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REGD. No. D. L.-33004/99
The Gazette of India
CG-GJ-E-22072024-255623
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 535]
NEW DELHI, THURSDAY, JULY 18, 2024/ASHADHA 27, 1946
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 12th July, 2024
International Financial Services Centres Authority (Board for Regulation and Supervision of Payment and
Settlement Systems) Regulations, 2024
IFSCA/GN/2024/005.─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); read with sub-section (2) of section 3 and sub-section (1) read with clause (a) of
sub- section (2) of section 38 of the Payment and Settlement Systems Act, 2007(51 of 2007), the International
Financial Services Centres Authority hereby makes the following regulations, namely:
Short title and commencement
1. (1) These regulations may be called the International Financial Services Centres Authority (Board for
Regulation and Supervision of Payment and Settlement Systems) Regulations, 2024.
(2) They shall come into force on the date of their publication in the Official Gazette.
Definitions
2. (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);
с. "Board" means the committee of the members of the Authority known as the Board for Regulation
and Supervision of Payment and Settlement Systems constituted under sub-section 2 of section 3 of
the Act;
d. "Member" means a member of the Board;
e. "International Financial Services Centre" 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 or the Reserve
Bank of India Act, 1934 (2 of 1934) or the International Financial Services Centres Authority Act, 2019 (50
of 2019) or any rules or regulations made thereunder shall have the same meanings respectively assigned to
them in those Acts, rules or regulations or any statutory modification or re-enactment thereto, as the case
may be.
Composition of the Board
3. (1) There shall be a committee of the members of the Authority to be known as Board for Regulation and
Supervision of Payment and Settlement Systems.
(2) The Board shall consist of the following Members, namely:
a. Chairperson of the Authority who shall be the Chairperson of the Board;
b. Whole Time Members of the Authority;
с. Not more than three Members of the Authority nominated by the Chairperson of the Authority.
(3) The Chairperson of the Authority shall designate a Whole Time Member of the Authority as the Vice-
Chairperson of the Board
Duties, powers and function of the Board
4.(1) Subject to the provisions of the Act, the Board shall exercise the powers, perform the functions and discharge
the duties accorded on it by the Authority, including but not limited to, in relation to the regulation and supervision
of the payment systems in the International Financial Services Centres under the Act.
(2) In particular and without prejudice to the generality of the foregoing provisions, the powers and functions of the
Board shall include the following matters, namely: -
a. the laying down of the policies relating to the regulation and supervision of the payment systems including
electronic, non-electronic, domestic and cross-border payment systems affecting transactions in
International Financial Services Centres;
b. the laying down of the standards for payment systems;
c. the authorisation of the payment systems;
d. the determination of the criteria for membership of the payment systems including continuation, termination
and rejection of membership;
e. overseeing the administration of regulations and guidelines framed under the Act for the purposes of the
above matters including the directions issued by the Authority from time to time to the operators and
system participants of the payment systems besides taking such action as may be deemed necessary for
ensuring the compliance;
f. recommending necessary administrative structure for ensuring effective regulation and supervision of the
payment systems;
g. safeguarding and protecting the interests of consumers and overall safety and soundness of the payment
systems;
h. such other matters as are deemed necessary for the effective regulation and supervision of payment systems.
Assistance to the Board
5. The Authority shall provide necessary assistance, including resources to the Board for all or any of the purposes
set out in these regulations.
Vacation of Office
6. A Member nominated under clause (c) of sub-section (3) of section 3 of the Act shall cease to hold office if he
absents himself from three consecutive meetings of the Board, without the leave of the Chairperson.
Powers on behalf of the Board by whom to be exercised: -
7. The powers of the Board may be exercised by the following persons to the extent mentioned hereunder: -
(a) The Chairperson and in his absence the Vice-Chairperson may also exercise all powers and do all acts and
things, which may be exercised or done by the Board;
(b) Without prejudice to the provisions of clause (a), the Chairperson may, by general or special order,
delegate to a Vice-Chairperson or Member, subject to such conditions and limitations, if any, as may be
specified in the order, any powers exercisable by the Chairperson under these regulations, as the Chairperson
may deem necessary, for the efficient administration of the functions of the Board.
Meetings of the Board and Quorum
8. (1) The Board shall ordinarily meet at least once in three months in such manner 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 at least one Member nominated under clause (c) of sub-regulation (2) of regulation 3.
(4) Save as otherwise provided in these regulations, the provisions of International Financial Services Centres
Authority (Procedure for Authority Meetings) Regulations, 2020 shall, pari-materia, apply to the meetings
of the Board.
Constitution of Sub-Committees and Advisory Committees
9. (1) The Board may constitute Sub-Committees or Advisory Committees for providing assistance or advice in the
performance of its functions, as may be considered necessary from time to time.
(2) A Sub-Committee or Advisory Committee shall have power to invite persons with experience in the field of
Payment and Settlement Systems to attend the meetings of that Committee.
Report to the Authority
10. The Board shall submit a report on its functioning to the Authority on a quarterly basis.
K. RAJARAMAN, Chairperson
[ADVT.-III/4/Exty./300/2024-25]
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