International Financial Services Centres Authority (Global In-House Centres) Regulations, 2020

Oct 29, 2020 | by Avantis RegTech Legal Research Team

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Finance & Taxation Compliance

The International Financial Services Centres Authority (IFSCA) on October 16, 2020 has declared the International Financial Services Centres Authority (Global In-House Centres) Regulations, 2020. In recent years GICs in India have been contributing to development of highly skilled talent pool in the country.

Salient aspects of the regulation include:

• Global inhouse centre can conduct its business in any mode as listed by the authority.

• Entities that are being serviced must be located in a financial action task force (FATF) complaint jurisdiction.

• Setting up of a global inhouse centre within the IFSC will be valid with concession applicable to IFSC units.

• The support services provided should be for the purpose of carrying out a financial service in respect of a financial product. A Global In-House Centres (GIC) set up within the IFSC shall be entitled to avail itself of all concessions.

 

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