The International Financial Services Centres Authority (“ IFSCA ”) has notified the IFSCA (Performance Review Committee) Regulation, 2022 as amended up to September 29, 2025 (“ Regulation ”). The amended Regulation is notified in exercise of the powers conferred by sub-section (1) of Section 28 r/w sub-section (4) of Section 17 of the IFSCA Act, 2019.
The key highlights of the Regulation as amended, is presented in the table below:
Summary of Changes
IFSCA (Performance Review Committee) Regulation, 2022
(as amended up to September 29, 2025)
| Sl. No. | Regulation No. | Prior Clause | Revisions | Amended Clause |
|---|---|---|---|---|
| 1 | 3(1)(i) | The Authority shall constitute a Performance Review Committee in accordance with sub section (1) of section 17 of the Act, which shall comprise of the following: (i) Two members of the Authority as nominated by the Board | Substituted the words “two members” for “at least two members” by the Regulation | The Authority shall constitute a Performance Review Committee in accordance with sub section (1) of section 17 of the Act, which shall comprise of the following: (i) At least two members of the Authority as nominated by the Board |
| 2 | 3(1)(ii) | (ii) Up to two independent experts for each review function shall be nominated by the Board, from the panel of names approved by the Chairperson. | Omitted the clause as follows: (ii) Up to two independent experts for each review function shall be nominated by the Board, from the panel of names approved by the Chairperson. | (ii) Up to two independent experts shall be nominated by the Board, from the panel of names approved by the Chairperson. |
| 3 | 3(2) | (2) The Board shall nominate the independent experts on the basis of the following: (i) Relevant experience and skills in relation to the specific area of review; and (ii) Absence of any direct and substantial conflict of interest, which could influence performance of their duties and responsibilities. | Inserted the proviso as follows: Provided that no person shall be nominated as an independent expert, in case such person– (a) has completed the age of seventy-five years on the date of appointment as Member; (b) has been at any time, adjudged as an insolvent; (c) has been convicted of an offence which is punishable with an imprisonment for a term of one hundred and eighty days or more; (d) is physically or mentally incapable of discharging his duties; or (e) has a material conflict of interest and is unable to resolve such conflict. | (2) The Board shall nominate the independent experts on the basis of the following: (i) Relevant experience and skills in relation to the specific area of review; and (ii) Absence of any direct and substantial conflict of interest, which could influence performance of their duties and responsibilities. Provided that no person shall be nominated as an independent expert, in case such person– (a) has completed the age of seventy-five years on the date of appointment as Member; (b) has been at any time, adjudged as an insolvent; (c) has been convicted of an offence which is punishable with an imprisonment for a term of one hundred and eighty days or more; (d) is physically or mentally incapable of discharging his duties; or (e) has a material conflict of interest and is unable to resolve such conflict. |
| 4 | 3(4) | Insertion vide Regulation | Inserted sub-regulation (4) to Regulation 3 | (4) A member of the Committee may resign from the Committee, at any time before the expiry of his tenure under sub-regulation (3), by giving to the Board, a written notice of not less than six weeks, and on the acceptance of the resignation by the Board, he shall cease to be a Member of the Committee. |
| 5 | 3A | Insertion vide Regulation | Inserted Regulation 3A on Code of Conduct for Members | (1) Every member of the Committee shall sign a declaration as specified in the Schedule. (2) The following code aims at providing broad guidance to Members of the Committee on their ethical conduct, which shall help enhance public trust. (i) Members shall act in a manner consistent with the integrity, dignity and reputation of their office. (ii) Members shall disclose any conflict of interest with regard to any matter that comes up for decision or otherwise to the Board and, if necessary, recuse themselves from the specific proceedings. (iii) Members shall ensure that all information received by them as a Member of the Committee shall be kept confidential and shall not be revealed to any person either knowingly or unknowingly. (iv) Members shall maintain the highest standard pf probity, consistent with public office. |
| 6 | 8 | MEETINGS AND COORDINATION | Substituted the words as follows: “MEETINGS, QUORUM AND COORDINATION” | MEETINGS, QUORUM AND COORDINATION |
| 7 | 8(1) | (1) The Committee shall meet at least twice in a financial year; | Substituted the word “twice” for “once” in the Regulation | (1) The Committee shall meet at least once in a financial year; |
| 8 | 8(2) | (2) The quorum necessary for the transaction of business shall be half of the total strength of the Committee, wherein presence of at least one member and one independent expert dealing with each review function shall be mandatory; | Substituted the term “one member and one independent expert dealing with each review function” for “one member of the Authority and one independent expert” by the Regulation | (2) The quorum necessary for the transaction of business shall be half of the total strength of the Committee, wherein the presence of at least one member of the Authority and one independent expert shall be mandatory; |
| 9 | 8(2A) | Insertion vide Regulation | Inserted sub-regulation 2A to Regulation 9 | (2A) Each Member of the Committee shall have one vote and in the event of equality of votes, the Chairperson of the Committee shall have the casting vote. |
| 10 | 9 | Complaint Handling System (a) Any incidence mentioned in clause (a) to (d) of sub-section (3) of Section 17 of the Act, may be submitted to the Committee in writing by any person in such form as may be specified by the Authority; (b) All complaints received by the Committee shall be registered and assigned a number, as per the procedure determined by the Committee; (c) The Committee may seek requisite information or confirmation, as may be considered necessary, from the complainant for examining the complaint and shall submit report with its findings to the Authority; (d) The Authority after examining the complaint and the report, if satisfied that no prima facie case is made out, may dismiss the complaint under intimation to the complainant and the Committee; (e) In case the Authority is of the view that prima-facie the complaint has some merit, it may forward the same to the authority concerned, for appropriate action in accordance with the applicable laws. | Substituted the figures and mark a, b, c, d, e for 1, 2, 3, 4, 5 | Complaint Handling System (1) Any incidence mentioned in clause (a) to (d) of sub-section (3) of Section 17 of the Act, may be submitted to the Committee in writing by any person in such form as may be specified by the Authority; (2) All complaints received by the Committee shall be registered and assigned a number, as per the procedure determined by the Committee; (3) The Committee may seek requisite information or confirmation, as may be considered necessary, from the complainant for examining the complaint and shall submit report with its findings to the Authority; (4) The Authority after examining the complaint and the report, if satisfied that no prima facie case is made out, may dismiss the complaint under intimation to the complainant and the Committee; (5) In case the Authority is of the view that prima-facie the complaint has some merit, it may forward the same to the authority concerned, for appropriate action in accordance with the applicable laws. |
| 11 | 10(1) | (1) The Committee shall submit a consolidated report to the Authority containing the findings of each review area, in the fixed month of every year. | Omitted the sub-regulation as follows: (1) The Committee shall submit a consolidated report to the Authority containing the findings of each review area, in the fixed month of every year. | (1) The Committee shall submit a consolidated report to the Authority, in the fixed month of every year. |
| 12 | 10(2) | (2) The Authority shall take action on the report under sub-regulation (1) in accordance with section 17(2) of the Act. | Substituted the word and figures “section 17(2)” for “sub-section (2) of Section 17” | (2) The Authority shall take action on the report under sub-regulation (1) in accordance with sub-section (2) of Section 17 of the Act. |
| 13 | Schedule (see regulation 3A) | Insertion vide Regulation | Inserted the Schedule under Regulation 3A | Schedule |
(see regulation 3A)
FORM OF DECLARATION OF FIDELITY AND SECRECY
A copy of the amended Regulation is attached herewith for your ready reference.
Source category: IFSC Insurance Office
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