The International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021 were recently notified to provide a consolidated issuance and listing framework (under the jurisdiction of a single regulator) for accessing capital markets by various entities at International Financial Services Centres.
International Financial Services Centres (IFSCs) are special economic zones in India set up with the intent of catering to international market participants in the financial services economy, and to promote ease of doing business. IFSCs enjoy various fiscal benefits, including in relation to taxes levied
In 2019, the International Financial Services Centres Authority Act, 2019 (IFSCA Act) was enacted to provide for the establishment of the International Financial Services Centres Authority (IFSCA), a statutory authority to develop and regulate the financial services market in IFSCs. As the dynamic nature of business required inter-regulatory consolidation, IFSCA was set up as a unified regulatory authority which exercises powers of various other regulators such as Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI), etc. in so far as such powers relate to the regulation of the financial products, financial services or financial institutions in IFSCs. The objective of the IFSCA is to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region and the global economy as a whole.
International Financial Services Centres Regulations: An Overview
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