DSPF Compliance for GIFT IFSC Units: DTA Service Procurement Form, Filing Timeline and Key Requirements GIFT IFSC units routinely procure professional, technology, administrative and business-support services from vendors located in the Domestic Tariff Area (DTA). Where such services are procured for Authorised Operations, SEZ documentation becomes important for supporting the…

25 Important SEZ Compliance FAQs for GIFT IFSC Units Every entity operating in GIFT IFSC must comply not only with the applicable IFSCA regulatory framework but also with the SEZ Act, 2005 and SEZ Rules, 2006. The SEZ requirements continue throughout the lifecycle of the unit—from obtaining the Letter of…

How to Exit a GIFT IFSC Unit: SEZ Exit and Closure Procedure under Rule 74 Exiting a GIFT IFSC unit is not as simple as stopping business operations or surrendering an IFSCA registration. Since every GIFT IFSC unit also operates within the Special Economic Zone framework, closure requires compliance with…

SEZ Penalties and Non-Compliance for GIFT IFSC Units: Common Violations, Show Cause Notice and Corrective Action GIFT IFSC entities operate within a Special Economic Zone and are therefore subject not only to the applicable IFSCA regulatory framework but also to the SEZ Act, 2005 and SEZ Rules, 2006. Non-compliance with…

Changes After Setting Up a GIFT IFSC Unit: SEZ Compliance for Address, Activities, Shareholding and Directors Setting up a GIFT IFSC unit is only the beginning of its regulatory journey. Over time, the entity may change its office premises, expand business activities, alter its shareholding, appoint new directors or undergo…

Periodic SEZ Reporting for GIFT IFSC Units: MPR, SERF and APR Compliance Guide Once a GIFT IFSC entity obtains its SEZ Letter of Approval (LOA) and moves towards operational status, its SEZ obligations do not end with setup and commencement. Periodic reporting becomes an important part of ongoing GIFT IFSC…

Commencement of Operations for GIFT IFSC Units: Complete SEZ Compliance Guide Commencement of operations is a critical milestone in the lifecycle of a GIFT IFSC unit. Obtaining IFSCA approval and an SEZ Letter of Approval does not, by itself, establish commencement. The unit must actually begin its authorised business activity…

GIFT IFSC SEZ Compliance: Complete Guide for IFSC Entities GIFT International Financial Services Centre (GIFT IFSC) operates within a Special Economic Zone, which means entities established in the IFSC must comply not only with the applicable IFSCA regulatory framework but also with the Special Economic Zones Act, 2005 and SEZ…

Independent Due Diligence of Investments by IIOs under IFSCA Regulations International Financial Service Centre Insurance Offices (IIOs) operating in GIFT IFSC are required to follow a prudential investment framework under the IFSCA (Investment by International Financial Service Centre Insurance Office) Regulations, 2022. One important governance requirement under this framework is…

Internal Audit Requirements for Investments by IIOs under IFSCA Regulations International Financial Service Centre Insurance Offices (IIOs) operating in GIFT IFSC are subject to a dedicated investment framework under the IFSCA (Investment by International Financial Service Centre Insurance Office) Regulations, 2022. These regulations govern how IIOs invest and manage their…