IFSCA vide circular dated November 28, 2023 has issued the Time limit for disposal of applications. If an entity files an application to authority, any related queries from the authority shall be answered within 15 days.
If no response to a query is received within 15 days, the concerned division is required to send a reminder. If the reminder also remains unanswered for another 15 days, the application shall be liable to be determined to be non-compliant. In such a case, the entity shall be required to file a new application and pay the applicable fees again for fresh consideration.
If complete information required by IFSCA is not received within 60 days from the date of first query raised, the file may be put up to the Competent Authority for considering disposal of the application as non-compliant. In this case also, once the application is disposed of, the entity shall be required to file a fresh application and pay fees afresh.
