INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (GOVERNMENT OF INDIA)

2" & 3" Floor, Pragya Tower, GIFT City, Gandhinagar

F. No. 1071/IFSCA/Dev./UBA2024/2023-24

November 28, 2023

Subject: Time limit for disposal of applications

Time limit for disposal of applications by various divisions/departments are as follows:

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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|ertical|
|||
|applicant|as|IBU|information|as|specified|in|the|directions|
|Licensing|of|anjl80|days|(From|the|date|of|receipt|o|
|Banking|applicant|as IBC|complete|information|as|specified|in|the|
|Regulation|and|directions)|
|Development||Granting|Letter|o|
|permission|as RO|information|as|specified|in the|directions)|
|permission|as GAO|__|[information|as|specified|in the|directions)|
|2|arket|Broker-Dealer,|45|days|(From|receipt|of|complete|
|Infrastructure|Clearing|Member,|application|/|information|and|applicable|fee)|
|Institutions|Depository|Participant,|
|Custodian|
|3|Primary|Markets|Investment|Adviser,45|days|(From|receipt|of|complete|
|and|Investment|Bankerjapplication|/ information|and|applicable|fee)|
|ntermediaries|(Credit|Rating|Agency|
|d|Division|of Debt|Debenture|Trustees|45|days|(From|receipt|of|complete|
|and|Sustainable|application|/|information|and|applicable|fee)|
|inance|
|Services|Ancillary|Framework|[application|/ information|and applicable|fee|
|ee|oo|pear|ears|
|5|Department|ofto 45application days (From/ inform the d|at|eion of andrecei a|p|tplicable ofcomplf|e|e)te|
|Bullion|Trading|60 days (From the date of|receipt of|complete|
|Clearing|Memberjapplication|/ information|and|applicable|fee)|
|Department|o|Fresh:|Registration,|

ecei a|p|tplicable ofcomplf|e|e)te|
|Bullion|Trading|60 days (From the date of|receipt of|complete|
|Clearing|Memberjapplication|/ information|and|applicable|fee)|
|Department|o|Fresh:|Registration,|
|Metals|and Bullion|Trading|
|Commodities|Clearing|.|iMemive|
|(Cancellation/surrender|
|of Registration)|

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----- Start of picture text -----<br> Notification )<br>Qualified Jewelers<br>7 Distributors of Capital|45 days (From the date of receipt of complete<br>Market Products application / information and applicable fee)<br>Services<br>Fund 1 Angel Fund 45 days (From the date of receipt of complete<br>Family application / information and applicable fee)<br>Fund Investment/45 days (From the date of receipt ofcomplete<br>Fund application / information and applicable fee)<br>Management45 days from the date of receipt of complete<br>Fund II Equity application / information and applicable fee)<br>Funds/Scheme 45 days from the date of receipt of complete<br>pee potion! inomaion ed pues<br>Authorization (A) 60 days from the date of receipt of complete<br>FinTech application / information and applicable fee)<br>Limited-use 120 days from the date of receipt of complete<br>10 Divisionoe of Finance Company90 daysarfrom. the date. of receipt of. complete<br>enti<br>(Non-Core) application / information and applicable fee)<br>----- End of picture text -----<br>

e<br>10 Divisionoe of Finance Company90 daysarfrom. the date. of receipt of. complete<br>enti<br>(Non-Core) application / information and applicable fee)<br>----- End of picture text -----<br>

2. Ifno response to a query is received within 15 days, the concerned division is required to send a reminder. If the reminder also remains unanswered for another 15 days, the application . shall be liable to be determined to be non-compliant. In such a case, the entity shall be required to file a new application and pay the applicable fees again for fresh consideration.

3. Ifcomplete information required by IFSCA is not received within 60 days from the date of first query raised, the file may be put up to the Competent Authority for considering disposal of the application as non-compliant. In this case also, once the application is disposed of, the entity shall be required to file a fresh application and pay fees afresh.

4. Depts. are therefore advised to communicate these conditions clearly, at appropriate time to the applicants, while raising query/seeking information from them.

5. This issues with the approval of the Competent Authority.

(I Sreekara Rao) Secretary to Authority

To Executive Directors All HODs All Division Heads GM(IT) - for uploading to web portal.