The International Financial Services Centres Authority (IFSCA) has introduced the “International Financial Services Centres Authority (Informal Guidance) Scheme, 2024” to provide a structured mechanism for financial institutions and other stakeholders to seek clarity and guidance on legal and regulatory provisions.

Key Details of the Scheme:

Objective:
In order to effectively execute business decisions and transactions within the financial services market, it is essential to have clarity and guidance on the extant regulatory framework for making informed and compliant decisions, in order to facilitate the same, IFSCA hereby issues the said Scheme.

Applicability:
The scheme is effective from January 1, 2025.
Eligible applicants include entities licensed, registered, or authorized by IFSCA, and individuals or entities planning business transactions or setting up units in IFSC.

Types of Informal Guidance:
No-Action Letters: Clarifies if an action will lead to regulatory repercussions.
Interpretive Letters: Provides interpretations of specific provisions of the Act, rules, or regulations administered by IFSCA or earlier issued by regulatory bodies like RBI, SEBI, IRDAI, and PFRDA.

Application Process:
Applications must be filed electronically through the Single Window IT System (SWITS). Until SWITS is enabled, applications can be submitted via email to igdesk@ifsca.gov.in.
A non-refundable fee of USD 1000 is applicable, split into 75% guidance fees and 25% processing fees. Payment is to be made to the following account:
Account Name: International Financial Services Centres Authority
Account Number: 970105000174
Bank Name: ICICI Bank Limited
SWIFT Code: ICICINAAXXX

Processing Timeline:
Applications are to be processed within 30 days from receipt, excluding time taken by applicants to provide additional requested information.

Links for Reference:
Scheme Document: https://shorturl.at/toBHO
Format for Submission: https://shorturl.at/2teEo
This initiative underscores IFSCA’s commitment to enhancing clarity, reducing regulatory uncertainties, and fostering growth in the financial services market at IFSCs.