The International Financial Services Centres Authority (IFSCA) (“Authority”) vide circular having reference number IFSCA-DTFA/1/2025 dated April 08, 2025, issued a circular titled “Fee structure for the entities undertaking or intending to undertake permissible activities in IFSC or seeking guidance under the Informal Guidance Scheme” (“Circular”). The Key highlights of the Circular are as under:
- Any applicant seeking registration, licence, authorization, or recognition as the case maybe from the IFSCA (“Applicant”), the entities regulated by the IFSCA (“REs”), or any person seeking guidance under the Informal Guidance Scheme, shall remit the applicable fees under the following heads:
- Application Fees: Applicants are required to pay the application fee when submitting an application.
- Licence/Registration/Recognition/Authorization Fees: After receiving provisional approval, applicants shall pay the applicable fees within 15 days, or before final approval, to proceed with their application.
- Recurring Fees (Flat): REs shall pay a flat recurring fee after receiving approval, with fees for the year of grant calculated on a pro-rata basis for the remaining months.
- Recurring Fees (Conditional): Conditional recurring fees, based on turnover or employee count, shall be paid within 15 days after approval and recalculated at the end of the financial year.
- Activity-Based Fees: Specific fees for particular activities shall be payable.
- Processing Fees: Requests for modifications or relaxation of regulatory requirements shall be accompanied by a processing fee, which is 20% of the applicable license fee.
- Late Fees: If dues or returns are not paid on time, REs will incur a 0.75% monthly interest charge or a late fee of $100 per month for delayed returns.
- Fees under Informal Guidance Scheme: A fee of USD 1000 is required for seeking guidance under the scheme, with a 25% processing fee applied if the request does not comply with the scheme’s provisions.
- Additional or Supplementary Fees: The Authority may impose additional fees based on resources allocated for processing specific applications or requests.
- Request for Approval for Change of Key Managerial Personnel (KMP): A fee is required for approval requests to change KMP or equivalent positions, payable once per instance of change.
- Waiver of Fees: The Authority may waive fees in exceptional cases, either on its own or upon request by the applicant or RE.
- Any fees once paid by the Applicant or RE shall not be refunded under any circumstances, except in cases where excess payment has been made.
- Mode of Payment of Fees (USD):
All fees outlined in Schedule-I of the Circular shall be paid in USD to the following designated bank account:
Account Name: International Financial Services Centres Authority
Account Number: 970105000174
Type of Account: USD Current
Account Bank Name: ICICI Bank Limited
SWIFT Code: ICICINAAXXX
NOSTRO Details: CHASUS33XXX JP MORGAN CHASE BANK NA, NEWYORK, USA
Account no: 833999532
- Mode of Payment of Fees (INR):
Applicants from India, excluding those already established in GIFT-IFSC, may opt to pay only the application and registration fees in equivalent INR in the following bank account:
Account Name: IFSCA FUND 2
Account Number: 39907189884
Name of the Bank: State Bank of India
Type of Account: INR Current Account
IFSC Code: SBIN0060228
- Entities remitting the fees in INR shall use the RBI reference rate for USD-INR applicable on the date of remittance.
- Fees shall be paid in full, net of any deductions or charges, with all remittance charges borne by the Applicant/RE.
- After payment, the Applicant/RE shall submit documentary evidence of the payment to the Authority in the specified format.
- All dues or fees shall be paid from the bank account of the entity or its KMPs. If paid from a KMP’s account, this shall be informed to the Authority.
- Initial application and registration fees can be paid by the parent or promoter of the Applicant.
- Schedule of fees payable by the IIOs and IIIOs is provided below:
- Fee Applicable for IFSC Insurance Offices (IIOs)
| Sr. No. | Type of Fee | Applicable for | Amount in USD | Due date | Frequency |
|---|---|---|---|---|---|
| 1 | Application Fee | Applicant Insurance Entity | 1000 | At the time of making application | One time |
| 2 | Registration Fee | Applicant Insurance Entity | 5000 | Within 15 days of demand from the IFSCA. | One time |
| 3 | Annual Fee | Registered Insurance Entity | 11,500, or 1/20th of 1% of total gross premium written (GPW) by IIO, whichever is higher | On or before 30th April of each financial year. | Annual |
Note: For calculation of payment of annual fee of any particular financial year, the IIO shall consider the audited GPW of preceding to the preceding financial year.
- Fee Applicable for IFSC Insurance Intermediary Offices (IIIOs)
| Sr. No. | Type of Fee | Applicable for | Category | Amount in USD | Due Date | Frequency |
|---|---|---|---|---|---|---|
| 1 | Application Fee | Applicant Insurance Entity | Broker | 500 | At the time of making application | One time |
| Corporate Agent | 500 | |||||
| TPA | 500 | |||||
| SLA | 500 | |||||
| 2 | Registration Fee | Applicant Insurance Entity | Broker | 1000 | Within 15 days of demand from the IFSCA, unless specified otherwise | One time |
| Corporate Agent | 500 | |||||
| TPA | 500 | |||||
| SLA | 500 | |||||
| 3 | Annual Fee | Registered Insurance Entity | Broker | 2000 | On or before 30th April of each financial year | Annual |
| Corporate Agent | 200 | |||||
| TPA | 200 | |||||
| SLA | 200 |
- Processing Fee Applicable for IIOs / IIIOs:
For processing of any request by an IIO or IIIO, IFSCA shall levy a processing fee of ten per cent (10%) of applicable annual fee, subject to maximum of USD two hundred fifty (250) and minimum of USD fifty (50), per request.
A copy of the Circular is attached for your ready reference.
Source category: IFSC Insurance Office
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