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Corporate Laws Central Ministry of Finance International Financial Services Centres Authority Act, 2019

Amendment to the circular titled 'Guidelines on setting up and operation of International Trade Finance Service Platform' dated December 23, 2024.

11-Apr-2025 | IFSCA-FCR0ITFS/3/2024-Banking/2025/001

IFSCA has issued the circular regarding Amendment to the circular titled 'Guidelines on setting up and operation of International Trade Finance Service Platform' dated December 23, 2024 effective from the 11th April, 2025.

By Virtue of this circular, IFSCA has amended the following provisions of clause 12(2) of the Guidelines, which specify the criteria to be satisfied by financers seeking to be onboarded as participants-
1. An explanation to subclause (i) defining AUM(Asset Under Management) in terms of Clause 12(2)(i) is inserted.
2. Sub-clause (iii) has been substituted to widen its scope of proven capability for credit/debit recovery by providing an option for either doing it on own or through outsourcing.
3. Sub-clause (iv) has been substituted, the financer is now required to be an incorporated entity carrying out the business of factoring.
4, A new sub-clause (v) is inserted, regarding the financier including any shareholders holding more than 10% of its share capital, not to be from a jurisdiction which has not been identified in the public statement of Financial Action Task Force (FATF) as "High Risk Jurisdiction - subject to call for action."


Kindly refer to the attached document for more information.



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