The International Financial Services Centres Authority (IFSCA) has the fee structure for scores of entities operating under its purview in sectors, including banking and finance, and the capital markets in India.
The revisions include fees for applications, licensing, registrations, recognition, authorisation, recurring fees, activity fees, informal guidance and processing fees, interest on delayed fee payments, as well as charges for delayed submission or non-submission of reports/returns.
The fee changes affect the cost of compliance to entities active under the authority’s purview.
For indirect licences, registrations, recognition and authorisations, applicants are required to deposit the related fee of each application to the designated bank account of the IFSCA within 15 days of being granted the provisional or in-principal approval. If the application is unsuccessful, the fee is non-refundable.
Fees must be paid before direct granting of a licence, registration, recognition or authorisation.
Fees are categorised as flat or conditional. All operating entities must pay flat recurring fees, while conditional recurring fees must be paid by eligible entities based on their turnover, in addition to the flat fee. Processing fees are also applicable based on the nature of the entity.
Charges for delays in the submission of reports and returns is USD100 per month for each instance.
The informal guidance application fee is USD100 per application, and if the application is not maintainable, 25% shall be deducted as a processing fee and the rest refunded. Additional or supplementary fees may also be levied. The authority can also relax the rules of payments suo moto or basis of an application.
