On May 22, 2025, the International Financial Services Centres Authority (“IFSCA”) issued a Consultation Paper on the Proposed International Financial Services Centres Authority (Procedure for Making Regulations and Subsidiary Instruction) Regulations, 2025 (“Draft Regulations”).[1] IFSCA invites comments and suggestions from public on the Draft Regulations latest by June 11, 2025.
The Draft Regulations aim to enhance and streamline the regulatory framework under which the IFSCA drafts, amends, and issues regulations and subsidiary instructions. The proposed framework seeks to strengthen key principles such as transparency, stakeholder participation, and regulatory clarity. Based on operational and regulatory experience, the IFSCA has reviewed the Procedure for Making Regulations, 2021 (“PMR Regulations”) and identified key areas for improvement.
Given the substantive changes proposed to the existing regulatory framework, the IFSCA has determined that a new regulation should be introduced rather than amending the existing PMR Regulations. This shall ensure that the regulatory framework remains contemporary and robust, aligning with global best practices and improving regulatory certainty.
[1]https://ifsca.gov.in/Viewer?Path=Document%2FReportandPublication%2Fconsultation-paper-on-draft-ifsca-procedure-for-making-regulations-and-subsidiary-instruction-regulations-202522052025063905.pdf&Title=CONSULTATION%20PAPER%20ON%20THE%20PROPOSED%20INTERNATIONAL%20FINANCIAL%20SERVICES%20CENTRES%20AUTHORITY%20%28PROCEDURE%20FOR%20MAKING%20REGULATIONS%20AND%20SUBSIDIARY%20INSTRUCTION%29%20REGULATIONS%2C%202025.&Date=22%2F05%2F2025