The International Financial Services Centres Authority (IFSCA) on July 10, 2023, issued a notification regarding IFSCA Banking Handbook COB Direction- Version 5.0.
The Conduct of Business, COB directions are aimed at ensuring that IFSC Banking Units (IBUs) meet the minimum standards of conduct expected, particularly with regard to the treatment of their clients, their dealings with counterparties and other market participants. It also includes directions to ensure that the behaviour of IBUs contributes to fostering and maintaining the integrity of financial markets in the IFSC and will assist the International Financial Services Centres Authority (IFSCA -referred to as the ‘Authority’) to meet the regulatory objectives, including and particularly those related to:
(a) protecting the interests of investors and users of financial services; and
(b) ensuring that the financial markets under IFSCA’s purview are fair, efficient, transparent and orderly; and
(c) fostering and maintaining confidence in the IFSC's financial system and regulatory regime.
