The International Financial Services Centres Authority (IFSCA) on November 22, 2024, issued the IFSCA (Registration of Factors and Registration of Assignment of Receivables) Regulations, 2024.
The following has been stated namely: -
• These regulations aim to provide for the manner of:
o Granting certificate of registration to Factors
o Filing of particulars of transactions with the Central Registry by a Trade Receivable Discounting System (TReDS) on behalf of the Factors under sub-section (1A) of section 19 of the Factoring Regulation Act, 2011 (12 of 2012).
• Every Factor, intending to commence factoring business in an International Financial Services Centre shall make an application to the Authority, for grant of certificate of registration, in such format, as specified.
• The Registration of Assignments of Receivables has been stated in the regulation.
This shall come into force on November 19, 2024.
[Notification No. IFSCA/GN/2024/012]
