IFSCA Issues an Addendum to the Circular Titled “Framework for Enabling Ancillary Services at International Financial Services Centres”

On 06th April 2023, the International Financial Services Centres Authority (IFSCA) issued an addendum to the Circular titled “Framework for enabling Ancillary Services at International Financial Services Centers” , where the circular is deemed to be effective immediately.

The Addendum States the following –
The IFSCA Banking Handbook defines a voice broker as “an entity that brings together buyers and sellers of financial assets for the purpose of executing a transaction in such financial Assets” It permits IBUs to avail themselves of the services of a voice broker. Accordingly, voice brokers in IFSC need to be encouraged as a step towards completing the market for intermediaries to provide support services to IBUs and other financial institutions in IFSC. Therefore, it has been decided to enable it under the “IFSCA Ancillary Services Framework”.