The International Financial Services Centers Authority (IFSCA) has released a Consultation Paper seeking feedback and suggestions on the draft regulations in the aforementioned areas. As members of the Institute of Chartered Accountants of India (ICAI), your insights and expertise are invaluable in shaping these regulations.

Objective:

The primary aim of this consultation paper is to gather feedback, comments, views, and suggestions from the public regarding the proposed International Financial Services Centres Authority (IFSCA) Regulations for Book-keeping, Accounting, Taxation, and Financial Crime Compliance Services in the year 2024.

Background:

The Ministry of Finance, through a Gazette notification dated 18th January 2024, designated specific services as ‘Financial services' under Section 3(1)(e)(xiv), namely:

• 1. Book-keeping services
• 2. Accounting services
• 3. Taxation services
• 4. Financial crime compliance services

Following this notification, the International Financial Services Centres Authority (IFSCA) formed an Expert Committee tasked with developing GIFT IFSC into a "Global Finance and Accounting Hub" under the chairmanship of President, ICAI. This committee was entrusted with the responsibility of recommending a regulatory framework for conducting book-keeping, accounting, taxation, and financial crime compliance services. Subsequently, the Expert Committee submitted its preliminary report to the Chairman of IFSCA. To access the report, please click here)

IFSCA has now drafted the IFSCA (Book-keeping, Accounting, Taxation, and Financial Crime Compliance Services) Regulations 2024, which outlines the regulatory framework for the provision of these services within the IFSC. You may refer the Consultation Paper by [clicking here]

Please take a moment to submit your comments on the following regulations in addition to others by [clicking here] or by mail at cditswto[at]icai[dot]in.

• 1. Definition of accounting, bookkeeping, taxation and financial crime compliance services along with group entities
• 2. Form of entity who can render these services in GIFT IFSC
• 3. Qualifications of the key personnel of these entities

Your participation will help ensure that the final regulations reflect the highest standards of professionalism and effectiveness. Your responses will be treated with the utmost confidentiality and will be compiled for review by the relevant authorities. The deadline for submitting your input is 12th April 2024.