The International Financial Services Centres Authority (IFSCA) on December 26, 2023, issued a notification regarding the Time Limit for the Disposal of Applications.
If no response to a query is received within 15 days, the concerned division is required to send a reminder. If the reminder also remains unanswered for another 15 days, the application shall be liable to be determined to be non-compliantIn such a case, the entity shall be required to file a new application and pay the applicable fees again for fresh consideration.
If complete information required by IFSCA is not received within 60 days from the date of the first query the file may be put up to the Competent Authority for considering disposal of the application as non-compliant. In this case also, once the application is disposed of, the entity shall be required to file a fresh application and pay fees afresh
The list is attached to the document.
[Notification No. 1071/IFSCA/Dev./UBA2024/2023-24]
