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Professional Updates »
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 Expert Panel for addressing queries related to Statutory Audit pertaining to auditing aspects
 Invitation for contribution to Question Bank in respect of Self-paced Online Module Examinations (Set-C & Set-D)
 India to be Accounting and Finance Hub : Invitation for Comments/Suggestions: Consultation Paper on Draft IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations 2024
  Auditing and Assurance Standards Board - Online Panel of Experts for addressing Bank Branch Audit related queries
 Board of Internal Audit and Management Accounting of ICAI is organizing Webinar on "Identifying Red Flags and Report Writing by Internal Auditors" - March 27,
 Revised Applicability of Peer Review Mandate (Phase II & III)
 Important Announcement - Reschedulement of Chartered Accountant Examinations, May 2024
  IMPORTANT ANNOUNCEMENT
 Extension of Last Date for Online Empanelment of Members to act as Observers for May/June 2024 Examinations up to 15th March 2024
 Empanelment of Members to act as Observers at the Examination Centres for the Chartered Accountants Examinations May/June 2024
 Guidance Note on Audit of Banks (2024 Edition)
 Issuance of SA 800 (Revised), SA 805 (Revised), SA 810 (Revised)
 Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (Revised 2024 Edition) - (12-02-2024)

India to be Accounting and Finance Hub : Invitation for Comments/Suggestions: Consultation Paper on Draft IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations 2024
April, 01st 2024
Development of International Trade, Services & WTO Directorate
The Institute of Chartered Accountants of India
30th March, 2024


India to be Accounting and Finance Hub : Invitation for Comments/Suggestions: Consultation Paper on Draft IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations 2024
Last date: 10th April 2024


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.

Name and Details of the Person / Entity
(Organization Name (if applicable), Contact No and Email Address)
Sr. No. Regulation No. Sub – Regulation Comments / Suggestions Detailed Rationale
         
         
         

Your responses will be treated with the utmost confidentiality and will be compiled for review by the relevant authorities. The deadline for submitting your input is 10th April
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