The circular introduces a “Guidance Note” as Annexure 1, outlining the process and documentation required for various change-related requests. All FCs and FUs operating under IFSCA are expected to adhere strictly to these guidelines with immediate effect.
Detailed Guidance: Annexure 1
Annexure 1 of the circular provides exhaustive details on the documentation requirements and processes applicable to each scenario:
Change in Management/Control:
Entities undergoing significant structural changes (i.e., affecting ≥20% shareholding or control) must obtain prior approval. Required documents include a formal request letter, board resolution, shareholding structure, and promoter information (including UBOs and financials). A lighter process applies for non-core activity units.
Change of Name:
Entities must provide formal intimation, updated certificate of incorporation, board resolution, and pay the applicable processing fee.
Broad Banding of Activities:
Where entities seek to expand or shift into new regulated financial activities, a two-step process applies. This includes a prior No Objection Certificate (NoC) followed by registration intimation.
Voluntary Surrender of Registration:
Entities must fill out a dedicated form (Appendix II), detailing reasons for surrender, activities conducted, stakeholder notifications, and legal compliance. Emphasis is placed on protecting stakeholder interests and maintaining records.
Waiver/Exemption Requests:
Whether related to staffing, specific regulations, or fee waivers, such requests must be backed by a detailed rationale and supporting documents, along with the required fees.
What This Means for Regulated Entities
This circular is a significant step toward regulatory clarity. By clearly specifying procedures and documentation standards, IFSCA aims to reduce ambiguity, encourage timely compliance, and support the growth of finance units within the IFSC. It’s a strong signal of IFSCA’s commitment to a facilitative yet robust regulatory regime.