The International Financial Services Centres Authority (IFSCA) on November 21, 2024, issued a Consultation Paper on Draft IFSCA (Capital Market Intermediaries) Regulations, 2024.
The following has been stated: -
•The purpose of the proposed IFSCA (Capital Market Intermediaries) Regulations, 2024 (“New CMI Regulations”) is to provide the revised regulatory framework for registration, regulation, and supervision of capital market intermediaries set up in the IFSC.
•The objective of the New CMI Regulations is to facilitate intermediation of financial services in the capital market ecosystem focusing on protecting the interests of investors and maintaining the integrity of the markets.
•There are several other changes in the New CMI Regulations, including alignment of definitions of “key managerial personnel”, “control”, and “fit and proper” criteria with other regulations notified by the Authority.
•The regulatory objective of the New CMI Regulations is to specify the regulatory framework for registration, supervision, and regulation of various types of capital market intermediaries operating in the IFSCA to protect the interest of investors and maintain the integrity of the capital markets in the IFSCA.
•Comments and suggestions from the public can be submitted by December 04, 2024.
The detailed Consultation Paper is given in the document below.
