PIB News Update: Considering the importance of professional and other service providers for the development of financial products, financial services and financial institutions in the International Financial Services Centres (IFSC), a framework for enabling ancillary services has been notified.
The framework shall be applicable to ancillary service providers engaged in any one or more of the following activities:
- Legal, Compliance and Secretarial;
- Auditing, Accounting, Bookkeeping and Taxation Services;
- Professional & Management Consulting Services;
- Administration, Assets Management Support Services and Trusteeship Services;
- Any other services as approved by IFSCA from time to time.
The framework details the activities of permissible ancillary services, eligible entities, service recipients, etc. The detailed framework is available on the IFSCA website at the URL: https://ifsca.gov.in/Circular