The International Financial Services Centres Authority (IFSCA) on December 14, 2023, issued a circular regarding permitting International Branch Campuses and Offshore Educational Centers at GIFT-IFSC to avail infrastructure services from Academic Infrastructure Service Providers
The following has been stated namely: -
• It states that this circular has been issued to specify conditions for IBCs and/or OECs for availing infrastructure and other support services from an AISP.
• It states that the enablement under this circular shall only govern the relationship between AISP and IBC/ OEC and does not apply to an IBC/OEC seeking support services other than Campus Infrastructure Services.
• The IBC and/or OEC shall avail services from an AISP satisfying the following Conditions namely: -
(a) The AISP is incorporated as a separate company in GIFT SEZ;
(b) The AISP has a minimum net worth of 1 million USD or equivalent for providing AIS and the same shall be maintained at all times while providing services to IBC/ OEC;
(c) The AISP or any of its group companies shall have at least three years of prior experience of providing similar services to recognized universities/ educational institutions in India or overseas.
Kindly refer to the document to view further details
[Circular No. e .FNo.IFSCA-BDev./FU/1/2023-BD]
