The International Financial Services Centres Authority (IFSCA) on February 06, 2024, issued a circular regarding the fee structure for the entities undertaking or intending to undertake permissible activities in IFSC as amended up to February 6, 2024.
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 grant of 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 licence, waiver of regulations etc.
Where a fee is payable as part of any application or request to the Authority, the application or request shall not be regarded as submitted until such fee has been paid in full.
The Schedules I and II specify a consolidated fee structure for an entity desirous of getting a licence, registration, recognition or authorisation or availing of any permitted financial service in the IFSC under relevant regulations, circulars, guidelines or framework and for the entities that have been granted a licence, registration, recognition or authorisation by the Authority.
The Schedules are attached to the document below.
[Circular No. 865/1FSCA/Banking/Fee Revision/2022-23]
