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TMI BlogInternational Financial Services Centres Authority (Informal Guidance) Scheme, 2024X X X X Extracts X X X X X X X X Extracts X X X X ..... International Financial Services Centre Authority (IFSCA) hereby issues the International Financial Services Centre Authority (Informal Guidance) Scheme, 2024 (Scheme) to provide a mechanism for seeking clarity and guidance interalia on various issues pertaining to potential business activity and transactions, which are under the regulatory ambit of the IFSCA and on other legal issues emanating from the acts administered by IFSCA. 1.0 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the following manners: 4.1 No-Action Letters: In this form, the Department may indicate whether it would or would not recommend any action to the Authority, under any Act and/or Rules, Regulations, Guidelines, Circulars administered by the Authority, if the proposed activity/ business/ transaction described in the request made under clause 5.0 herein is consummated. 4.2 Interpretive Letters: In this form, the Department may provide an interpretation of: (a) specific provision of the Act, Rules, Regulations, Guidelines or Circulars being administered by the Authority; (b) Circulars, Guidelines or directions issued by RBI, SEBI, IRDAI and PFRDA prior to the establishment of the Authority and are presently being administered by the Authority; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... charged as processing fees; Account Name: International Financial Services Centres Authority Account Number: 970105000174 Type of Account: USD Current Account Bank Name: ICICI Bank Limited SWIFT Code: ICICINAAXXX NOSTRO Details: CHASUS33XXX JP MORGAN CHASE BANK NA, NEWYORK, USA Account no: 833999532 (d) The Application shall disclose and analyse all relevant and material facts and circumstances involved, along with all relevant and applicable legal provisions, in the application; (e) The Application shall clearly demonstrate the link between the guidance sought/question asked and the current or proposed activity of the applicant in the IFSC, as applicable. 5.2. On receipt of the Application under clause 5.1, the concerned Department shall e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tially similar facts, as that to which the request relates; (f) the investigation, enquiry or other enforcement action has already been initiated in the said case; (g) the connected issues are pending before any Court or Tribunal and the issue is sub-judice; (h) policy concerns require that the Department does not respond to the query; and (i) in such other cases as the Department deems fit. 6.2 Where the request for guidance is not in accordance with 4, 5, and 6.1, the fee paid by the applicant shall be refunded after deducting processing fee. 7.0 Dissemination of the Guidance issued on Authority s website and Confidentiality All the guidance issued under this Scheme shall be uploaded on the website of the Authority; Provided that where th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aud or misrepresentation of facts, notwithstanding any legal action that the Department may take, it may declare such guidance to be non-est and thereupon the case of the Applicant will be dealt with, as if such guidance had never been rendered. 10.0 Miscellaneous 10.1 The guidance offered by the Department is conditional upon the Applicant, acting strictly in accordance with the facts and representations mentioned in the Application. 10.2. The Authority may specify the mode, manner and format for submission of the Application and any other matters incidental to the Scheme. 10.3. This Circular is issued in exercise of powers conferred by Section 12 and 13 of the International Financial Services Centres Authority Act, 2019 and shall come int ..... X X X X Extracts X X X X X X X X Extracts X X X X
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