IFSCA Bulletin Apr-Jun 2024 PDF

IFSCA BULLETIN APR-JUN 2024 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY www.ifsca.gov.in The IFSCA Bulletin is issued by the Department of Economic Policy and Analysis, International Financial Services Centres Authority. The source of data/ information is the p...

IFSCA BULLETIN APR-JUN 2024 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY www.ifsca.gov.in The IFSCA Bulletin is issued by the Department of Economic Policy and Analysis, International Financial Services Centres Authority. The source of data/ information is the periodic reports submitted by the regulated entities to IFSCA. IFSCA has no objection to the material published herein being reproduced, provided an acknowledgement of the same is made. The soft copy of IFSCA Bulletin in PDF format can be freely downloaded from Reports and Publications section in IFSCA website (https://ifsca.gov.in) Any comments and suggestions on any of the features/ sections may be sent to the email id: [email protected] Contents ___________________________________________________________________________ IFSC Business Highlights......................................................................................................................................... 1 Regulatory Updates...................................................................................................................................................2 Highlights of the Quarter......................................................................................................................................... 7 Public Consultation................................................................................................................................................ 10 Collaboration and Partnerships........................................................................................................................... 11 Publications and Research....................................................................................................................................12 Events and Activities...............................................................................................................................................12 Current Statistics.....................................................................................................................................................18 IFSC BUSINESS HIGHLIGHTS Total IFSCA Registrations 670* Banking Assets Cumulative Banking Cumulative Transaction Derivatives trade ( including NDF) USD ($) 62.45 Bn USD ($) 89.54 Bn USD ($) 78.91 Bn (During April-June 2024) Banking Sector (as on June 2024) (During April-June 2024) Monthly Turnover Cumulative Debt Listing Aggregate Open (IFSC Exchanges) on Exchanges Interest of all Derivatives Contract USD ($) 98.86 Bn USD ($) 58.70 Bn (upto June 2024) USD ($) 13.14 Bn (June 2024) (month ended June 2024) Capital Market No of Fund No. of Funds/Schemes Total Commitments Management Entities Registered Raised 116 143 USD ($) 11.69 Bn Fund Management (upto June 2024) (upto June 2024) (upto June 2024) Total Sustainable Cumulative ESG No. of Debt Listings on Credit by Banks labelled Debt Listing on IFSC Exchanges IFSC Exchanges USD ($) 1562 Mn USD ($) 12.66 Bn 21 (For FY 2023-24) Sustainable Finance (as on June 2024) (During April-June 2024) No. of Qualified GOLD Traded on SILVER Traded on Suppliers/Jewelers IIBX IIBX 28/119 9.8 Tns 195 Tns (as on June 2024) (During April-June 2024) (During April-June 2024) Bullion No. of Insurance Premium written by Premium transacted (provisional) (provisional) Firms/Intermediaries IFSC Insurance by IFSC Insurance Office Intermediary Office 13/23 USD ($) 28 Mn USD ($) 55 Mn Insurance Sector (as at end of June 2024) (During April-June 2024) (During April-June 2024) No. of Registered No. of Aviation Assets No. of Ships Leased Aircraft/Ship Lessors Leased 26/11 137 06 Aircraft/Ship Leasing (as at end of June 2024) (month ended June 2024) (month ended June 2024) Including In-Principle/ provisional registrations IFSCA BULLETIN | APR-JUN 2024 Regulatory Updates 2 Regulatory Updates _____________________________________________________________________________________ IBUs are directed to undertake risk management Banking and security measures in the operationalisation of internet banking services. Amendments and additions/ deletions to the IFSCA Further IBUs were directed to submit an Banking Handbook (April 5, 2024) implementation plan for providing internet banking services to the Authority, within 45 days The IFSCA Banking Handbooks were updated to from date of issue of this circular. implement the amendments made to the Banking Regulations and other suggestions received from Interest on Current Account - Amendment to ACDE IFSC Banking Units. Module (Module No. 11) of COB Directions v6.0 In module 12 of the IFSCA Banking Handbook: (IFSCA Banking Handbook) (June 14, 2024) Conduct of Business (COB) Directions, one of the conditions for opening Representative Office viz. IFSCA issued a circular on Interest on Current the applicant is from FATF compliant jurisdiction, account - Amendment to ACDE Module (Module is amended as “the Banking company’s track record No. 11) of COB Directions v6.0 (IFSCA Banking in complying with Anti-Money Laundering/ Handbook) wherein IFSCA had substituted para 2.i. Combating the Financing of Terrorism (AML/ CFT) and Para 4.v. of Module no. 11 - Accepting Deposits guidelines in its home jurisdiction”. This allows (ACDE) of the COB Directions v6.0 (IFSCA Banking considering the track record of Banking company in Handbook). complying with AML/ CFT guidelines rather than the jurisdiction of incorporation to set up Para 2.i. shall be read as “Current Account” means representative office in IFSC. a form of demand deposit, which may or may not pay interest and wherefrom withdrawals are Similarly, as mentioned above, in module 17 of the allowed any number of times depending upon the IFSCA Banking Handbook: COB Directions, similar balance in the account or up to a particular agreed modification is carried out for considering amount and shall also be deemed to include other applications for opening Global Administrative deposit accounts which are neither Savings Deposit Office. nor Term Deposit. The updated versions of the Banking Handbook are Para 4.v. shall be read as “IBUs are free to as under: determine the interest rate on Current Account, manner of calculation of such interest, periodicity i. General (GEN) directions v5.0 of credit of such interest and other related matters” ii. Conduct of Business (COB) directions v6.0 iii. Prudential Directions (PRU) directions v5.0 Permission to offer OTC derivatives on Gold and Silver: Amendment to OTDE Module (Module no. Internet banking services to clients of IBUs (April 13) of IFSCA Banking Handbook COB Directions 22, 2024) v6.0 (June 27, 2024) Circular on Internet banking services to be offered IFSCA issued a Circular enabling IFSC Banking to clients of IBU was issued. Accordingly, IBUs are Units (IBUs) to undertake OTC derivatives on Gold directed, to provide information on the products/ and Silver and offer such derivatives to their clients, services offered on its website, to enable its clients including Persons Residents in India to hedge the to communicate with the IBU, and to provide price risk. In this regard, IFSCA has also issued an transactional services for the clients to execute the updated OTC Derivatives (OTDE) Module as part of transactions. IFSCA Banking Handbook. IFSCA BULLETIN | APR-JUN 2024 Regulatory Updates 3 Participatory Notes or P-Notes) with Indian Payment and Settlement equity/bonds as underlying. IFSCA (Payment Services) (Amendment) IFSCA has now permitted non-bank entities Regulations, 2024 (April 8, 2024) registered with IFSCA and having FPI license from SEBI, to issue such derivative instruments. The The definition of the term “escrow service” which is non-bank entities are required to furnish one of the payment services that may be provided information to the clearing corporations in GIFT by Payment Service Providers (PSPs) has been IFSC on monthly basis. modified to cover situations in which more than two Global Access - Clarification (June 6, 2024) parties may be involved in a transaction. IFSCA issued a clarificatory circular on Global Capital Markets Access for broker-dealers accessing global markets from the IFSC. The Circular, inter-alia specifies that Remote Trading Participants on Stock Exchanges in broker-dealers accessing global markets directly the IFSC (April 3, 2024) through their own arrangements need to obtain a ‘no-objection’ from recognized IFSC Stock IFSCA has permitted foreign Broker-Dealers to Exchanges and pay an annual fee of USD 1,000 to trade on a proprietary basis in cash settled IFSCA. Pursuant to this clarification, the broker derivatives on the Stock Exchanges in IFSC, as dealers participating in global access were advised Remote Trading Participants (RTP). An RTP can to pay the pending annual fees, if any, by June 30, trade directly on stock exchanges without a Broker- 2024. Dealer as an intermediary and without having a physical presence in IFSC. This initiative is Fund Management expected to facilitate the onboarding of top High Frequency Trading (HFT)/ Algorithmic trading firms on the stock exchanges leading to enhanced Ease of investing enabled for NRI/OCI investors liquidity across derivatives products on the stock India has one of largest diaspora spread across the exchanges in IFSC. globe, who remit record amount of money to India The Stock Exchanges have been provided the year after year, making India the largest recipient of operational flexibility to specify the eligibility remittances across the globe for several years in a criteria for onboarding RTPs while ensuring row. In order to provide a seamless route for the compliance with IFSCA (Anti Money Laundering, NRI/OCI investors to invest into Indian securities through IFSC funds, IFSCA and SEBI have jointly Counter Terrorist-Financing and Know Your created a regulatory channel for the same. the Customer) Guidelines, 2022. recent amendments to SEBI (Foreign Portfolio Issuance of Derivative Instruments against Indian Investors) Regulations, 20191, SEBI Circular dated June 27, 20242 and IFSCA Circular dated May 02, securities by non-bank entities in GIFT-IFSC (May 2, 2024 3 have dispensed with the ceiling on the 2024) contribution by NRI/OCI investors to IFSC funds investing into listed Indian securities and provided Consequent to the amendment in Section 18A of the an avenue for IFSC funds to channel NRI/OCI Securities Contracts (Regulation) Act, 1956, investments into India in a seamless manner, as opposed to funds in other foreign jurisdictions derivative instruments regulated by IFSCA and which are not permitted to accept NRI/OCI issued in IFSC by FPIs are recognised as legal and contribution in excess of 50% of their corpus. valid. IFSCA had initially permitted IBUs, registered with SEBI as FPIs, to issue Offshore Derivative Instruments (ODIs, also known as 1 SEBI (Foreign Portfolio Investors) (Second Amendment) 2 SEBI Circular dated June 27, 2024 Regulations, 2024 3 IFSCA Circular dated May 02, 2024 IFSCA BULLETIN | APR-JUN 2024 Regulatory Updates 4 Ease of doing business - Filing of Schemes or Funds Additional requirements for carrying out the under IFSCA (Fund Management) Regulations permissible activities by Finance Company as a 2022 (April 5, 2024) Lessor under ‘Framework for Ship Leasing’ (May 8, 2024) IFSCA issued a circular on Ease of doing business - Filing of Schemes or funds under IFSCA (Fund The circular outlines that an applicant under the Management) Regulations 2022 wherein all FME SL Framework or a lessor, who has obtained a shall submit Private Placement Memorandum Certificate of Registration (CoR) under regulation 3 (PPM) along with other documents ensuring minimum disclosures and other documents as of the FC Regulations, shall not undertake outlined in the Circular, to the Authority. FMEs transactions which involves transfer, in any form, of may launch the respective schemes after filing the the ownership and/ or leasehold right of a ship or required documents along with the disclosures and ocean vessel from a person resident in India (as complying with other requirements stipulated in defined in clause v of section 2 of the Foreign this circular. This initiative will bring down the time Exchange Management Act, 1999) to an entity set period for the launch of new schemes/funds. up in the International Financial Services Centre (‘IFSC’), for the purpose of providing services solely Facilitating investments by NRIs and OCIs into to person resident in India. Indian securities through Schemes/ Funds in an However, the said applicant or lessor, may acquire IFSC (May 2, 2024) a new ship or ocean vessel or enter into a new leasehold right contract with person resident IFSCA issued a circular on Facilitating investments outside India (as defined in clause w of section 2 of by NRIs and OCIs into Indian securities through the Foreign Exchange Management Act, 1999) so as Schemes/ Funds in an IFSC wherein FMEs to cater to person resident in India. intending to invest in Indian securities through Alternative Route 2 have to comply with the BATF direction specified by IFSCA. IFSCA (Book-keeping, Accounting, Taxation and Finance Company Financial Crime Compliance Services) Regulations, 2024 (June 6, 2024) Clarifications in relation to permissible activities The BATF Regulations establish a comprehensive undertaken by a lessor specified under regulatory framework for providing book-keeping, “Clarification on Framework for ship leasing" (April accounting, taxation, and financial crime 2, 2024) compliance services from the IFSC. The BATF Regulations were notified following the This circular clarifies that a lessor may undertake Government of India's notification dated January the activities specified at paragraph (ii) of sub- 18, 2024, which recognized – book-keeping, clause E of clause 3 of the SL Framework such as accounting, taxation, and financial crime Voyage Charters, Contract of Affreightments, compliance services as 'financial services' under Sec employment in shipping pools and all other legal 3 of the IFSCA Act, 2019. The new regulations are commercial transactions for employment of ships, divided into seven chapters and two schedules. only if such lessor in IFSC has absolute or lease hold The BATF Regulations provides opportunity for right over the ship/ocean vessel. firms to offer book-keeping, accounting, taxation, and financial crime compliance services to non- resident clients in an efficient and seamless manner from GIFT IFSC and create larger employment opportunities for the talented Indian Workforce. IFSCA BULLETIN | APR-JUN 2024 Regulatory Updates 5 Form and Manner for seeking registration and However, such banks would be required to utilize the services of an IFSC Banking Unit (IBU) other requirements under International Financial registered as a Bullion Clearing Member for Services Centres Authority (Book-keeping, clearing of their purchase transactions. Accounting, Taxation and Financial Crime 'Qualified Suppliers’ for supply of bullion on India Compliance Services) Regulations, 2024 (June 28, International Bullion Exchange (IIBX) (May 1, 2024) 2024) IFSCA issued a Circular on ‘Form and Manner for With a view to widen the scope of participation of seeking registration and other requirements under IFSC entities and pool of suppliers on the IIBX, International Financial Services Centres Authority eligible units set up in the IFSC have been permitted (Book-keeping, Accounting, Taxation and Financial to supply bullion at IIBX, i.e. they are now eligible Crime Compliance Services) Regulations, 2024’ to apply to become a Qualified Supplier on IIBX which specified that entities seeking to undertake (QS-IFSC). QS-IFSC, unless a Bullion Trading BATF Services in IFSC shall submit the following to Member, shall participate on IIBX only as a client IFSCA: through a Bullion Trading Member. i. Application Form Import of UAEGD Gold through IIBX by valid India- ii. Submission of willingness by existing Ancillary Service Providers (if applicable) UAE TRQ holders (May 3, 2024) iii. Payment of Applicable Fees Through this Circular, with a view to providing market participants ease of doing business, it was Metals and Commodities clarified that IFSCA’s notification of an entity as a valid India-UAE CEPA TRQ holder shall remain Amendment to the IFSCA (Vault Manager) Circular, valid for the subsequent financial year(s) as well, subject to the following conditions: 2021 dated August 25, 2021 (April 1, 2024) i. It has been allotted TRQ license/authorization IFSCA issued a Circular making amendments to the by the DGFT for that financial year, and IFSCA (Vault Manager) Circular, 2021. Vault ii. It has been continually allotted TRQ license/ Managers that have already been registered by the authorization (i.e. every year or as per any other IFSCA can apply for registration of their additional frequency at which DGFT may issue TRQ vault(s) under their existing registration. Further, license/authorization) by the DGFT since it was they will not be required to make additional security originally notified by the IFSCA as a valid India- UAE CEPA TRQ holder. deposit for registration of additional vault(s) under their existing registration. Other Updates Import of gold and silver by Indian Banks through India International Bullion Exchange IFSC Limited IFSCA issues Request for Proposal (RFP) for Core (IIBX) (April 19, 2024) Supervisory Technology (Core SupTech) System Subsequent to Reserve Bank of India’s Circular IFSCA issued a Request for Proposal (RFP) for Core dated February 9, 2024, allowing Indian banks Supervisory Technology (Core SupTech) System, authorized to import gold/silver to act as ‘Special wherein IFSCA intends to select an IT Solution Category Clients’ of the IIBX, IFSCA issued a Provider (SP) to design, develop, implement, Circular dated 19th April 2024 permitting Indian operate, and maintain the Core Supervisory Banks, authorized by the RBI to import gold/silver, Technology (Core SupTech) System of IFSCA. to directly access the trading system of the IIBX, without the need for a Bullion Trading Member, for undertaking such import on behalf of their clients. IFSCA BULLETIN | APR-JUN 2024 Regulatory Updates 6 Amendment by RBI to Foreign Exchange Circular inter-alia mandating Cross Boarder Re- insurers (CBRs), accepting re-insurance business Management (Foreign Currency Accounts by a from India, to maintain collateral in India, marking person resident in India) Regulations, 2015 and a significant step towards enhancing the domestic Foreign Exchange Management (Mode of Payment reinsurance landscape. This initiative is expected to play a pivotal role in retaining reinsurance business and Reporting of Non-Debt Instruments) within the country, positioning India as a Regulations, 2019 (April 19, 2024) burgeoning hub for reinsurance activities. With respect to Direct Listing of Equity Shares of The requirement of maintaining the collateral Indian companies on IFSC Exchanges, RBI issued locally by CBRs aims to fortify financial security and necessary amendments in the Foreign Exchange stability, thereby fostering greater confidence Management (Foreign Currency Accounts by a among stakeholders and promoting the growth of person resident in India) Regulations, 2015 and the reinsurance sector in India. This strategic move Foreign Exchange Management (Mode of Payment underscores India’s commitment to creating a and Reporting of Non-Debt Instruments) robust regulatory framework that not only Regulations, 2019, providing the necessary safeguards domestic interests but also attracts enablers for maintaining foreign currency account global reinsurance players to invest and operate in by Indian issuer in the IFSC and remittance of mainland India or in the international side of India proceeds of the issue from IFSC to India. i.e. GIFT IFSC, under the aegis of IFSCA. Foreign Exchange Management (Hedging of FAQs on IFSCA Website Commodity Price Risk and Freight Risk in Overseas Following FAQs were issued on website during the Markets) Directions, 2022 (April 15, 2024) quarter: RBI has permitted resident entities to hedge their i. FAQs on IFSC Insurance Office gold price risk using OTC derivatives in the IFSC, in ii. Frequently Asked Questions (FAQs) on addition to through exchanges which had been International Financial Services Centres permitted in December 2022. This enablement will Authority (Anti Money Laundering, Counter- provide enhanced flexibility and facilitate effective Terrorist Financing and Know Your Customer) risk management for resident entities with choices Guidelines, 2022 between exchange-traded and OTC products for iii. FAQs on Registration of a Finance Company/ hedging gold price risk. Finance Unit IRDAI Master Circular on Reinsurance The Insurance Regulatory and Development Authority of India (IRDAI), has issued Master IFSCA BULLETIN | APR-JUN 2024 Highlights of the Quarter 7 Highlights of the Quarter _____________________________________________________________________________________ Greece during May 26 - 28, 2024. During the visit, IFSCA Authority Meeting IFSCA participated in various IOSCO meetings, workshops, bilateral meetings with regulators of 19th & 20th IFSC Authority meetings were held on other jurisdictions. May 30, 2024, and June 27, 2024, respectively. During the meetings, following Agenda items were IOSCO Meetings, Conference and Workshops placed and approved by the Authority: The delegation attended various IOSCO meetings 1. IFSCA (Book-keeping, Accounting, Taxation such as the Asia Pacific Regional Committee and Financial Crime Compliance Services Meeting, Growth and Emerging Markets (BATF)) Regulations, 2024 Committee Meeting, MMoU Monitoring Group 2. IFSCA (Board for Payment and Settlement Meeting, OECD-IOSCO Conference on Sustainable System) Regulations 2024 Bonds, Presidents Committee Meeting and 3. IFSCA Banking (Amendment) Regulations Regulatory Workshops on various topics including 2024 sustainability-related bond markets and SupTech. 4. IFSCA (Listing) Regulations 2024 Bilateral meetings with securities markets 5. IFSCA (Procedure for Authority Meetings) regulators of various countries (Amendment) Regulations 2024 6. IFSCA Annual Report 2023-24 IFSCA held bilateral meetings with securities markets regulators of several jurisdictions Banking including Commodity Futures Trading Commission (USA), Financial Services Agency (Japan), Securities and Commodities Authority (UAE), Licence was issued to Australia and New Zealand Finansinspektionen (Sweden), Qatar Financial Banking Group Limited (ANZ Bank) for setting up Markets Authority, Financial Supervisory of an IBU at GIFT IFSC. Commission (Taiwan) and Astana Financial Added four currencies viz. Swedish Krone (SEK), Services Authority. The discussions were mainly on Norwegian Krone (NOK), New Zealand Dollar regulatory updates and collaboration on areas of (NZD) and Danish Krone (DKK) to the list of mutual interest between the authorities. specified foreign currencies in IFSCA (Banking) Regulations. Sustainable Finance Payment and Settlement Submission of report by the Expert Committee on Climate Finance In-principle Approval granted to NCOME TECH SOLUTIONS PRIVATE LIMITED to set up a IFSCA has constituted an Expert Committee on Wholly owned Subsidiary (WoS) as a “Payment Transition Finance in December 2023 under the Service Provider” for carrying out “payment Chairmanship of Mr. Dhruba Purkayastha services” activities under the IFSCA (Payment (Director for Growth and Institutional Services) Regulations, 2024. Advancement, CEEW). The third meeting of the committee was held on 08 April 2024 to discuss the Capital Markets findings of the sub-groups on scope and definition, Policy and instruments. IOSCO Annual Meeting The committee submitted its report on “Transition A delegation led by Chairperson participated in the Finance” on July 1, 2024. Report can be accessed IOSCO Annual Meeting (AM) 2024, held in Athens, here. IFSCA BULLETIN | APR-JUN 2024 Highlights of the Quarter 8 FC4S Assessment Programme USD 1.26 Billion. The month of June 2024 witnessed a record monthly gold import The Financial Centres for Sustainability (FC4S) is a through IIBX of more than 6.7 tonnes. global network of financial centres, working Total silver imported through IIBX since its together to achieve the objectives set by the 2030 launch on December 13, 2023, has crossed 1,100 Agenda and the Paris Agreement. IFSCA is a tonnes. member of the FC4S network and participated in IFSCA approved extension in trading hours for the Assessment Programme (AP) 2022-23 of FC4S T+0 contracts on IIBX by 1 hour. The revising which is an initiative to evaluate the state of trading hours at IIBX are 9 AM to 6:30 PM, as sustainable finance in key international financial against 9 AM to 5:30 PM earlier. The revised centres. The assessment report evaluates the trading hours came into effect from May 24, financial centres based on three pillars i.e. 2024. institutional foundations, enabling environment, IIBX launched trading in Gold Futures on June and market infrastructure and allows them to track 21, 2024. Gold Futures available on IIBX their progress in supporting the sustainable finance provide participants with an option to settle agenda, benchmark their relative position against their open positions by giving/taking physical best-in-class practices, identify potential actions delivery of gold. Gold Futures trade from 9 AM pathways and visualize goals, and set priorities to 11:30 PM. when developing a sustainable finance strategy. IFSCA constitutes an Expert Committee on Finance Company positioning GIFT IFSC as Global Commodity Trading Hub Certificate of Registration (CoR) issued to aircraft leasing entities IFSCA has constituted an Expert Committee on positioning GIFT IFSC as Global Commodity “InterGlobe Aviation Financial Services IFSC Trading Hub under the Chairmanship of Shri Private Limited”, a wholly owned subsidiary of Rajeev Kher, former Commerce Secretary and InterGlobe Aviation Limited for undertaking former Member of Competition Appellate Tribunal. aircraft operating and financial lease of aircrafts. The Expert Committee has been set up with a view to enabling commodity trading in IFSC, which will Certificate of Registration issued to ship leasing facilitate business integration of IFSC financial entities ecosystem with global trade flows, capitalize on integration opportunities with major commodity i. Reliance International Leasing IFSC Ltd, a hubs and attract global investment flows into IFSC, subsidiary of Reliance Industries limited for thereby helping IFSC grow competitively. undertaking both ship and aircraft operating lease. FinTech ii. GE Shipping (IFSC) Ltd, a wholly owned subsidiary of “Great Eastern Shipping Company Global Financial Innovation Network (GFIN) Ltd” for undertaking ship operating lease. iii. Global Shipping IFSC Pvt Ltd, a wholly owned IFSCA was elected as a member of the Coordination subsidiary of “Global Chartering Limited” Group (Board) of GFIN. The Gorup is responsible (Arcelor Mittal Company) for undertaking ship for set the overall direction, strategy and annual operating lease. work programme of the GFIN. On the proposal of the Financial Conduct Authority (FCA), IFSCA Metals and Commodities agreed to be inducted into the GFIN Secretariat. IFSCA virtually participated in the Coordination Gorup meeting held on May 21, 2024, and in the Total gold imported through IIBX since launch meeting, the GFIN Secretariat was manned jointly has crossed 18 tonnes valuing approximately by FCA and IFSCA. IFSCA BULLETIN | APR-JUN 2024 Highlights of the Quarter 9 International Association of Insurance Supervisors Insurance (IAIS) FinTech Forum Meeting IFSCA granted CoR to Canara HSBC Life Insurance IFSCA virtually participated in the IAIS FinTech Company Ltd. (Canara HSBC). Forum Meeting held on June 5, 2024, wherein updates on the work of the SupTech sub-group With this, out of total 12 registered IIOs, tally of shared. In addition, the AI Application Paper registered IIOs in Life Segment have reached to drafting team shared updates on their work. five. Further, the updates were shared by Application Programming Interface (API)/ Open Data sub- Other Highlights group and Distributed Ledger Technology (DLT) Data sub-group. Unit Approval Committee (UAC) IN-SPACe Industry Meet The Government of India vide Gazette Notification dated February 2, 2024, has vested the powers of IFSCA participated the Industry Meet organised by the Development Commissioner under SEZ Act Indian National Space Promotion and 2005, with respect to IFSC units, to an officer Authorisation Centre (IN-SPACe) on June 6, 2024. nominated by the IFSCA to be designated as The meet was a step in endeavour of IN-SPACe to ‘Administrator (IFSCA)’ to promote Ease of Doing have a sustained connect with private space Business and streamline regulatory framework. industry. In the meet, IFSCA made a presentation During the quarter five UAC meetings were held and highlighted the finance opportunities available under the chairmanship of Shri Praveen Trivedi, at GIFT IFSC for SpaceTechs. Administrator, IFSCA. Details can be accessed on I-Sprint: The status of recently launched/ IFSCA website. completed Sprints by IFSCA The office of Administrator (IFSCA) has conducted total of six meetings of the UAC and has approved Sprint 09 - “FICCI – IBA PICUP Fintech Awards” 95 applications for setting up a new unit in the GIFT-IFSC. The FICCI – IBA PICUP Fintech Awards conference is being scheduled on August 7, 2024, wherein the Report of the Working Group for the Development winners of the Sprint will be announced on the basis of the final demo. of Non-Resident Individual (both Indian as well as Foreign) Business and Ease of Registration Sprint 13 - “Longevity Economy Cohort” The report of Working Group for the Development A total of 15 applications were received of NRI (both Indian as well as Foreign) Business A guidance session was held on for all the and Ease of Registration was submitted to applicants on March 28, 2024 Chairperson, IFSCA on May 15, 2024, by the Seven applications were shortlisted. Chairman of the Working Group, Dr. Dipesh Shah, A mentoring session was held on May 16, 2024, Executive Director, IFSCA. The Working Group for the shortlisted applicants comprised of experts from various sectors including The demo day was held on June 25, 2024, Banking, Funds, Insurance, FinTech etc. wherein the finalists presented their solution The report provides insights on benchmarking before the Jury against leading IFCs and financial products, and financial services provided in GIFT IFSC. The report identifies best practices and policies adopted globally and also provides recommendations on onboarding Non-resident individuals to GIFT IFSC. IFSCA BULLETIN | APR-JUN 2024 Public Consultation 10 Public Consultation _____________________________________________________________________________________ and Settlement Systems) Regulations, 2024 for Banking seeking comments/ views/ suggestions from the public regarding IFSCA (Board for Regulation and Consultation Paper on proposed IFSCA (Listing) Supervision of Payment and Settlement Systems) Regulations, 2024 (May 3, 2024) Regulations, 2024. As per sub-section (1) of Section 3 read with Section IFSCA issued a consultation paper on the proposed 34B of the Payment and Settlement Systems Act, IFSCA (Listing) Regulations, 2024. The proposed 2007 (PSS Act), IFSCA shall be the designated regulations provide the revised regulatory authority for regulation and supervision of Payment framework for the issue and listing of various Systems in IFSC. As per section (2) of Section 3 read financial products, including specified securities, with Section 34B of the PSS Act, IFSCA may, for the debt securities and other financial products on the purposes of exercising the powers and performing recognised stock exchanges in the IFSC. the functions and discharging the duties conferred The best practices followed in other jurisdictions on it by or under this Act, by regulation, constitute such as Hong Kong, UK, Singapore, USA etc. have a committee to be known as the Board for been studied while proposing amendments in the Regulation and Supervision of Payment and new regulations. The consultation paper has been Settlement Systems (BPSS). Also, Clause (a) of sub- issued pursuant to recommendations of the section (2) of Section 38 read with Section 34B of Standing Committee on Primary Markets on the PSS Act empowers IFSCA to make regulations various regulatory matters relating to initial public providing for the powers and functions of the BPSS, offer, use of accounting standards, disclosures, etc. the time and venue of its meetings and the based on comparative analysis of the practices procedure to be followed by the BPSS at its followed in other jurisdictions. meetings (including the quorum at such meetings). The proposed new IFSCA (Listing) Regulations, Seeking suggestions for review of IFSCA (Market 2024 is expected to facilitate access of capital Infrastructure Institutions) Regulations, 2021 (May market through listing of securities on the stock exchanges in the IFSC. The issuers will be able to 27, 2024) access capital with greater flexibility and efficiency. The regulations are expected to give a fillip to the IFSCA issued a Press Release seeking suggestions primary market activities in the IFSC, across for review of IFSCA (Market Infrastructure various financial instruments. Institutions) Regulations, 2021. As part of the review process, IFSCA has invited suggestions from Consultation paper on the IFSCA (Board for the public and regulated entities for reviewing IFSCA (Market Infrastructure Institutions) Regulation and Supervision of Payment and Regulations, 2021. The primary objective is to Settlement Systems) Regulations, 2024 (May 9, enhance the liquidity and widen the investor base 2024) on Market Infrastructure Institution in IFSCs. IFSCA issued a consultation paper on the IFSCA (Board for Regulation and Supervision of Payment IFSCA BULLETIN | APR-JUN 2024 Collaboration and Partnerships 11 Collaboration and Partnerships _____________________________________________________________________________________ exchanging MoU in the presence of Dr. Adarsh Swaika, EMMoU with IOSCO Ambassador of India in Kuwait IFSCA signed the Enhanced MoU (EMMoU) of the Bilateral MMoU with BSEC, Bangladesh International Organization of Securities Commissions (IOSCO) on May 16, 2024. The IFSCA signed a bilateral MoU with the Bangladesh signing ceremony of the EMMoU was held during Securities and Exchange Commission (BSEC) on the Annual Meeting 2024 in Athens, Greece. May 26, 2024, on the sidelines of the IOSCO Annual The IOSCO EMMoU allows for enhanced Meeting in Athens, Greece. cooperation with powers essential for market integrity, investor protection, and fraud prevention. With this agreement, IFSCA can now utilize “ACFIT” powers, which include obtaining and sharing audit work papers, reviewing financial statements, compelling testimony, freezing assets, and accessing existing ISP and telephone records. Shri K. Rajaraman, Chairperson, IFSCA and Prof. Shibli Rubayat-Ul Islam, Chairman, BSEC sign the MoU on the sidelines of the IOSCO Annual Meeting in Greece. MoU with FIU-IND IFSCA has signed a MoU with Financial Intelligence Shri K. Rajaraman, Chairperson, IFSCA signs the IOSCO EMMOU during the IOSCO Annual Meeting 2024 Unit-India (‘FIU-IND’) on May 21, 2024. The MoU is covers aspects for mutual co-operation in the MoU with Capital Markets Authority (CMA), Kuwait areas of mutual interest including sharing of relevant information, conducting outreach and On the sidelines of the India-Kuwait Investment training for regulated entities, and compliance with Conference, organized by the Indian Embassy in each other's obligations under the relevant Kuwait, IFSCA and CMA signed an MoU aiming to international standards etc. foster collaboration in sharing technological advancements and innovations in financial and regulatory frameworks. Shri K Rajaraman, Chairperson, IFSCA and Mr. Othman Al- Shri K. Rajaraman, Chairperson, IFSCA and Shri Vivek Issa, Vice Chairman Capital Market Authority of Kuwait Agarwal, Director, FIU-IND, exchanging MoU IFSCA BULLETIN | APR-JUN 2024 Publications and Research 12 Publications and Research _____________________________________________________________________________________ Call for Proposals - 2024 under Framework for Services Business (Empirical analysis utilizing data from 2015 to 2024)”. Grants of Funds for Research Studies The objective of the research study includes IFSCA issued a Framework for “Grant of Funds for benchmarking IFSCs, defining methods to assess Research Studies by IFSCA” on December 4, 2023, the impact of GIFT IFSC in India’s Financial Centre, to conduct research studies with the objective of impact assessment of GIFT IFSC on onshoring supporting IFSCA in policies formulation and in International Financial services business at the evaluating the impact of implemented policies in regional and global level. The research studies will GIFT IFSC. The research studies proposed to be also identify major areas which may require conducted will be backed by strong analytical and attention by IFSCA, based on empirical empirical formulations. analysis/evidence, where IFSC plays a significant role in the financial sector to realize In this regard, IFSCA has now issued a Call for ViksitBharat@2047 agenda. Proposals - 2024 inviting research studies on the topic “Impact of IFSC on International Financial Events and Outreach Activities _____________________________________________________________________________________ RBI Governor Visit to IFSCA as a premier platform for thought leaders and industry experts to exchange insights on global RBI Governor Shri Shaktikanta Das visited IFSCA economic trends. The summit had attracted over today. Chairperson IFSCA, Shri K. Rajaraman and 2,500 delegates worldwide to delve into key themes the IFSCA team made a presentation on the shaping the global economy. progress made and the future plans of IFSCA. Dr. During the session, Chairperson IFSCA had Hasmukh Adhia, Chairman GIFT City and Shri highlighted notable advancements in GIFT IFSC, Tapan Ray, MD GIFT City were also present. including direct listing on IFSC exchanges, which would enable Indian businesses and startups to access foreign capital directly from IFSC. RBI Governor Visit to IFSCA HSBC Global Investment Summit Chairperson IFSCA, participated as a panelist in a Chairperson, IFSCA, during HSBC Global Investment session titled ‘India’s Wonder Years: What’s driving SummitFurthermore, Chairperson emphasized the India Story’, held during the HSBC Global IFSC's pivotal role in mobilizing capital to support Investment Summit on April 8, 2024, in Hong India's ambitious journey towards achieving net- Kong. The HSBC Global Investment Summit serves zero emissions, which is estimated to necessitate  Events and Outreach Activities 13 IFSCA BULLETIN | APR-JUN 2024 approximately USD 10 trillion according to discussion moderated by Mr. Young Lee, MD - independent studies. Chairperson also highlighted Morgan Stanley and explored various themes aircraft and ship leasing framework and increasing including: presence of India’s Public Sector Undertakings in i. Opportunities for financial institutions and GIFT IFSC which have set up their global treasury professionals in IFSC centres to pool and manage their global ii. Recent developments in GIFT City and the IFSC investments. ecosystem. IFSCA delegation visit to Hong Kong and Seoul, iii. Investment opportunities via GIFT IFSC South Korea An IFSCA delegation led by Chairperson IFSCA visited Hong Kong and Seoul, South Korea from April 8-12, 2024, to engage with the financial services institutions, trade bodies and Regulators. The visit was undertaken to create awareness about India’s maiden International Financial Services Centre in GIFT City and sensitize the financial services players about emerging opportunities in Panel Discussion organized by Consulate General of India on banking, capital markets, insurance, FinTech, the theme ‘Emerging Opportunities at India’s Maiden IFSC at Sustainable finance, etc. During the visit GIFT City’ interactions and roundtable meetings were held Chairperson IFSCA, accompanied by the IFSCA with industries, organisations, regulators, etc. delegation, met the CEO of Asia Pacific Loan Chairperson, IFSCA delivered a keynote address at Market Association (APLMA), Mr. James Hogan. a roundtable session in Hong Kong comprising of Discussions were held on collaboration members of ASIFMA. The IFSCA delegation and opportunities between IFSCA and APLMA in areas executives from various fund management entities of shared interest including exploring option of in Hong Kong were present at the event. The organising APLMA events in GIFT City in discussion revolved around several key topics collaboration with IFSCA. including: i. Opportunities for FMEs in GIFT IFSC. ii. The regulatory landscape for funds in IFSC. iii. The benefits IFSC offers for FMEs. Meeting with Asia Pacific Loan Markets Association CEO Chairperson IFSCA, and the IFSCA delegation met Ms. Bharati Manek, Chairwoman of Indian Roundtable with ASIFMA members on the theme “Global Chamber of Commerce in Hong Kong. Discussions Opportunities for Fund Management Entities in GIFT IFSC’ were held on opportunities for financial institutions Chairperson, IFSCA, participated in a Panel and professionals at GIFT IFSC. Discussion organized by the Consulate General of India, Hong Kong and Macau on ‘Emerging Opportunities at India’s Maiden IFSC’. The  Events and Outreach Activities 14 IFSCA BULLETIN | APR-JUN 2024 IFSCA delegation visit to Kuwait An IFSCA delegation led by Chairperson IFSCA visited Kuwait on April 23, 2024, to participate in India Kuwait Investment Conference 2.0, which was organized by the Embassy of India in Kuwait. During the visit, IFSCA formally signed and exchanged the Inter-regulatory cooperation Meeting with The Indian Chamber of Commerce Hong Kong agreement with Capital Market Authority, Kuwait. Chairperson, IFSCA held a fruitful conversation During the visit, meetings and roundtables were with Mr. Darryl Chan, Deputy Chief Executive, held with leading financial sector industry players HKMA, focusing on developments in the banking in Kuwait, including Kuwait Investment Authority and financial services sector, as well as (KIA), Public Institution for Social Security collaboration opportunities between IFSCA and (PIFSS), etc. HKMA in areas of shared interest. Chairperson, IFSCA, addressing at India Kuwait Investment Conference 2.0 Webinar on GIFT City Opportunities High Commission of India in Colombo, jointly with IFSCA and the Indo-Lanka Chamber of Commerce organized a webinar on GIFT City Opportunities Meeting with Hong Kong Monetary Authority (HKMA) Deputy with corporates and professionals of Sri Lanka. Chief Executive Chairperson, IFSCA held a informative conversation with Mr. Soyoung Kim, Vice Chairman of FSC, South Korea. The discussion focused on developments in GIFT IFSC, as well as collaboration opportunities in areas of shared interest. Shri K. Rajaraman, Chairperson, IFSCA and Shri Dipesh Shah, Executive Director, IFSCA, during the webinar Meeting with Financial Services Commission, Korea  Events and Outreach Activities 15 IFSCA BULLETIN | APR-JUN 2024 GIFT IFSC: Town hall on Skilling and Talent International Yoga Day 2024 Celebration Development for the Future Workplace IFSCA staff celebrated International Yoga Day with IFSCA officials participated in the event “GIFT enthusiasm. Various Yogasanas were performed by IFSC: Town hall on Skilling and Talent employees, led by Chairperson Shri K Rajaraman, Development for the Future Workplace” organized who emphasized that Yoga is a manual for human jointly by Deakin University and University of machine & encouraged all to adopt yoga as a way of Wollongong. During the event, the two Australian life for overall wellness. Universities presented their course offering to the regulated entities in IFSC and discussed areas of collaboration. Shri Dipesh Shah, Executive Director, IFSCA, addressing at the Event Visit by delegation of University of California IFSCA staff celebrating International Yoga Day 2024 Chancellor of UC San Diego, USA along with senior Capital Markets officials visited GIFT IFSC and IFSCA to explore and understand International Branch Campus Conference on Direct Listing Opportunities in GIFT IFSC. IFSCA officials held extensive discussions with them regarding the IFSCA, along with NSEIX, organised a conference advantages of setting up IBC in GIFT IFSC. in Bengaluru on May 10, 2024, in association with 3one4 Capital and IVCA. The event focused on Chintan Shivir-2024 Direct Equity Listing and other capital raising opportunities for Indian Startups in GIFT IFSC. IFSCA’s 1st Annual Brainstorming exercise with leading industry participants was organized during the month of May and June. As part of this exercise, Chairperson IFSCA held brainstorming sessions with more than 40 industry leaders and experts to understand the following: Their business activities in India, other countries, and GIFT IFSC. Their plans to expand and enhance business activities in GIFT IFSC. Annual plan for 2024-25 for GIFT IFSC. Enabling policies from Government & IFSCA Shri. Pradeep Ramakrishnan, ED, IFSCA addresses the for accelerating their growth from GIFT IFSC. participants during the conference on Direct Listing held in Bengaluru Their vision for GIFT IFSC as an engine for Viksit Bharat @ 2047.  Events and Outreach Activities 16 IFSCA BULLETIN | APR-JUN 2024 The participants in the conference included framework, ease of doing business, competitive startups from various sectors, entrepreneurs, costs, skilled talent, and tax incentives. Senior venture capital funds and other stakeholders based representatives from the shipping industry, in Bengaluru. The conference largely focused on the including the Hellenic Shipbrokers Association and opportunities at GIFT IFSC, including raising other maritime associations, participated in the capital through listing of equity and debt securities event. on the stock exchanges in the IFSC. Capital Markets Week, ICSI ICSI organised Capital Markets Week 2024 during June 28 - July 04 on the theme "Viksit Bharat: Economic Acceleration through Capital Markets." Sessions on “Direct Listing on the Stock Exchanges in IFSC” was organized during the ICSI events held Shri K. Rajaraman, Chairperson, IFSCA speaks at the in Mumbai on June 28, 2024, and in Delhi on June conference with the Greek Shipping Industry on the margins of the IOSCO AM 2024 30, 2024. The sessions focused on various opportunities at GIFT IFSC, the ecosystem of capital markets, benefits of direct listing and the proposed new regulations on listing of financial Sustainable Finance products on the stock exchanges in the IFSC. Country-level private sector roundtable in partnership with UNDP-FC4S Sustainable Finance Hub IFSCA, in partnership with UNDP-FC4S, held a private sector roundtable on May 31, 2024, at GIFT City, Gandhinagar. Attendees included dignitaries from the Ministry of Finance, SEBI, RBI, corporate leaders, legal advisors, and other stakeholders. The roundtable aimed to gather private sector perspectives on the G20 SFWG Agenda and implement annual recommendations nationally. Shri Arjun Prasad, GM, IFSCA participated in the Capital Markets Week, 2024 organised by ISCI Conference with Greek Shipping Industry representatives /stakeholders IFSCA, in coordination with the Embassy of India Mr. Pradeep Ramakrishnan, Mr. Pramod Rao, and Ms. Geetu Joshi addressing the participants during the roundtable in Greece, organized a conference on “Opportunities for Ship Leasing & Financing at Ms. Geetu Joshi, Advisor, Ministry of Finance, Mr. GIFT IFSC, India” on May 27, 2024, in Athens, Pramod Rao, ED, SEBI & Authority member of Greece. IFSCA, and Mr. Pradeep Ramakrishnan, ED, IFSCA, addressed the esteemed participants. Ms. During the conference, Chairperson Shri K. Joshi highlighted the government’s role and Rajaraman highlighted opportunities for Greek initiatives in meeting Paris commitments and ship owners and brokers in India, especially in ship Sustainable Development Goals (SDGs) while, Mr. leasing and financing at GIFT IFSC. The IFSCA Rao talked about various regulatory initiatives delegation outlined GIFT IFSC's benefits, including taken by SEBI over the last couple of years in streamlined regulatory processes, a robust legal  Events and Outreach Activities 17 IFSCA BULLETIN | APR-JUN 2024 sustainability reporting and promoting sustainable ecosystem, and a Framework for Transition finance and Mr. Ramakrishnan highlighted the Finance to support corporate net-zero transitions in important role being played by the IFSCA in India and the Global South. channelizing fund towards making GIFT-IFSC a climate finance hub. Finance Company As part of this round table, three round tables discussions on the following took place. Quarterly meeting was organized with registered aircraft and ship leasing entities to understand their i. Just Transition business progress and address any issues related to ii. Sustainability Reporting Requirements market development. iii. Financing Nature-based Solutions GNLU - Nishith Desai Associates Policy Drafting AML & CFT Competition, 2024 First IFSCA Annual Anti-Financial Crime Conference Gujarat National Law University (GNLU) launched IFSCA hosted its 1st Annual Anti-Financial Crime the first edition of the “GNLU - Nishith Desai Conference on May 21, 2024, at the GIFT City Club Associates Policy Drafting Competition” on April 2, in GIFT City, Gandhinagar, Gujarat. The 2024. The event, themed ‘Navigating the Conference was inaugurated by Shri K. Rajaraman, Regulatory Landscape of Climate Financing at GIFT Chairperson, IFSCA in the august presence of Shri IFSC’ focused on evolving regulations and Vivek Aggarwal, Director, Financial Intelligence sustainability in financial activities. Participants Unit (FIU)-India, Smt. Bedhobani Chaudhuri, drafted policy proposals for a regulatory framework Additional Director, FIU-India and other senior for blended finance at GIFT-IFSC. officials/distinguished speaker s from regulatory authorities, Self-Regulatory Bodies and capacity building/AML solution/Data organisations and service providers. Chairperson, IFSCA, Shri K. Rajaraman (seventh from left) and ED, IFSCA Shri Praveen Trivedi (fifth from left) with other key dignitaries at the GNLU - Nishith Desai Associates Policy Drafting Competition The event featured Shri K. Rajaraman Shri K Rajaraman, Chairperson, IFSCA and Shri Vivek (Chairperson, IFSCA), Shri Nishith Desai (Founder, Aggarwal, Director, FIU IND, addressing at IFSCA Annual Nishith Desai Associates), and Shri Praveen Trivedi Anti-Financial Crime Conference (Executive Director, IFSCA). Shri K. Rajaraman highlighted IFSCA's initiatives on climate finance, The full report of the Conference can be assessed the development of a Voluntary Carbon Market from IFSCA website. IFSCA BULLETIN | APR-JUN 2024 Current Statistics 18 Current Statistics ____________________________________________________________________________________ Table 1: Number of Licenses/ Registrations issued Number of Licenses/ Registrations issued Segment Category During April – June 2024 As on June 30, 2024 IBUs 1 29 Banking GAO 0 1 Aircraft Lessors 6 26 Ship Lessors 3 11 Finance Company Finance Company – Core/ 0 9 Non-core ITFS 0 4 MII 0 5 Broker Dealer 5 80 Depository Participant 0 10 FMEs 12 116 AIFs 28 143 Capital Market Registered Distributors 2 9 Investment Advisors 0 4 Custodian 0 5 Debenture Trustee 1 4 Investment Banker 0 3 IIOs 0 12 Insurance Intermediaries 0 23 Ancillary Services Ancillary Services Entities 4 72 Bullion MII 0 1 Bullion Bullion Intermediaries 2 16 Vaults 0 3 Direct 1 9 FinTech Sandbox 2 46 GIC GIC 0 3 Foreign University International Branch Campus 0 2 Total 67 646 IFSCA BULLETIN | APR-JUN 2024 Current Statistics 19 Banking Table 2: Number of IBUs Particulars As on Mar 31,2024 As on Jun 30, 2024 No. of IBUs 23 24 Table 3: Assets of IBUs Month ended April 2024 May 2024 June 2024 Particulars USD Mn Investments 2786.18 2767.43 2982.36 Sovereign securities 1207.51 1116.62 1352.60 Corporate Bonds 1545.18 1561.99 1378.37 Other investments 33.49 88.82 251.39 Trade Finance 12562.76 12783.67 12646.47 Commercial Loans 25950.66 26286.27 26686.80 Retail loans 82.69 85.74 85.83 Other loans 729.77 617.22 689.86 Interbank/Interbranch placements 15224.80 14918.47 15305.23 Others 3233.24 3883.88 4056.11 Total 60570.10 61342.68 62452.66 Table 4: Liabilities of IBUs Month ended April 2024 May 2024 June 2024 Particulars USD Mn Customer deposits 4337.11 4359.53 4578.94 Interbank/Interbranch borrowings 41809.38 41996.94 43030.94 Bilateral Borrowings 6305.28 6424.27 6215.19 Multilateral Borrowings 267.00 267.05 267.10 MTN Borrowings and other debt instruments 1994.00 2384.83 2414.56 Others 5857.33 5910.06 5945.93 Total 60570.10 61342.68 62452.66 IFSCA BULLETIN | APR-JUN 2024 Current Statistics 20 Table 5: Customer Deposits (USD Mn) Month ended April 2024 May 2024 June 2024 Demand Time Demand Time Demand Time Deposits Deposits Deposits Deposits Deposits Deposits Retail Deposits 291.23 359.51 317.97 359.24 477.34 374.21 Corporate 461.35 3225.02 598.25 3,084.07 486.31 3,241.08 Deposits Table 6: Non-Resident Deposits (USD Mn) Accounts held by Accounts held by Month Category Non-Resident Non-Residents Ended Indians (NRIs) (Other Countries) No. of accounts 3,841 359 Retail Amount (USD Mn) 583.50 59.16 April 2024 No. of accounts 177 1,037 Corporate Amount (USD Mn) 448.70 1,016.40 No. of accounts 4097 377 Retail Amount (USD Mn) 605.39 61.10 May 2024 No. of accounts 305 1204 Corporate Amount (USD Mn) 631.64 759.55 No. of accounts 4144 391 Retail Amount (USD Mn) 779.68 62.44 June 2024 No. of accounts 247 1275 Corporate Amount (USD Mn) 746.30 844.36 Table 7: Derivative Outstanding of IBUs (USD Mn) (Notional) Month ended April 2024 May 2024 June 2024 FCY-INR Derivatives (to be settled in FCY) 27372.48 25864.5 24773.55 FCY-FCY Derivatives (to be settled in FCY) 10191.64 10688.82 11180.89 INR Interest Rate Derivatives (to be settled in FCY) 28254.21 32879.45 43751.82 FCY Interest Rate Derivatives (to be settled in FCY) 98537.63 99865.63 102386.84 Others 648.33 941.48 2413.79 Total 165004.29 170239.88 184506.89 Table 8: Industry wise credit exposure of IBUs Month ended April 2024 May 2024 June 2024 Sector Industries Amount Outstanding (USD Mn) Auto Components 287.11 180.9 432.59 Automobile 658.44 603.39 582.67 Capital Goods 221.46 193.49 193.12 Cement and Cement Products 57.73 875.58 877.69 Electronic Systems 409.52 359.63 407.94 Food Processing 381.42 400.98 384.83 Glass and Glassware 6.74 12.33 17.04 Iron & Steel 310.75 600.54 619.75 Laminates/ Plywood/ Boards 5.33 5.52 6.32 Leather and Leather Products 2.52 2.8 2.5 IFSCA BULLETIN | APR-JUN 2024 Current Statistics 21 Medical and Medical 230.74 251.68 251.03 Equipment Metals 2120.19 1890.97 1933.33 Paper and Packaging 51.67 49.62 51.56 Petrochemicals 3862.2 3867.44 3866.68 Plastic and Plastic Products 52.6 61.84 60.09 Textiles and Apparels 69.79 67.89 68.77 Vehicles, Vehicle Parts, and 19.41 158.48 141.66 Transport Equipment Banking and Finance 17350.13 14523.04 14114.64 Clearing Corporation 240.49 243.21 237.73 Education 179.23 180.47 167.67 Financial Services 39.57 303.66 531.59 Healthcare 22.65 22.26 44.28 IT and Software Industry 488.07 422.24 430.44 Services Logistics 32 22.3 29.7 NBFC 960.47 4156.46 4574.86 Professional Services 22.09 25.32 25.32 Retail and e-commerce 223.34 244.3 229.2 Telecommunication 881.19 1174.12 1104.88 Tourism & Hospitality 173.87 185.34 195.1 Trade/Distributor 64.32 334.45 335.71 Construction 869.79 57.27 57.71 Mining 142.97 159.39 206.59 Oil and Gas 2014.56 1702.7 1729.39 Infrastructure Ports and Shipping 1187.96 983.67 987.46 Power Sector 1249.7 1233 1426.12 Renewable Energy 173.56 252.86 251.18 Roads and Highways 73.03 34.67 33.29 Agriculture and 105.85 425.08 425.05 Forestry Aviation 402.59 410.61 417.48 Chemicals 1454.79 1573.84 1537.6 Jewelry 239.15 242.75 276.88 Paints 1.25 1.25 0.63 Pharmaceuticals 1036.36 1022.69 707.84 Other Sectors 3322.3 2649.41 2536.68 Total 41698.9 42169.44 42512.59  IFSCA BULLETIN | APR-JUN 2024 Current Statistics 22 Table 9: Country wise exposure of IBUs April 2024 May 2024 June 2024 %age of %age of %age of Country Name total Country Name total Country Name total exposure exposure exposure India 72.91% India 71.85% India 73.17% United States of United States of United States of 4.95% 5.48% 5.18% America America America Mauritius 3.79% Mauritius 3.90% United Kingdom 4.08% Singapore 3.75% United Kingdom 3.69% Singapore 3.59% United Kingdom 3.27% Singapore 3.59% Mauritius 3.42% United Arab United Arab United Arab 3.14% 3.22% 2.82% Emirates Emirates Emirates Netherlands 2.65% Netherlands 2.52% Netherlands 2.42% Hong Kong 1.33% Hong Kong 1.31% Bahrain 1.16% Bahrain 0.78% Bahrain 1.09% Hong Kong 0.73% Egypt 0.61% Bangladesh 0.41% Bangladesh 0.40% Others 2.82% Others 2.94% Others 3.03% Payment and Settlement Table 10: Number of applications received and processed under IFSCA (Payment Services) Regulations, 2024 Particulars Total Applications received 2 Applications pending 1 In-principle Approval Granted 1 Final Authorisation Granted 0 Authorisation till June 24* 1 *Including In-principle Approval Capital Market Table 11: IFSC Stock Exchanges Turnover (Traded Value in USD Mn) Month April 2024 May 2024 June 2024 Total No. of Traded No. of Traded No. of Traded No. of Traded Particulars contracts Value contracts Value contracts Value contracts Value Commodity 1660 124.81 1826 137.63 1502 112.46 4988 374.9 Futures Index 1873799 83148.52 2065880 92901.73 2124100 98701.28 6063779 274751.52 Futures Index 167063 17.56 190503 37.72 203994 45.32 561560 100.6 Options Total 2042522 83290.9 2258209 93077.08 2329596 98859.06 6630327 275227.03 IFSCA BULLETIN | APR-JUN 2024 Current Statistics 23 Table 12: Aggregate Open Interest (OI) of all derivatives contracts on IFSC Stock Exchanges Month Ended Open Interest (no. of contracts) Value (USD Mn) Apr 2024 2,74,754 12,477.57 May 2024 2,97,329 13,454.92 Jun 2024 2,72,792 13,143.35 Table 13: India INX Global Access During Apr-Jun 2024 Particulars As on Jun 30, 2024 (Accounts Opened) Total Number of Accounts 156 3999 Table 14a: Trading in Global Exchanges through India INX Global Access (Traded Value: USD Mn) Entity Type Particulars Apr-Jun 2024 Till Jun 30, 2024 LRS Equity, ETFs, Funds, Bonds, and other 2.62 14.75 (Residents) products Equity, ETFs, Funds, and other products 10.89 478.08 IFSC Entities Derivatives Products 391.22 28,894.54 Non-residents Equity, ETFs, Funds, and other products 1.73 28.13 outside IFSC Derivatives Products - 176.09 Total 406.47 29591.60 Table 14b: Trading in Global Exchanges through India INX Global Access (Apr - Jun 2024: USD Mn) Total trading Trading in Trading in non- Exchange value Derivatives derivatives KSE 161.76 161.76 - NYMEX 67.73 67.73 - HKEX 65.73 65.73 - SGX 64.94 64.94 - CME 26.40 26.40 - ARCA 5.15 - 5.15 BATS 4.42 - 4.42 NASDAQ 3.59 - 3.59 CBOT 1.76 1.76 - CBOE 1.52 1.52 - Others 3.47 1.39 2.09 Total 406.47 391.22 15.25 Table 15: Capital Market Intermediaries as on Jun 30, 2024 Type of Entity No. of entities Broker-Dealer 80 Clearing Member 22 Custodian 5 Depository Participants 10 Investment Banker 3 Investment Advisers 4 IFSCA BULLETIN | APR-JUN 2024 Current Statistics 24 Debenture Trustee 4 Distributors of Capital Market Products & Services 9 Sustainable Finance Table 16a: Listing of debt securities at IFSC Exchanges (In USD Bn) Particulars As on Mar 31, 2024 As on Jun 30, 2024 Cumulative debt listings 56.5 58.7 Cumulative ESG labelled debt listing 12.3 12.66 Table 16b: Listing of debt securities at IFSC Exchanges Sr No Name of the issuer Listing Date Labels Amount (USD Mn) 1 Varthana Finance Private Limited 02-04-2024 - 10.00 2 Lendingkart Finance Limited 03-04-2024 - 10.00 3 Indiabulls Housing Finance 04-04-2024 Social 350.00 Aviom India Housing Finance 4 11-04-2024 - 1.70 Private Limited 5 Mufin Green Finance Limited 12-04-2024 - 2.00 6 Mufin Green Finance Limited 12-04-2024 - 3.00 Aviom India Housing Finance 7 12-04-2024 - 10.00 Private Limited 8 Kinara Capital Private Limited 03-05-2024 - 10.00 HDFC Bank Limited acting through 9 06-05-2024 - 40.00 its GIFT-City Branch 10 Manappuram Finance Limited 14-05-2024 - 300.00 11 Satin Creditcare Network Limited 16-05-2024 - 10.00 12 Muthoot Finance Limited 16-05-2024 - 650.00 13 Satin Creditcare Network Limited 16-05-2024 - 8.00 14 Midland Microfin Limited 22-05-2024 - 5.00 Dvara Kshetriya Gramin Financial 15 24-05-2024 - 10.00 Services Private Limited 16 Satya Microcapital Limited 06-06-2024 - 10.00 17 State Bank of India 20-06-2024 - 100.00 18 Midland Microfin Limited 24-06-2024 - 5.00 Aviom India Housing Finance 19 25-06-2024 - 5.00 Private Limited Aviom India Housing Finance 20 26-06-2024 - 3.00 Private Limited Continuum Trinethra Renewables 21 Private Limited and Other Co- 28-06-2024 - 650.00 Issuers IFSCA BULLETIN | APR-JUN 2024 Current Statistics 25 Table 17: Overall Sustainable Financing by IBUs During Oct 2023 - March 2024 Cumulative Medium / Short term Loans (USD Mn) in FY 2023- Classification Long Term Working Trade 24 (USD Loans (USD Capital/ Supply Others Mn) Mn) Finance Chain Finance Green 68.78 318.10 12.14 0.00 436.31 Social