The International Financial Services Centers Authority (IFSCA) has issued a circular outlining the procedures to be followed by entities seeking authorization to operate a payment system within an International Financial Services Center (IFSC). The circular specifies the application format and details required from prospective candidates. Each applicant must submit an application form (Annex I) along with additional information (Annex II) in English, ensuring it is complete to avoid rejection. The circular emphasizes that any non-applicable information must be justified and motivated. Additionally, all supporting documents must be submitted in English or accompanied by a certified translation. The IFSCA advises applicants to keep informed of relevant changes and regulations via its official website. For any questions regarding applications, candidates can contact us by email.

International Financial Services Centers Authority

Circular No. IFSCA-FMPP0BR/12/2023-Banking-Part(2) Dated: October 23, 2024

HAS,
Entities requesting authorization to start or operate a payment system in a
International Center for Financial Services.

Dear Sir/Madam,

Format and manner of requesting authorization to start or operate a payment system in an international financial services center

1. In exercising its powers under sub-regulation 2 of regulation 4 of the IFSCA (Payment and Settlement Systems) Regulations, 2024, the Authority hereby specifies the format and manner of requesting the Authority to start or operate a payment system in an IFSC.

2. Any person wishing to start or operate a payment system in an international financial services center (hereinafter referred to as “applicant”) must submit the application form (Annex I) and additional information/submissions (Annex II) to the ‘Authority.

3. In addition to the information sought in the annexes mentioned above, an applicant may be required to submit other information/clarifications as may be required by the Authority.

4. The applicant must complete the application form and submit the required information in English. Incomplete files will not be taken into consideration. If the requester has already answered a question elsewhere in the annexes, a specific reference to that cell/section can be provided to avoid duplication.

5. If the applicant considers that information sought in the annexes does not apply to him, he responds to this effect by indicating the reasons justifying this non-applicability.

6. Candidates are advised to refer to the IFSCA website for the latest amendments to the IFSCA Regulations/Frameworks/Circulars (Payment and Settlement Systems), etc., which may be relevant to the application.

7. All documents submitted with the application must be in English. In the case of documents that are not in English, a certified English translation thereof must be attached. The English translation must be certified as a “true copy” by an external legal advisor. All documents submitted with the application must be self-certified. However, in the case of foreign nationals or companies, the relevant documents (e.g. certificate of incorporation, certificate/declaration of the person authorized to act on behalf of the entity, etc.) must be apostilled/notarized.

8. Any questions relating to an application, filed or proposed, may be addressed to the Authority by email to the following address: (email protected).

yours faithfully

(Supriyo Bhattacharjee)
Chief General Manager
Payments and Settlements Division
Department of Banking Regulation and Development