The International Financial Services Centres Authority (IFSCA) on January 30, 2024, issued the International Financial Services Centres Authority (Payment Services) Regulations, 2024.
The following are the highlights of the regulations:
• Any person desirous of providing Payment Services in or from IFSC (hereinafter referred to as “the Applicant”) shall submit an application to the Authority, for grant of authorisation as a Payment Service Provider, in the format and in the manner as may be specified by the Authority;
Provided that the persons specified in Schedule IV of these regulations shall be exempted from the requirement of obtaining authorisation under these regulations.
• An Applicant making an application for authorisation under regulation 4 (Application for authorisation for providing Payment Services) shall be required to be incorporated as a Company with its registered office in IFSC.
• A Payment Service Provider shall, inter-alia, comply with the minimum net worth requirements, as specified in Schedule V of these regulations, on an ongoing basis.
• The minimum net worth requirement of a Payment Service Provider shall be reviewed by the Authority from time to time to ensure their continued effectiveness and relevance and the Authority may also make adjustments to the minimum net worth requirements as needed to address emerging risks and changes in the financial landscape in which the Payment Service Provider is operating.
• An Applicant or a Payment Service Provider shall ensure that its directors, Key Managerial Personnel and persons exercising control over it (hereinafter collectively referred to as “Relevant Persons”) satisfy the “fit and proper requirements” (‘FPR’), specified in Schedule II of these regulations.
They shall come into force on January 30, 2024.
For more details, please refer to the document attached below.
[Notification No. IFSCA/GN/2024/001]
