The International Financial Services Centres Authority Services (IFSCA) on April 05, 2024, issued the IFSCA Banking Handbook on Conduct of Business Directions – v 6.0 (COB).
The following has been stated namely: -
• The directions aims 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.
• Furthermore, it 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 to meet the regulatory objectives, including and particularly those related to:
(a) Protecting the interests of investors and users of financial services
(b) Ensuring that the financial markets under IFSCA’s purview are fair, efficient, transparent and orderly
(c) Fostering and maintaining confidence in the IFSC's financial system and regulatory regime.
• These directions specify the activities that the Banking Units (BUs) may undertake and activities that the IBUs are barred from undertaking.
