Supreme Court Upholds Acquittal, Holds Investigating Officer Cannot Create Evidence  ||  Supreme Court: NDPS Prosecution Cannot Be Quashed Solely Over Co-Accused’s Disclosure  ||  SC: Tax Classification Depends on Goods' Form at Sale, not their End Use  ||  Delhi High Court: No Material Showing Delhi Police Compromised the 2020 Riots Probe  ||  Madras HC Suggests Mandatory Attachment of Properties Suspected to Be Proceeds of Corruption  ||  P&H High Court: Demolition After Lawyer Flagged Corruption Appears Aimed at Silencing Him  ||  Calcutta High Court: Contempt Proceedings Cannot Be Used to Challenge Orders or Attack Judges  ||  Orissa High Court: Marriage Need Not Be Preserved When the Relationship Has Substantially Eroded  ||  SC: CIRP Can Continue Despite Fraudulent Insolvency Plea That Triggered It  ||  Delhi HC: Senior Citizen May Seek Eviction of Daughter-in-Law for Ill-Treatment    

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