******IFSCA GIFT City FLA Reporting & OBPPs******
Key Questions
What is the status of FLA reporting for IFSC funds in GIFT City?
IFSCA is engaging with RBI and directing entities on FLA reporting requirements for IFSC funds following an RBI FAQ and circular. Guidance is still awaited to clarify compliance. This addresses mandatory foreign liabilities and assets (FLA) filing raised by the RBI.
Why is IFSCA in talks with RBI over foreign asset reporting rules?
The discussions stem from an RBI FAQ that set out mandatory FLA filing requirements, raising questions about their applicability to GIFT City funds. IFSCA seeks clear guidance to ensure proper reporting by regulated entities.
What changes is SEBI proposing for Online Bond Platform Providers (OBPPs)?
SEBI has floated a consultation paper to revamp the regulatory framework for OBPPs. It proposes allowing OBPPs to offer products regulated by IFSCA and tax bonds.
Which specific products can OBPPs offer under SEBI's consultation paper?
SEBI proposes permitting OBPPs to offer IFSCA-regulated products and bonds issued under Section 54EC of the Income Tax Act. This aims to clarify classification and enhance offerings.
How do these developments support GIFT City integration?
SEBI's proposals clarify product classification for OBPPs, enabling them to offer IFSCA-regulated items and tax bonds. This boosts cross-border fund compliance and GIFT City integration.
IFSCA engaging RBI/directing entities on FLA reporting for IFSC funds post-RBI FAQ/circular—await guidance. SEBI mulls allowing OBPPs to offer IFSCA-regulated products, tax bonds; clarifies classification, boosts cross-border fund compliance/GIFT integration.