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

International Financial Services Centres Authority (Registration of Factors and Registration of Assignment of Receivables) Regulations, 2024

19-Nov-2024 | IFSCA/GN/2024/012

IFSCA has issued International Financial Services Centres Authority (Registration of Factors and Registration of Assignment of Receivables) Regulations, 2024, effective from 22nd November 2024.

Key highlights-
1. The regulations are issued with an objective to issue certificate of registration to Factors intending to commence factoring business in International Financial Services Centre and for filing of particulars of transactions with Central Repository by Trade Receivable Discounting System (TReDS) on behalf of the Factors.
2. The provisions of the IFSCA (Registration of Factors and Registration of Assignment of Receivables) Regulations, 2024 are applicable to a Factor intending to commence factoring business in International Financial Services Centre.
3. Procedure for filing of application for grant of certificate of registration as a Factor is provided (Regulation 4).
4. The regulations also provide for filing of the trade receivables financed through Trade Receivable Discounting System (TReDS) with Central Repository, on behalf of the Factor (Regulation 7).

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