Full Text
REGD. No. D. L.-33004/99
The Gazette of India
CG-GJ-E-17092025-266205
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 633]
NEW DELHI, TUESDAY, SEPTEMBER 16, 2025/BHADRA 25, 1947
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 12th September, 2025
International Financial Services Centres Authority (Payments Regulatory Board) Regulations, 2025
IFSCA/GN/2025/008.— In exercise of the powers conferred by sub-section (1) of section 28 read
with sub-section (1) of section 12 and sub-section (1) of section 13 of the International Financial Services
Centres Authority Act, 2019 (50 of 2019); sub-section (1) and (2) of section 38 read with sub-section (4) of
section 3 and section 34B of the Payment and Settlement Systems Act, 2007 (51 of 2007), the International
Financial Services Centres Authority hereby makes the following regulations, namely: -
1. Short title and commencement
(1) These regulations may be called the International Financial Services Centres Authority (Payments
Regulatory Board) Regulations, 2024.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. Definitions
(1) In these regulations, unless the context otherwise requires, the terms defined herein shall bear the
meanings as assigned to them below, and their cognate expressions shall be construed accordingly
(a) "Act" means the Payment and Settlement Systems Act, 2007 (51 of 2007);
(b) "Authority" means the International Financial Services Centres Authority established under sub-
section (1) of section 4 of the International Financial Services Centres Authority Act, 2019 (50 of
2019);
(c) "Board" means the Payments Regulatory Board constituted under sub-section (2) of section 3 of
the Act;
(d) "Chairperson” shall mean the Chairperson of the Board;
(e) "Member” means a Member of the Board;
(f) "International Financial Services Centre (IFSC)" shall have the meaning assigned to it in clause (g)
of sub-section (1) of section 3 of the International Financial Services Centres Authority Act, 2019
(50 of 2019).
(2) Words and expressions used and not defined in these regulations but defined in the Act, the
International Financial Services Centres Authority Act, 2019 (50 of 2019) or the Reserve Bank of
India Act 1934 (2 of 1934) shall have the meanings respectively assigned to them in those Acts.
3. Composition of Board
(1) The composition of the Board shall be as specified in section 3 of the Act.
(2) The Board may invite persons with experience in the fields of payment and settlement systems,
information technology, law, etc., to attend its meeting either as permanent or as ad hoc invitees to the
meetings of the Board.
4. Eligibility and tenure of the nominated Members
(1) The Members of the Board referred to in clause (d) of sub-section (3) of section 3 of the Act shall be
nominated from amongst persons of ability, integrity and standing, having knowledge, experience and
expertise in the field of payment systems, information technology including cyber security, law, etc.,
by the Central Government:
Provided that no person shall be nominated as a Member, in case such person—
6 THE GAZETTE OF INDIA: EXTRAORDINARY [PART III—SEC.4]
(a) has completed the age of seventy years on the date of appointment as Member;
(b) is a Member of Parliament or any State Legislature;
(c) has been at any time, adjudged as an insolvent;
(d) has been convicted of an offence which is punishable with an imprisonment for a term of one
hundred and eighty days or more;
(e) is physically or mentally incapable of discharging the duties of a Member of the Board; or
(f) has a material conflict of interest with any other payment system and is unable to resolve such
conflict.
(2) A Member of the Board nominated under clause (d) of sub-section (3) of section 3 of the Act, unless
he/she is a public servant as defined in clause 28 of section 2 of the Bharatiya Nyaya Sanhita, 2023 (45
of 2023), shall hold office for a period of four years and shall not be eligible for re-nomination.
(3) A Member referred to under sub-regulation (2), unless he/she is a public servant as defined under
clause 28 of section 2 of the Bharatiya Nyaya Sanhita, 2023 (45 of 2023), may resign from the Board,
at any time before the expiry of his/her tenure under sub-regulation (2), by giving to the Central
Government, a written notice of not less than six weeks, and on the acceptance of the resignation by
the Central Government, he/she shall cease to be a Member of the Board.
5. Assistance to the Board
The Board shall be assisted by the Division of Payment and Settlement Systems, International
Financial Services Centres Authority which shall report to the Board.
6. Code of Conduct for the Members of the Board
(1) The Members shall give a declaration in the form specified in the Schedule.
(2) The following code aims at providing broad guidance to the Members of the Board on their ethical
conduct, which shall help in enhancing the public trust and confidence in the Authority and its
policies:
(a) Members shall act in a manner consistent with the integrity, dignity and reputation of their
office.
(b) Members shall disclose any conflict of interest with regard to any matter that comes up for
decision or otherwise to the Board and, if necessary, recuse themselves from the specific
proceedings.
(c) Members shall ensure that all information received by them as a Member of the Board is kept
confidential and is not revealed to any person either knowingly or unknowingly.
(d) Members shall maintain the highest standards of probity, consistent with public office.
(3) Every Member shall be indemnified by the Authority against all losses and expenses incurred in
discharging assigned duties, except such as may happen from his/her own wilful act or default.
7. Vacation of office
A Member nominated under clause (d) of sub-section (3) of section 3 of the Act shall cease to hold office if
he/she absents himself/herself, without the leave of the Chairperson, from three consecutive meetings of the
Board.
8. Delegation of Powers
The Board may, by general or special order, delegate any or all its powers or functions to the Chairperson
or a Member of the Board or a Sub-Committee of the Board or officer(s) of the Authority as it may deem fit
and necessary for the efficient administration of the functions of the Board, subject to such conditions and
limitations, if any, as it may specify in the order.
9. Meetings of the Board and Quorum
(1) The Board shall ordinarily meet at least twice in a year at such place or through such mode as may be
decided by the Chairperson from time to time.
(2) Members shall be given sufficient notice to enable them to attend the meetings.
(3) The quorum for holding a meeting of the Board shall be three Members and shall include the
Chairperson and, in his absence, the Member appointed under clause (b) of sub-section (3) of Section
3 of the Act and a Member nominated under clause (d) of sub-section (3) of Section 3 of the Act.
(4) The meetings of the Board shall be presided over by the Chairperson, and in his/her absence the
Member of the Board under clause (b) of sub-section (3) of section 3 of the Act.
(5) Each Member of the Board shall have one vote.
(6) All matters for approval which come up during any meeting of the Board shall be decided by a
majority of votes of the Members present and voting, and in the event of an equality of votes, the
Chairperson, or in his/her absence, the Member of the Board under clause (b) of sub-section (3) of
section 3 of the Act, shall have a second or casting vote.
(7) If the Chairperson so directs, an item of business or issue which requires a decision of the Board,
may be referred to Members by circulation and such item may be decided by a majority of votes of
Members, and in the event of an equality of votes, the Chairperson, or in his/her absence, the
Member of the Board under clause (b) of sub-section (3) of section 3 of the Act, shall have a second
or casting vote.
(8) The Chairperson shall, on a request made in writing by any Member of the Board, convene a meeting
of the Board at such place or through such mode as he/she may decide.
(9) The proceeding of the Board shall be confidential.
10. Constitution of Committees
(1) The Board may constitute Committee(s) for providing assistance or advice in the performance of its
functions, as may be considered necessary from time to time.
(2) A Committee shall have the power to invite persons with experience in the field of payment and
settlement systems to attend the meetings of that Committee as invitees.
11. Remuneration and other allowances payable to the Members or invitees
Members nominated under clause (d) of sub-section (3) of section 3 of the Act to the Board, Members
nominated under sub-regulation (1) of regulation 12 to any Committee, and invitees to the Board or any
Committee shall be entitled to remuneration for each meeting they attend, and expenses relating to travel,
transportation, lodging and boarding, as may be decided by the Board from time to time.
12. Repeal and saving
(1) On and from commencement of these regulations, the International Financial Services Centres
Authority (Board for Regulation and Supervision of Payment and Settlement Systems) Regulations, 2024,
shall stand repealed.
(2) Notwithstanding such repeal,
(a) anything done or any action taken, purported to have been taken or initiated under the said repealed
regulations shall be deemed to have been done or taken under the corresponding provision of these
regulations.
8 THE GAZETTE OF INDIA: EXTRAORDINARY [PART III—SEC.4]
(b) any reference in other Circulars/Guidelines/Notifications issued by the Authority containing reference
to the said repealed regulations, shall mean reference to these regulations.
SCHEDULE
(Regulation 6)
FORM OF DECLARATION OF FIDELITY AND SECRECY
I,
on becoming a Member of the Board or being invited as
permanent or ad hoc invitee, do solemnly and sincerely declare that I will faithfully perform the duties to
the best of my ability and that I will uphold the dignity of the position and that I will observe secrecy and
will not directly or indirectly communicate or divulge any of the matters or any information which may
come to my knowledge in the discharge of my duties, except when required or authorised to do so by these
regulations or by law.
Date
(Signature)
PRAVEEN TRIVEDI, Executive Director
[ADVT.-III/4/Exty./366/2025-26]
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054. GORAKHA NATH
YADAVA
Digitally signed by GORAKHA
NATH YADAVA
Date: 2025.09.17 12:02:38 +05'30'