**Executive Summary**
This document is Corrigendum 04 to the RFP with Reference No. IFSCA/Technology/2025/001 dated 09 June 2025 regarding the "Selection of Solution Provider for Digital Regulatory Reporting (DRR) Solution of IFSCA." It modifies certain clauses of the original RFP and Corrigendum 03 dated 21st July 2025. A key deadline change involves the pre-qualification bid opening date, which has been updated.
**Key Points / Main Content**
* **Advertisement of RFP:**
* The RFP notice will be published on the e-Procurement Portal of IFSCA, the Official Website of IFSCA, and in 4 Indian National Newspapers.
* The RFP will be published on the e-Procurement Portal until 1500 hours IST of 25th August 2025 (modified from 11th August 2025).
* **Bid Submission:**
* The last date for pre-qualification bid opening is changed to 26th August 2025 at 1500 hrs IST (modified from 12th August 2025).
* **Eligibility Evaluation Criteria:**
* Criteria related to turnover for solution providers are specified and marks distribution is detailed.
* CMMI level and certifications criteria for bidders and associated marks are specified.
* **Pricing:**
* Solution providers must not include technical information in the commercial proposal.
* Prices must be quoted entirely in Indian Rupees (INR).
* It is mandatory to submit exact replicas of pre-qualification, technical, and commercial proposals submitted online in three different sealed covers.
* **EMD Submission:**
* The Solution Provider shall furnish, as part of its Bid, an EMD amount online through the e-Procurement portal of IFSCA.
* In case of offline EMD submission, the Solution Provider shall seal the EMD envelope containing the original Bank Guarantee/ Demand Draft separately.
* The EMD envelope must be properly marked with required information, including a "NOT TO BE OPENED BEFORE..." statement.
* **Limitation of Liability:**
* Neither IFSCA nor the Service Provider (SP) will be liable for indirect or consequential losses, unless expressly stated otherwise in the contract.
* **Intellectual Property Rights:**
* All Intellectual Property Rights of assets purchased or created during the agreement remain vested with IFSCA.
* All RFP deliverables belong to IFSCA, and they receive a royalty-free license for pre-existing applications used in deliverables.
* Upon completion or termination, the Solution Provider must hand over all assets, deliverables, source code, and relevant licenses to IFSCA in a form that enables uninterrupted future usage and maintenance by IFSCA.
* **Integrity Pact:**
* The Integrity Pact, signed and stamped, must be uploaded to the e-Procurement Portal.
* The original Integrity Pact should be submitted by the bid submission deadline to the specified address.
* If the bid is already submitted, the Integrity Pact must still be signed, stamped, and sent via courier within the bid submission deadline.
**Impact Analysis**
**Solution Providers / Bidders**
**Impact:** The changes affect the deadlines for bid submission, the criteria for evaluation, and requirements for submission of proposals, EMD, and integrity pact.
**Action Required:** Solution Providers need to note the changed dates for pre-qualification bid opening, ensure compliance with the revised eligibility criteria, pricing guidelines, and follow the instructions for submitting the Integrity Pact.
**IFSCA**
**Impact:** The changes ensure clarity and modifications in the RFP process for the Digital Regulatory Reporting (DRR) Solution.
**Action Required:** IFSCA needs to implement and adhere to the updated guidelines for evaluation and management of the RFP process.
Key Entities Referenced
IFSCA/Technology/2025/001: The original Request for Proposal (RFP) being modified by this corrigendum for the Digital Regulatory Reporting (DRR) Solution.
International Financial Services Centres Authority (IFSCA): A statutory authority established by the Government of India, issuing the Request for Proposal (RFP) and this corrigendum.
Digital Regulatory Reporting (DRR) Solution: The subject of the Request for Proposal (RFP) being updated by this corrigendum.
e-Procurement Portal of IFSCA: The online portal (https://ifsca.enivida.com/) used for submitting bids related to the RFP.
Gandhinagar, Gujarat: Location of the IFSCA office and where bids should be submitted.
International Financial Services Centres Authority
(A Statutory Authority established by Government of India)
2nd & 3rd Floor, Savvy Pragya, Gujarat International Finance Tec-City (GIFT City), Gandhinagar, Gujarat - 382355, India.
Corrigendum - 04
RFP Reference No. IFSCA/Technology/2025/001 dated 09 June 2025
Dated: 11th August 2025
Subject: Corrigendum 04 to the RFP titled “Selection of Solution Provider for Digital Regulatory Reporting (DRR) Solution of IFSCA”.
The clauses given under the column ‘Relevant Clause’ in the table below are the clauses currently present in the RFP with Ref. No. IFSCA/
Technology/2025/001 and/ or Corrigendum 03 dated 21st July 2025. These clauses are being replaced/ modified with the clauses mentioned under
column ‘Modified/ Replaced clause/ The clause to be read as’ of the table below and the RFP shall be read in accordance with the Replaced Clauses.
Except as otherwise provided herein; all other clauses and terms & conditions of the RFP remain unchanged.
S. No. Section/ Sub Section Relevant Clause Modified/ Replaced Clause/ The clause to be read
as
1 Corrigendum 03 of The RFP notice/ advertisement will be published in the The RFP notice/ advertisement will be published in the
DRR RFP following: following:
a) e-Procurement Portal of IFSCA: a) e-Procurement Portal of IFSCA:
Schedule of Events > https://ifsca.enivida.com/ https://ifsca.enivida.com/
Advertisement of RFP b) Official Website of IFSCA: b) Official Website of IFSCA:
https://ifsca.gov.in/ https://ifsca.gov.in/
Page No. 1 c) 4 Indian National Newspapers c) 4 Indian National Newspapers
The RFP will be published on the e-Procurement The RFP will be published on the e-Procurement Portal
Portal of IFSCA from 09 June 2025 up till 1500 hours of of IFSCA from 09 June 2025 up till 1500 hours IST of
11th August 2025. 11th August 2025 25th August 2025.
2 Corrigendum 03 of 11th August 2025 at 1500 hrs. 11th August 2025 25th August 2025 at 1500 hrs IST.
DRR RFP
The bids shall be uploaded in the format and mode as The bids shall be uploaded in the format and mode as
provided for in the e-Procurement Portal for this RFP provided for in the e-Procurement Portal for this RFP
Schedule of Events >
Page 1 of 6Last date (deadline) for and shall be digitally signed by the authorized and shall be digitally signed by the authorized signatory
submission of bids signatory by the Solution Provider. by the Solution Provider.
including EMD (on or
before)
The Solution Provider shall make the EMD payment The Solution Provider shall make the EMD payment
online via IFSCA’s e-Procurement portal. online via IFSCA’s e-Procurement portal.
Page No. 1-2
3 Corrigendum 03 of Date and time for opening of Pre-qualification bids of Date and time for opening of Pre-qualification bids of
DRR RFP the bidders. the bidders.
Schedule of Events > 12th August 2025 at 1500 hrs. 12th August 2025 26th August 2025 at 1500 hrs IST.
Advertisement of RFP
Page No. 2
4 Corrigendum 03 of Turnover of the Solution Provider Turnover of the Solution Provider
DRR RFP
The Bidder turnover in FY 2024-25 from IT and IT The Bidder turnover in FY 2024-25 from IT and IT
Eligibility and enabled services (ITeS). enabled services (ITeS).
Evaluation Criteria >
9.2.2 Technical In case the company/ LLP operates on calendar year, In case the company/ LLP operates on calendar year,
Evaluation Criteria > the audited statements will be required for calendar the audited statements will be required for calendar
Table Point A year 2024. year 2024.
Page No. 6-7 Note: For the purpose of this criterion, turnover Note: For the purpose of this criterion, turnover
includes application development/ implementation/ includes application development/ implementation/
maintenance excluding equipment licensing and/or maintenance excluding equipment licensing and/or
consulting. Also, turnover of only the bidding entity consulting. Also, t Turnover of only the bidding entity
will be considered. The turnover of any parent, will be considered. The turnover of any parent,
subsidiary, associated or other related entity will not subsidiary, associated or other related entity will not
be considered. be considered.
Marks distribution: Marks distribution:
a. 70 Crores up to 150 Crores: 05 marks a. 70 Crores up to 150 Crores: 05 marks
b. More than 150 Crores up to 200 Crores: 06 marks b. More than 150 Crores up to 200 Crores: 06 marks
Page 2 of 6c. More than 200 Crores up to 250 Crores: 07 marks c. More than 200 Crores up to 250 Crores: 07 marks
d. More than 250 Crores up to 300 Crores: 08 marks d. More than 250 Crores up to 300 Crores: 08 marks
e. More than 300 Crores up to 350 Crores: 09 marks e. More than 300 Crores up to 350 Crores: 09 marks
f. More than 350 Crores: 10 marks f. More than 350 Crores: 10 marks
Note: The Turnover should be in INR Note: The Turnover should be in INR.
5 Corrigendum 03 of CMMI level and Certifications > Max Marks (15) CMMI level and Certifications > Max Marks (15)
DRR RFP
Bidder has valid: Bidder has valid:
9. Eligibility and a. CMMI level a. CMMI level
Evaluation Criteria > a. CMMI Level 3: 06 marks a. CMMI Level 3: 06 marks
9.2.2 Technical b. CMMI Level 4: 08 marks b. CMMI Level 4: 08 marks
Evaluation Criteria > c. CMMI Level 5: 10 marks c. CMMI Level 5: 10 marks
Table Point D b. ISO 27001:2015 or ISO 27001:2022: 03 marks b. ISO 27001:2015 2013 or ISO 27001:2022: 03 marks
c. ISO 9000/ ISO 9001: 02 marks c. ISO 9000/ ISO 9001: 02 marks
Page No. 9
Required Documents/ Evidence: Required Documents/ Evidence:
CMMI level 3 or above, ISO certificate valid as on due CMMI level 3 or above, ISO certificates valid as on due
date of submission of bid date of submission of bid
6 DRR RFP The Solution Provider shall not include any technical The Solution Provider shall not include any technical
information regarding the services in the commercial information regarding the services in the commercial
9.Eligibility and proposal. Prices shall be quoted entirely in Indian proposal. Prices shall be quoted entirely in Indian
Evaluation Criteria > Rupees (INR). The Commercial Proposal must be Rupees (INR). The Commercial Proposal must be
9.3.2 Prices detailed and must cover each year of the contract detailed and must cover each year of the contract term.
term. It is mandatory to submit exact replica of pre- It is mandatory to submit exact replica of pre-
Page No. 95 qualification, technical and commercial proposal qualification, technical and commercial proposal
submitted online in three different sealed covers. In submitted online in three different sealed covers. In the
the event of a variation being observed in online and event of a variation being observed in online and
physical copy, the document submitted online shall physical copy, the document submitted online shall
stand valid. The Commercial proposal shall contain stand valid. The Commercial proposal shall contain the
the prices both in ‘figures' and in ‘words’, wherever prices both in ‘figures' and in ‘words’, wherever sought
sought for in the commercial forms given in this for in the commercial forms given in this document.
document.
Page 3 of 67 DRR RFP The Solution Provider shall furnish, as part of its Bid, an The Solution Provider shall furnish, as part of its Bid, an
EMD amount as per the Fact Sheet. In case of offline EMD amount online through the e-Procurement
Part B: General Terms EMD submission, the Solution Provider shall seal the
portal of IFSCA (https://ifsca.enivida.com/) as per
and Conditions > EMD envelope containing the original Bank Guarantee/
the Fact Sheet. In case of offline EMD submission, the
11.11 Submission of Demand Draft separately. The Solution Provider shall
Solution Provider shall seal the EMD envelope
Bids > Point 10 mark its name and RFP reference number on the
reverse of the Demand Draft and Bank Guarantee containing the original Bank Guarantee/ Demand Draft
Page No. 107 before sealing the same. The address of IFSCA, Name separately. The Solution Provider shall mark its name
and Address of the Solution Provider and the RFP and RFP reference number on the reverse of the
Reference Number shall be marked on the envelope.
Demand Draft and Bank Guarantee before sealing the
The envelope shall also be marked with a sentence
same. The address of IFSCA, Name and Address of the
“NOT TO BE OPENED BEFORE THE DATE AND TIME OF
Solution Provider and the RFP Reference Number shall
PRE-QUALIFICATION BID OPENING”. If the envelope is
be marked on the envelope. The envelope shall also be
not marked as above, the IFSCA will not assume any
responsibility for its misplacement, pre-mature marked with a sentence “NOT TO BE OPENED BEFORE
opening, etc. The envelope shall be submitted before THE DATE AND TIME OF PRE-QUALIFICATION BID
the last date and time of bid submission to the OPENING”. If the envelope is not marked as above, the
authority specified in the Fact Sheet.
IFSCA will not assume any responsibility for its
misplacement, pre-mature opening, etc. The envelope
shall be submitted before the last date and time of bid
submission to the authority specified in the Fact Sheet.
8 DRR RFP Notwithstanding what has been stated elsewhere in Notwithstanding what has been stated elsewhere in
this Agreement and the schedules attached herein, this Agreement and the schedules attached herein,
Part C: Annexures > IFSCA shall not be liable to SP for any indirect or IFSCA shall not be liable to SP for any indirect or
consequential damages. consequential damages. Neither Party shall be liable
Annexure I - MASTER
to the other for any indirect or consequential
SERVICE
losses, unless expressly stated otherwise in this
AGREEMENT > 11.2
Contract.
Limitation of Liability
> Point d
Page No. 162
Page 4 of 69 DRR RFP The Intellectual Property Rights of all the assets The Intellectual Property Rights of all the assets
exclusively purchased and/ or used for IFSCA and /or exclusively purchased and/ or used for IFSCA and /or
Part C: Annexures > created during the term of this Agreement shall always
created during the term of this Agreement shall always
Annexure I - MASTER remain vested with IFSCA. It is also clarified that all the
remain vested with IFSCA. It is also clarified that all the
SERVICE ownership rights etc. on the Bespoke Software and
ownership rights etc. on the Bespoke Software and
pre-existing Application, infrastructure, and other
AGREEMENT > 14.4
pre-existing Application, infrastructure, and other
Assets will always remain vested with the IFSCA
Other Works
Assets will always remain vested with the IFSCA. All
RFP deliverables under this contract will belong to
Page No. 164
IFSCA, unless agreed otherwise in writing. The
Solution Provider keeps ownership of any pre-
existing applications or materials it uses, included
in the RFP deliverable, IFSCA gets a permanent,
worldwide, royalty-free license to use them as part
of the deliverables. Any proprietary applications,
tools or scripts used must be disclosed and
licensed the same way. Any third-party software
licenses needed for the deliverables must be
procured in IFSCA’s name and transferred to IFSCA.
The Solution Provider shall, during the course of the
contract, upon completion of deliverables, and/or
upon termination for any reason, hand over to IFSCA
all assets, deliverables, source code,
documentation, configuration details, access
credentials, and all relevant licenses created or
used under this RFP, in a form enabling
uninterrupted future usage and maintenance by
IFSCA.
10 DRR RFP New Text Integrity Pact shall be signed by the authorised
representative of the bidder and duly stamped on
Rs. One hundred (100/-) stamp paper. The integrity
Page 5 of 6Annexure 3C - pact shall be uploaded in e-Procurement Portal of
Formats for the Pre- IFSCA:
Qualification Bid https://ifsca.enivida.com/ along with the bid.
Response > III.
Integrity Pact The original Integrity pact duly stamped and signed
by an authorised signatory of the bidder should be
Page No. 222-227
submitted within the bid submission date and time
for the RFP at the address mentioned below:
General Manager-IT
2nd & 3rd Floor, Savvy Pragya, Gujarat International
Finance Tec-City (GIFT City), Gandhinagar, Gujarat -
382355, India
Note: If any bidder has already submitted the bid, the
Integrity Pact must still be duly signed, stamped, and
sent via courier within the bid submission date and
time for the RFP.
Sd/-
General Manager-IT (IFSCA)
11th August 2025
***
Page 6 of 6