The International Financial Services Centres Authority (IFSCA) on May 17, 2023, issued a notification regarding the fee structure for the entities undertaking or intending to undertake permissible activities in IFSC.
The fees payable to the Authority fall into the following categories:
•Application fees and Licence/Registration/Recognition/Authorisation fees - payable during the process of application
•Recurring fees payable after the grant of a licence, registration recognition, or authorisation
•Activity-based fees - payable based on the nature and volume of activity carried out by the FIs
•Processing fees-payable for handling specific requests such as modification of terms of the licence, waiver of regulations etc.
Fees are payable after the grant of licence, registration, recognition, or authorisation On grant of licence, registration, recognition or authorisation, Fls shall be liable to pay Recurring fees as specified such as IFSC Banking Units. Capital Market Infrastructure Institutions (Stock Exchanges Clearing Corporations, and Depositories), Bullion Market Infrastructure Institutions (Bullion Exchanges, Bullion Clearing Corporations, Vault Managers).
This circular shall be effective from May 17, 2023.
[Notification No. 865/1FSCA/Banking/Fee Revision/2022-23]
