The International Financial Services Centres Authority (“IFSCA”), in exercise of powers conferred under Section 12 and Section 13 of the International Financial Services Centres Authority Act, 2019, vide Circular No. F. No. IFSCA-FMPP0BR/8/2025-Banking/001, dated April 08, 2025 (“Circular”),[1] revised the requirement relating to the frequency of meetings of the governing bodies of IFSC Banking Units (“IBUs”). The provisions of the Circular shall come into force with immediate effect.
This change pertains specifically to point 4 of paragraph 3 of Module No. 2 on ‘Governance Directions (GOV) in the IFSCA Banking Handbook: General Directions – Version 5.0 (GEN)’. Through the issuance of this Circular, the governing body of an IBU shall now be required to meet at least once every quarter during a financial year. However, IBUs shall be provided the flexibility to convene additional meetings as and when necessary.
[1] https://ifsca.gov.in/Viewer?Path=Document%2FLegal%2Fcircular-pertaining-to-governing-bodymeetings08042025071616.pdf&Title=Revision%20to%20the%20requirement%20of%20meetings%20of%20the%20governing%20body%20of%20the%20IBUs%20in%20IFSC%20-%20Amendment%20to%20Governance%20Directions%20Module%20of%20GEN%20Directions%20%20V%205.0%20%28IFSCA%20Banking%20Handbook%29&Date=08%2F04%2F2025