The International Financial Services Centres Authority (IFSCA) on August 12, 2026, issued a consultation paper proposing amendments to the IFSCA Banking Handbook – General Directions concerning Governing Body meetings and staffing requirements of IFSC Banking Units (IBUs). Stakeholders and the public have been invited to submit comments and suggestions by September 1, 2026.
The following has been stated:
Governing Body meetings: IBUs must ensure that at least two quarterly meetings of the Governing Body are held physically in the IFSC. Members located outside India may participate through video conferencing.
Key appointments: IBUs must ensure that the positions of CEO/Head – IBU, Compliance Officer and Risk Officer are held by an Approved Individual at all times.
Risk Officer: The Risk Officer will report administratively to the Head of the IBU and functionally to the Governing Body and will oversee the IBU’s risk management function, including identification, assessment and management of risks.
Threshold-based Risk Officer requirement: Appointment of a Risk Officer will be mandatory where: outstanding advances exceed USD 2.5 billion as at March 31 of the previous financial year; or total investments exceed USD 2.5 billion as at March 31 of the previous financial year; or the derivatives portfolio has a notional turnover exceeding USD 5 billion during the previous financial year.
The Authority may also require IBUs to appoint individuals for such other roles or functions as it may direct from time to time.
Please refer to the document attached below for more details.
[No. IFSCA-FMPP0BR/1/2024-Banking/2026-27/01]
