## Report on the International Financial Services Centres Authority Annual Report and Returns and Statements and Other Particulars Rules, 2022
**1. Executive Summary:**
This report analyzes the "International Financial Services Centres Authority Annual Report and Returns and Statements and Other Particulars Rules, 2022" (hereafter referred to as "the Rules"), a new policy enacted by the Central Government. The core purpose of the Rules is to establish a framework for the International Financial Services Centres Authority (IFSCA) to prepare and submit an annual report, as well as to furnish regular returns, statements, and other particulars to the Central Government. Key findings indicate that the Rules specify the format, content, and timeline for the annual report, and mandate the provision of updated information on the development and regulation of financial activities within International Financial Services Centres (IFSCs).
**2. Introduction:**
This report provides an overview and analysis of the "International Financial Services Centres Authority Annual Report and Returns and Statements and Other Particulars Rules, 2022," based solely on the text of the policy document provided. The purpose is to inform affected industries about the policy's key provisions, intended outcomes, and potential implications.
**3. Policy Overview:**
* This is a **New Policy**.
* **Core Objective(s):** The core objective of the Rules is to establish a structured reporting and information dissemination mechanism for the IFSCA to keep the Central Government informed about its activities and the development of IFSCs. This includes the annual report and regular returns and statements.
**4. Background and Rationale:**
Since this is a new policy, the rationale can be inferred from the text. The Rules address the need for systematic oversight and monitoring of the IFSCA's activities and the progress of IFSCs. The establishment of a clear framework for reporting ensures transparency and accountability, enabling the Central Government to effectively supervise the development and regulation of financial products, services, and institutions within IFSCs.
**5. Key Provisions / Changes:**
As a new policy, this section details the main components and requirements:
* **Rule 1:** Defines the short title of the rules as the "International Financial Services Centres Authority Annual Report and Returns and Statements and Other Particulars Rules, 2022" and specifies that they will come into force on the date of their publication in the Official Gazette.
* **Rule 2:** Defines key terms used in the Rules, including "Act" (International Financial Services Centres Authority Act of 2019), "Form" (the form of the annual report), "financial year," and "IFSCA." It also states that undefined terms within the Rules that *are* defined in the IFSCA Act of 2019 retain the Act's definitions.
* **Rule 3:** Mandates that the IFSCA prepare an annual report, giving a true and full account of its activities, policies, and programs during the previous financial year, and that this report must be in the "Form" annexed to the rules.
* **Rule 4:** Requires the IFSCA to submit a copy of the annual report to the Central Government within 90 days after the end of each financial year.
* **Rule 5:** Outlines the requirements for furnishing returns, statements, and other particulars to the Central Government, including:
* Monthly updates on the development and regulation of financial products, services, and institutions in IFSCs.
* Monthly updates on schemes, projects, or events receiving assistance or support from the Central Government.
* Reports, statements, or information on other items as required by the Central Government.
* **Form of Annual Report (Section A-J):** The policy describes the framework and the content of the annual report, outlining the information to be provided in various sections (A to J). The Form includes requirements such as a statement of goals and objectives, chairman's message, board and senior management information, a review of policies, programs, and activities related to capital markets, banking, insurance, bullion exchange, fintech, global in-house centers, aircraft leasing, performance assessment, source of funds and expenditures, statement of noncompliance, organizational matters, and audit committee data. It also includes a data appendix to support the information provided in the report.
**6. Target Audience and Stakeholders:**
The primary target audience is the **International Financial Services Centres Authority (IFSCA)**, as the rules directly specify its responsibilities for preparing and submitting the annual report and providing other information to the Central Government. Other stakeholders include the **Central Government**, which will receive and utilize the information provided by the IFSCA for oversight and policy decisions. The **financial institutions operating within IFSCs** are also indirectly affected, as the IFSCA's reporting obligations reflect the regulatory environment in which they operate.
**7. Implementation Aspects (Inferred):**
* **Responsible agency:** The International Financial Services Centres Authority (IFSCA) is the primary responsible agency for implementing these Rules.
* **Timelines:** The IFSCA is required to submit the annual report within 90 days after the end of each financial year. Monthly updates on financial products/services development and government-assisted projects are also required.
* **Procedures:** The Rules outline specific procedures for preparing the annual report, including the required content and format. The IFSCA is also responsible for establishing procedures for collecting and reporting the required monthly updates and other information requested by the Central Government.
**8. Expected Outcomes / Impact of Changes:**
The intended outcomes include:
* **Enhanced Transparency and Accountability:** The Rules promote greater transparency in the operations of the IFSCA and the development of IFSCs.
* **Improved Monitoring and Oversight:** The Central Government will have better access to information, enabling more effective monitoring and oversight of the IFSCs.
* **Informed Policy Decisions:** The regular reporting requirements will provide the Central Government with the data and insights needed to make informed policy decisions related to IFSCs.
* **Standardized Reporting:** The defined annual report form ensures consistent reporting across years, enabling comparative analysis of the IFSCA's performance and the progress of IFSCs.
**9. Conclusion:**
The "International Financial Services Centres Authority Annual Report and Returns and Statements and Other Particulars Rules, 2022" establishes a comprehensive framework for reporting and information dissemination by the IFSCA. These Rules are significant because they promote transparency, accountability, and effective oversight of IFSCs by the Central Government. The structured reporting requirements will facilitate better monitoring of financial activities within IFSCs and enable more informed policy decisions. These rules formalize the IFSCA's reporting obligations and create a streamlined approach to ensure the government receives the information it needs to assess the current status of the IFSCA.
Key Entities Referenced
International Financial Services Centres Authority Act, 2019: An act that provides the legal basis for the powers exercised in the notification.
International Financial Services Centres Authority: An authority referenced in the context of annual reports, returns, and statements.
International Financial Services Centres: Mentioned in the context of development, regulation of financial products, services and institutions.
International Bullion Exchange: Referenced as an area reviewed for policies, programs, and activities of the Authority.
Fintech Hub: Referenced as an area reviewed for policies, programs, and activities of the Authority.
Global in House Centres: Referenced as an area reviewed for policies, programs, and activities of the Authority.
Aircraft Leasing: Referenced as an area reviewed for policies, programs, and activities of the Authority.
Ministry of Finance: The government ministry issuing the notification.
Department of Economic Affairs: The department within the Ministry of Finance issuing the notification.
New Delhi: The location of the notification.
International Financial Services Centres Authority Annual Report and Returns and Statements and Other Particulars Rules, 2022: The name of the rules established by the notification.
Central Government: The governing body to which the Authority submits reports and statements.
Form: The form of the annual report annexed to the rules
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
सी.जी.-डी.एलxx.x-GअID.-E2x8xx0 22022-233779
CG-DL-E-28022022-233779
असाधारण
EXTRAORDINARY
भाग II—खण्ड 3—उप-खण्ड (i)
PART II—Section 3—Sub-section (i)
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 164] नई ददल्ली, सोमिार, फरिरी 28, 2022/फाल्ग नु 9, 1943
No. 164] NEW DELHI, MONDAY, FEBRUARY 28, 2022/PHALGUNA 9, 1943
जित्त मत्रं ालय
(आर्थथक काय यजिभाग)
अजधसचू ना
नई ददल् ली, 28 फरिरी, 2022
सा.का.जन. 167(अ).—केंद्रीय सरकार, अंतरायष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण अजधजनयम, 2019 की धारा 19 के
साथ पठठत धारा 27 की उप-धारा (2) के खंड (ङ) और खडं (च) द्वारा प्रदत्त िजियों का प्रयोग करत े हुए, जनम् नजलजखत
जनयम बनाती ह,ै अथायत:्
1. सजं िप्त नाम और प्रारंभ.- (1) इन जनयमों का संजिप्त नाम अंतराष्ट्रय ीय जित्तीय सेिा केंद्र प्राजधकरण (िार्थिक ठरपोटय और
जििरजणयां तथा जििरण और अन्य जिजिजियां) जनयम, 2022 ह।ै
(2) ये राजपत्र म ेंउनके प्रकािन की तारीख को प्रिृत्त होंगे।
2. पठरभािाए.ँ-
(1) इन जनयमों म,ें जब तक दक संदभय से अन्यथा अपेजित न हो, -
(क) "अजधजनयम" से अंतरायष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण अजधजनयम 2019 अजभप्रेत ह;ै
(ख) "प्ररूप" स ेइन जनयमों से उपाबद्ध िार्थिक ठरपोटय का प्रारूप अजभप्रेत ह;ै
(ग) "जित्तीय ििय" से दकसी ििय के 1 अप्रलै को आरंभ होने िाली और ठीक आगामी ििय की 31 माचय को
समाप्त होने िाली अिजध अजभप्रेत ह;ै
(घ) "आईएफएससीए" स ेअंतरायष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण अजभप्रेत ह।ै
1396 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(2) उन िब्दों और पदों के, जो इन जनयमों म ें प्रयुि ह ैंऔर पठरभाजित नहीं ह ैं ककत ु अजधजनयम म ें पठरभाजित हैं, िही
अथ यहोंगे जो उस अजधजनयम में ह।ैं
3. िार्थिक ठरपोटय का प्ररूप.- प्राजधकरण, इन जनयमों के साथ उपाबद्ध प्ररूप म ें पूियिती जित्तीय ििय के दौरान अपन े
काययकलापों, नीजतयों और काययक्रमों का सही और पूण यलेखा दते े हुए अपनी िार्थिक ठरपोटय तयै ार करेगा।
4. िार्थिक ठरपोटय प्रस्ट्ततु करना.- प्राजधकरण, प्रत्येक जित्तीय िि य की समाजप्त के पचातात ् नब्ब े ददनों की अिजध के भीतर
केंद्रीय सरकार को जनयम 3 में जनर्ददि िार्थिक ठरपोटय की एक प्रजत प्रस्ट्ततु करेगा।
5. जििरजणया ं और जििरण तथा अन्य जिजिजिया ं प्रस्ट्ततु करना.- प्राजधकरण, केंद्रीय सरकार को जनम्नजलजखत प्रस्ट्ततु
करेगा -
(i) अंतराष्ट्रय ीय जित्तीय सेिा केंद्रों में जित्तीय उत्पादों, जित्तीय सेिाओं और जित्तीय संस्ट्थानों के जिकास और
जिजनयमन पर माजसक अद्यतन जस्ट्थजत;
(ii) केंद्रीय सरकार स े सहायता या समथयन प्राप्त करन े िाली दकसी स्ट्कीम या पठरयोजना या घटना पर माजसक
अद्यतन जस्ट्थजत
(iii) दकसी अन्य मद पर ठरपोटय या जििरण या सूचना जो केंद्रीय सरकार द्वारा अपेजित हो।
िार्थिक ठरपोटय का प्ररूप
[जनयम 3 दखे ]ें
खडं क:
(i) लक्ष्यों और उद्देश्यों का जििरण
(ii) अध्यि का संदेि/जििरण
(iii) बोडय के सदस्ट्य
(iv) प्राजधकरण का िठरष्ठ प्रबंधन
अतं िस्ट्य त ु
(i) बॉक्स मदों की सूची
(ii) सारजणयों की सूची
(iii) आंकडों की सूची
(iv) संजिप्तािर
खडं ख: पुनर्थिलोकन ििय: साधारण आर्थथक पयायिरण का अिलोकन -
(i) िैजिक आर्थथक मूल्यांकन, दजृ िकोण और आईएफएससीए के जलए अिसर
(ii) घरेलू आर्थथक मूल्यांकन और आईएफएससीए के सन्दभ यतक सीजमत संभािनाएं
खडं ग: प्राजधकरण की नीजतयों, काययक्रमों और काययकलापों का पुनर्थिलोकन:
इसमें जनम्नजलजखत व्यापक िेत्रों के संबंध म ेंलेखा/पुनर्थिलोकन सजम्मजलत होगा:
(i) पूंजी बाजार
(ii) बैंककारी
(iii) बीमा
(iv) अंतरायष्ट्रीय बुजलयन एक्सचेंज
(v) दफनटेक हब[भाग II—खण् ड 3(i)] भारत का राजपत्र : असाधारण 3
(vi) ग्लोबल इन हाउस सेंटस य
(vii) जिमान पट्टे पर देना
(viii) अन्य िेत्र
ब्योरा नीचे िर्थणत बबद)ु क(स ेबबद)ु ञ (पर जिस्ट्तार से होना चाजहए:
(क) जित्तीय उत्पाद/सेिाएं/बाजार अिसंरचना संस्ट्थान: जिजनयमों, अजधसूचनाओं, प्रमुख पठरपत्रों/ददिाजनदेिों को जारी
करने के संबंध में काययकलाप, जजसके अंतगयत जनम्नजलजखत सजम्मजलत ह,ैं
(ख) संव्यिहार/प्रदक्रया/प्रसंचालन/रुझान
(ग) िकालत और आउटरीच: अजभयान, जनयुजियां/परामि,य प्रकािन आदद।
(घ) अनुसंधान: िर्ककग पेपर, िोध ठरपोट,य मूल्यांकन और संभािनाएं आदद।
(ङ) जिजनयम और पययिेिण
(च) जनगरानी तंत्र
(छ) प्रितनय और िसूली काययिाजहयां
(ज) जिजधक पहल ू
(झ) अंतराष्ट्रय ीय जडु ाि
(ञ) आगामी ििय की नीजतयां और काययक्रम
खडं घ : प्राजधकरण के अध-य जिधायी, काययकारी और अध-य न्याजयक मे आने िाली कृत्यों की सूची/किरेज
खडं ङ: पठरणाम/लक्ष्य/उपलजब्ध/प्रभाि (उद्देश्यों, अजधदेि, जिजन के संबंध म)ें के संबंध में प्राजधकरण का प्रदियन मूल्यांकन।
उि के सारांि आंकडे।
खडं च: धन का स्रोत और व्यय के प्रमुख िेत्र
खडं छ: प्राजधकरण द्वारा िधै ाजनक दाजयत्िों के साथ गैर-अनुपालन, यदद कोई हो, का जििरण और उसका कारण।
खडं ज: संगठनात्मक मामले, जजसमें बैठक, मानि संसाधन, लेखा परीिा सजमजत, सूचना का अजधकार और पारदर्थिता,
जनिेिक संरिण सजम्मजलत ह।ै
खडं झ: ऐसे अन्य जििरण जो जहतधारकों को प्राजधकरण के प्रदियन की समीिा करने और उसकी सराहना करने में सिम
बनाते ह ैं
खडं ञ: लेखा संपरीिा सजमजतयां
डेटा पठरजिि: उपरोि के समथनय म ें
[फा. सं. 3/7/2020-ईएम (भाग)]
आनंद मोहन बजाज, अपर सजचि
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 28th February, 2022
G.S.R. 167(E).—In exercise of the powers conferred by clauses (e) and (f) of sub-section (2) of
section 27 read with section 19 of the International Financial Services Centres Authority Act, 2019, the
Central Government hereby makes the following rules, namely:
1. Short title and commencement.- (1) These rules may be called the International Financial Services
Centres Authority (Annual Report and Returns and Statements and Other Particulars) Rules, 2022.
(2) They shall come into force on the date of their publication in the Official Gazette.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
2. Definitions.-
(1) In these rules, unless the context otherwise requires, —
(a) ―Act‖ means the International Financial Services Centres Authority Act of 2019;
(b) ―Form‖ means the form of the annual report annexed to these rules;
(c) ―financial year‖ means the period beginning on the 1st day of April and ending on the 31st March
of the immediately following year;
(d) ―IFSCA‖ means the International Financial Services Centres Authority.
(2) Words and expressions used in these rules but not defined, and defined in the Act shall have the
meanings respectively assigned to them in the Act.
3. Form of annual report.-The Authority shall prepare its annual report, giving true and full accounts of
its activities, policies and programmes, during the previous financial year in the Form annexed to these
rules.
4. Submission of annual report. - The Authority shall submit a copy of the annual report referred to in rule
3 to the Central Government within a period of ninety days after the end of every financial year.
5. Furnishing of returns and statements and other particulars.- The Authority shall furnish to the
Central Government -
(i) monthly updated status on the development and regulation of the financial products, financial services
and financial institutions in the International Financial Services Centres;
(ii) monthly updated status on a scheme or project or event that has received assistance or support from the
Central Government
(iii) report or statement or information on any other item as may be required by the Central Government.
Form of Annual Report
[See rule 3]
Section A:
(i) Statement of Goals and Objectives
(ii) Chairman's Message/Statement
(iii) Members of the Board
(iv) Senior Management of the Authority
Contents
(i) List of Box Items
(ii) List of Tables
(iii) List of Figures
(iv) Abbreviations
Section B: The Year in Review: Overview of the General Economic Environment for –
(i) Global Economic Assessment, Outlook and Opportunities for IFSCA
(ii) Domestic Economic Assessment and Prospects limited to IFSCA
Section C: Review of policies, programmes and activities of the Authority:
This shall include the account/review with respect to the following broad areas:
(i) Capital Market
(ii) Banking
(iii) Insurance[भाग II—खण् ड 3(i)] भारत का राजपत्र : असाधारण 5
(iv) International Bullion Exchange
(v) Fintech Hub
(vi) Global in House Centres
(vii) Aircraft Leasing
(viii) Other areas
The write-up should detail on point (a) to point (j) as described below:
(a) Financial Products/Services/Market Infrastructure Institutions: Activities with respect to regulations,
notifications, issuance of major circulars/guidelines including
(b) Transaction/Processes/Operations/Trends
(c) Advocacy and Outreach: Campaigns, engagements/consultations, publications etc.
(d) Research: Working papers, research reports, assessment & prospects etc.
(e) Regulations and Supervision
(f) Surveillance Mechanisms
(g) Enforcement and Recovery proceedings
(h) Legal Aspect
(i) International Engagements
(j) Policies and Programmes for the following year
Section D: A List/coverage of the quasi-legislative, executive and quasi-judicial functions of the
Authority:
Section E: A performance assessment of the Authority with respect to: Outcomes/Target/Achievement/
Impact (with respect to objectives, mandate, vision). Summary data of the same:
Section F: Source of funds and major areas of expenditure:
Section G: A statement of non-compliance, if any, with statutory obligations by the Authority and the
reason for the same;
Section H: Organisational Matters, including Meetings, Human Resources, Audit Committee, Right to
Information and Transparency, Investor protection:
Section I: Such other details as would enable the stakeholders to review and appreciate the performance of
the Authority:
Section J: Audit Committees:
Data Appendix: In support of the above
[F. No. 3/7/2020-EM(Part)]
ANAND MOHAN BAJAJ, Addl. Secy.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.