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The International Financial Services Centres 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 report to the Chairman of IFSCA (To access the report, please
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
Please take a moment to submit your comments in the link by or by mail at cditswto@icai.in in the format below. Your participation will help ensure that the final regulations reflect the highest standards of professionalism and effectiveness.
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