IFSCA clarifications on the Fee structure for permissible activities

IFSCA has issued clarifications on the Fee structure for the entities undertaking or intending to undertake permissible activities in IFSC or seeking guidance under the Informal Guidance Scheme. Based on representations received from stakeholders and review undertaken, it has been decided, inter alia, to provide the following clarifications and amendments to the Fee Circular:

1. In case of the Scheme(s) launched by the Fund Management Entity (FME), any modifications to the scheme documents shall be accompanied with a fee of USD 500.
2. The late fees on failure to submit periodic returns shall be applicable on a per activity basis for every RE.
3. In case of a Fund Management Entity (FME), an intimation for any change in Key Managerial Personnel (KMP), Director, Designated Partner, Trustee, or any person holding an equivalent position in the RE, by whatever name called, shall be accompanied with a fee of USD 250 or as specified at schedule I, whichever is lower.