IFSCA sets financial-soundness norms for GIFT City payment operators
In short
IFSCA set new financial-soundness rules for payment system operators in GIFT City. Existing operators must give their statutory auditor’s certificate by September 30 each year, confirming they met the rules for the prior financial year.
This matters because payment firms in GIFT City now have a formal yearly check to pass. The reporting does not say what the penalties are if a firm fails to comply.
What the reporting says
IFSCA set financial-soundness norms for payment system operators in GIFT City, and existing operators must submit statutory-auditor certificates by September 30 each year. The publisher summary says the certificate must confirm compliance with the prescribed criteria for the preceding financial year. The immediate consequence is a new recurring compliance requirement, while the broader enforcement details are not stated in the available reporting.
Why it matters
IFSCA set financial-soundness norms for payment system operators in GIFT City, and existing operators must submit annual statutory-auditor certificates by September 30 confirming compliance for the preceding financial year. The source does not list the detailed criteria or enforcement penalties. The development affects payment firms operating in GIFT City by adding a recurring compliance obligation.