CCPA Fines Chaayos Rs.50,000 for Default Inclusion of Service Charge in Bills  ||  MP HC: Major Unmarried Daughter Need Not Prove Disability to Claim Maintenance if Unable to Earn  ||  Madras HC: Travel Costs Must be Reimbursed to Independent Special Public Prosecutors  ||  MP HC: Timely Coordination Between Police, Banks and Telecom Bodies is Crucial in Cyber Fraud  ||  Kerala HC: Foreign Counsel Cannot Conduct Cross-Examination Before Commissioners  ||  Allahabad HC: Proclaimed Offenders Get Anticipatory Bail Only in Rare and Exceptional Cases  ||  Madras HC: Repeated Intimacy Alone Doesn't Prove Consent; Coercion & Deception Must be Examined  ||  SC: Government Can Revise Royalty under the MMDR Act Despite a Silent Lease Deed  ||  SC: Recovery of a Weapon Alone is Insufficient to Prove Guilt Without Conscious Possession  ||  SC: Section 68 of Evidence Act Does Not Require Attesting Witnesses to Prove Registered Sale Deeds    

IFSCA Issues Framework for “FinTech Entity” in International Financial Services Centers (IFSCs) - (27 Apr 2022)

Commercial

The International Financial Services Centres Authority (IFSCA), in furtherance of its mandate to develop and regulate financial products, financial services and financial institutions in the IFSC and to encourage promotion of financial technologies (‘FinTech’) across the spectrum of banking, insurance, securities, and fund management in IFSC has issued a detailed “Framework for FinTech Entity in the IFSCs”. The “Framework for FinTech Entity in the IFSCs” is aimed at giving boost to the establishment of a world class FinTech Hub at GIFT IFSC comparable with other International Financial Centers (IFCs).

The framework proposes to cover (i) financial technology (FinTech) solutions resulting in new business models, applications, process or products in areas/activities linked to financial services regulated by IFSCA and (ii) advanced/innovative technological solutions which aid and assist activities in relation to financial products, financial services and financial institutions (TechFin).

The framework provides for a dedicated Regulatory Sandbox for FinTech products or solutions namely IFSCA FinTech Regulatory Sandbox and empowers IFSCA to grant Limited Use Authorization within FinTech Regulatory Sandbox to the eligible financial technology entities in IFSC. This would enable them to apply and avail Grants under the IFSCA FinTech Incentive Scheme 2022. Further, it also enables some class/categories of technology companies having (i) a deployable advanced/innovative technology solution which aids and assists activities in relation to financial products, financial services, financial institutions and, (ii) credible track record including financial performance, to obtain Direct Entry (Authorization by IFSCA) by IFSCA without entering into the Regulatory Sandbox.

The framework also incorporates the Inter Operable Regulatory Sandbox (IoRS) mechanism. IoRS is a proposed mechanism to facilitate testing of innovative hybrid financial products / services falling within the regulatory ambit of more than one financial sector regulators. IFSCA will facilitate Indian FinTech’s seeking access to foreign markets and foreign FinTech’s seeking entry into India. The framework proposes a Regulatory Referral mechanism which shall be governed as per the provisions of the Memorandum of Understanding (MoU) or collaboration or special arrangement between IFSCA and corresponding overseas Regulator(s).

Tags : FRAMEWORK   ISSUANCE   FINTECH ENTITY  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved