limited Liability Partnership/ Trust/ Registered Partnership / One Person Company / Body Corporate / If any other (please specify)) along with Registration/ Identification No. and documentary proof. For example, in case of a company provide the Certificate of Incorporation, Memorandum of Association and Articles of Association. 3. Date of incorporation of the Applicant. 4. Address of Head/ Corporate Office of the Applicant (also provide FAX no(if available), Email ID and Website) Address of Registered Office of the Applicant (also provide FAX no(if available), Email ID and Website) Address of principal place of Business of the Applicant (also provide FAX no(if available), Email ID and Website) 5. Provisional address of the Applicant’s proposed IFSC Unit. Attach copy of Provisional Letter of Allotment. 6. Details of Person Authorised with respect to this application (Name, Designation, Email, Phone, Address) 7. i) If Applicant is regulated by Financial Sector Regulator(s) provide the following details: Page 4 of 26 Name of Regulator, Name of Country, Type of Activity, License/ Registration No., Date of Registration and Validity & No Objection Certificate (NOC) from home country regulator, if required as per IFSCA regulations. ii) If any of the Applicant’s group2 entities are regulated by Financial Sector Regulator(s) provide the following details: Name of Regulator, Name of Country, Type of Activity, License/ Registration No., Date of Registration and Validity 2for the purpose of this question, the term group shall include: JVs/ Subsidiaries / Associates / Promoter / Body Corporate operating under common brand name 8. Whether Applicant, including all promoters /controlling shareholders / senior management/ founders are from a country identified in the latest public statement of Financial Action Task Force as: a) High-risk jurisdiction subject to a call for Action; or (Yes/No) b) a Jurisdiction under Increased Monitoring. (Yes/No) If yes to any of the above, provide further details. 9. Whether Applicant’s group3 entities, having transactions/commercial engagements with applicant entity are from a country identified in the latest public statement of Financial Action Task Force as: a) High-risk jurisdiction subject to a call for action; or (Yes/No) b) a Jurisdiction under Increased Monitoring. (Yes/No) If yes to any of the above, provide further details. 3for the purpose of this question, the term group shall include: JVs/ Subsidiaries / Associates / Promoter / Body Corporate operating under common brand name Page 5 of 26 Section A2: General Information to be filled by applicants incorporated in IFSC S. No. Particulars Comments / Remarks (for IFSCA use) SEZ use 0. IFSCA Regulations/ Framework/ Circulars under which Application is being made by the Applicant (please refer Section E) 1. Name of the Applicant 2. Form of the Applicant (Company/ Limited Liability Partnership/ Trust / Registered Partnership / One Person Company / Body Corporate / If any other (please specify)) along with Registration/ Identification No. and documentary proof. For example, in case of a company provide the Certificate of Incorporation, Memorandum of Association and Articles of Association. 3. Date of incorporation of the Applicant 4. Name and Address of Head/ Corporate Office of the Applicant’s Parent Entity(ies) (also provide FAX no(if available), Email ID and Website)
