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(FAQs) on IFSC Insurance Intermediary Offices (IIIOs) 1. Is there a specific regulatory framework for undertaking insurance intermediation business in IFSCs?   The undertaking of (re)insurance intermediation business in an International Financial Services Centre (IFSC) is subject to the provisions of the International Financial Services Centres Authority Act, 2019 (50 of 2019) (hereinafter, “the IFSCA […]

Fintech Entity In GIFT City, IFSC Global Overview:   The fintech landscape continues to evolve, with advancements in artificial intelligence, machine learning, big data analytics, and the increasing adoption of digital currencies. Regulatory frameworks are also adapting to accommodate the changing landscape. The 2010s witnessed a surge in fintech startups, addressing various aspects of finance,

Insurance Company In GIFT City, IFSC Global Overview:   The 19th century witnessed the growth and diversification of insurance products. Life insurance became more prevalent, and mutual insurance companies began to emerge.   In the early 20th century, governments started to regulate insurance companies to ensure their financial stability and protect policyholders. This led to

International Trade Financing Services Platform In GIFT City, IFSC Global Overview:   The latter half of the 20th century witnessed significant technological advancements, including the widespread adoption of computers and telecommunications. This facilitated faster and more efficient international trade finance operations.   With increasing globalization, international trade finance became more sophisticated. Trade finance instruments such as documentary credits, bank guarantees,

Time limit for dispose of application under IFSC Time limit for disposal of applications Time limit for disposal of applications by various divisions/department are as follows:     Sr No Name of the vertical category of applicant time limit for disposal of application 1 Banking Regulation and Development Licensing of an applicant as IBU   

Inclusion of FC/FU as “Credit Institution” under The Credit Information Companies (Regulation) Act, 2005   The International Financial Services Centres Authority (IFSCA) has issued a circular (Circular No. F. No. 172/IFSCA/Finance Company Regulations/2023- 24/02) on January 5, 2024, outlining the permissible activities for Foreign Companies (FC) and Foreign Units (FU) operating as Credit Institutions. This circular provides guidance on

Fund Management Entity (FME) In GIFT City, IFSC Global Overview: The concept of pooled investments can be traced back to the 19th century when investment trusts were established. Investment trusts were closed end funds that issued a fixed number of shares, and they became popular in the United Kingdom and the United States.  The modern

India International Bullion Exchange IFSC Ltd (IIBX) Why was there a need to establish IIBX ?   India is the world’s second largest gold consumer. India imports approx. 842.28 tonnes of gold every year and this number is rising every year. Giving a major boost to India’s aspiration of having its own International Bullion Exchange and paving the

AML Compliance In GIFT City,IFSC Global Overview:   The modern history of AML efforts can be traced back to the 1970s when the international community began to recognize the need for coordinated action against money laundering. The United States was among the first to enact comprehensive anti-money laundering legislation. The Bank Secrecy Act of 1970 (BSA) required financial