The International Financial Services Centres Authority (IFSCA) on June 12, 2024, issued Public comments on the draft IFSCA (Board for Regulation and Supervision of Payment and Settlement Systems) Regulations, 2024
The following has been stated by IFSCA with regard to the comments/suggestions: -
• As per Regulation 3(b) of the proposed regulations, the BPSS, once constituted, shall have the power to determine the criteria for membership, termination, or rejection within payment systems. These aspects shall be set out by the BPSS under the regulations for payment and settlement systems. Hence, no change is proposed in these regulations.
• The detailed guidelines for authorising and compliance requirements for the payment systems shall form part of the regulations for payment and settlement systems. Hence no change is proposed
• As per Regulation 3(2)(g) one of
• The duties of the BPSS to be constituted is to safeguard and protect the interests of consumers and overall safety and soundness of the payment systems. Once BPSS is constituted the necessary regulations for payment and settlement systems shall cover it. Hence, no change is proposed in these regulations. No change is proposed in these regulations
Please refer to the notification for the comments/suggestio
