The International Financial Services Centres Authority (IFSCA) has issued a Consultation Paper on the Draft IFSCA (Book-keeping, Accounting, Taxation, and Financial Crime Compliance Services) Regulations 2024, inviting feedback and suggestions from stakeholders including Chartered Accountant members of the Institute of Chartered Accountants of India (ICAI).
The objective of this consultation paper is to gather diverse perspectives and insights from industry experts, professionals, and organizations regarding the proposed regulatory framework for financial services within the International Financial Services Centre (IFSC) ecosystem.
The Ministry of Finance recently classified specific services such as book-keeping, accounting, taxation, and financial crime compliance under the category of ‘Financial services’. This designation, outlined in a Gazette notification dated 18th January 2024, laid the foundation for the development of comprehensive regulations governing these crucial sectors.
Following this regulatory milestone, IFSCA established an Expert Committee chaired by the President of ICAI to strategize and recommend a robust regulatory framework aimed at positioning GIFT IFSC as a leading global hub for finance and accounting services.
The Expert Committee’s diligent efforts culminated in the submission of a detailed report to IFSCA, marking a significant step towards enhancing the regulatory environment and fostering excellence in financial and accounting practices within IFSCs.
The Consultation Paper on the Draft IFSCA Regulations 2024 represents a collaborative effort between IFSCA and industry stakeholders to refine and finalize the regulatory framework governing book-keeping, accounting, taxation, and financial crime compliance services within IFSCs.
Invitation for Feedback:
IFSCA encourages all stakeholders, including members of ICAI, to actively participate in this consultation process by providing their comments, suggestions, and recommendations on the draft regulations. Input can be submitted via the provided online link or through email to cditswto@icai.in.
The consultation period concludes on 10th April 2024, after which all submissions will be reviewed and considered for incorporation into the final regulatory framework. Your contributions are instrumental in ensuring that the IFSCA (Book-keeping, Accounting, Taxation, and Financial Crime Compliance Services) Regulations 2024 reflect industry best practices, promote regulatory clarity, and support the growth of IFSCs as premier hubs for financial and accounting services on a global scale.
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