The International Financial Services Centres Authority (IFSCA) on October 14, 2024, issued the International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024.
This shall come into force on October 21, 2024.
The following has been stated namely: -
• It lays down the process of authorisation and operations of Payment Systems in International Financial Services Centres.
• Chapter II states about the Authorisation of Payment Systems that applicants wishing to commence or operate a Payment System in an International Financial Services Centre shall submit a form to the Authority, along with a non-refundable application fee of USD 1000, as specified in the Act.
• Chapter III states about the Compliance with the Standards that every System Provider shall continuously comply with the Principles for Financial Market Infrastructures issued by CPMI and IOSCO, as well as any other norms specified by the Authority.
• Chapter IV states about the Payments Instructions and Determination of Standards that Every System Participant shall adhere to the regulations, guidelines, instructions, or directions issued by the Authority regarding the format of payment instructions and other matters specified in Section 10 of the Act.
Detailed notification is attached below.
[Notification no. - IFSCA/GN/2024/009]
