While supporting innovation, the International Financial Services Centres Authority (IFSCA) is also conscious of the need to maintain fairness, transparency, and integrity in IFSC markets. Protecting investors is a very important task, and IFSCA conducts both onsite and offsite supervision of regulated entities.
IFSCA constantly monitors compliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations and takes all necessary measures to safeguard GIFT IFSC’s reputation as a safe and secure financial marketplace for investors.
Supervision of Fund Management Entities at GIFT-IFSC
1. Offsite Supervision
To ensure that the pace of growth of fund management activities in GIFT IFSC is supported by a healthy culture of compliance, IFSCA has laid down a framework for offsite supervision of Fund Management Entities (FMEs). This includes specifying reporting norms whereby FMEs must submit quarterly reports containing:
- Quantitative information about fund management operations
- A compliance report duly signed by officials of the FME
2. Onsite Supervision
IFSCA also conducts onsite visits of Fund Management Entities to ensure operational integrity and regulatory compliance.
SupTech Implementation
IFSCA is in the process of appointing a suitable SupTech Solution Provider to implement a system that supports its supervisory functions. The envisioned system aims to establish a comprehensive framework for administration, compliance, supervision, and enforcement among its regulated entities.
The primary focus is to integrate advanced technology and align with global best practices to effectively achieve the Authority’s regulatory objectives.
