Format For Seeking PSP Authorisation
Format For Seeking PSP Authorisation
Format For Seeking PSP Authorisation
CIRCULAR
To,
Entities seeking authorisation as a Payment Service Provider
Dear Sir/Madam,
Format and manner of seeking authorisation as Payment Service Provider
(PSP)
1. In exercise of its powers under sub-regulation 1 of regulation 4 of the IFSCA
(Payment Services) Regulations, 2024, the Authority hereby specifies the
format and manner for applying to the Authority for authorisation as a
Payment Service Provider.
4. An applicant shall fill up the application form and submit the information
sought in English. Incomplete applications shall not be considered. In case
the applicant has already answered a question elsewhere in the schedules,
specific reference to that cell/section may be provided to avoid duplication.
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6. Applicants are advised to refer to the IFSCA website for latest amendments
in the IFSCA (Payment Services) Regulations/ Frameworks/ Circulars etc.
that may be pertinent to the application.
7. All the documents submitted along with the application must be in English.
In case of documents that are not in English, a certified English translation
of the same shall be enclosed. The English translation must be certified “true
copy” by an external legal counsel. All documents submitted with the
application shall be self-certified. However, in case of foreign nationals or
companies the relevant documents (e.g., Certificate of Incorporation,
Certificate / Declaration of the person being authorised to act on behalf of
the entity etc.) are to be apostilled / notarised.
Yours faithfully
(Supriyo Bhattacharjee)
Chief General Manager
Division of Payments and Settlements
Department of Banking Regulation and Development
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Schedule I : Application form
Section A : General Information to be filled by the Applicant
S. Particulars Comments /
No. Remarks
(for IFSCA use)
1. IFSCA Regulations/Framework/Circulars under which
Application is being made by the Applicant
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8. i) If Applicant’s parent entity(ies) is regulated by
Financial Sector Regulator(s) provide the following
details:
Name of Regulator, Name of Country, Type of Activity,
License/ Registration No., Date of Registration and
Validity & No Objection Certificate (NOC) from home
country regulator, if required as per IFSCA regulations.
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2for the purpose of this question, the term group shall
include JVs/ Subsidiaries / Associates / Promoter /
Body Corporate operating under common brand name
Attach copy/copies
13. Shareholding pattern / List of major shareholders3 (for all holding 10% or
more of shares or voting rights or distributable dividend) / Persons exercising
Control4 of Applicant.
a) Authorised Capital:
b) Paid up Capital / Partners Capital contribution:
c) Subscribed Capital and Issued Capital:
d) Face value of shares:
e) Details of the Shareholding or partnership structure as below:
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Equity
Shares/
Capital
Contribution
Others
(Preference
/Convertible
etc.)
TOTAL
5Net worth Certificate should not be older than six months as on the date
of application (As certified by CA/CS or their equivalent in foreign
jurisdiction). (Mention figures in space provided and Attach copy)
Enter the figures in the space provided and upload the document.
6Net worth Certificate should not be older than six months as on the date
of application (As certified by CA/CS or their equivalent in foreign
jurisdiction).
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Section C: Information on Business Plan for the IFSC Unit
S.No. Particulars Comments/
Remarks (for
IFSCA use)
14. Briefly describe the Applicant (including existing activities
carried out, revenue from these activities, key client
jurisdictions, no. of employees etc.). Also, provide group's
experience in providing regulated financial services in
India or any other jurisdictions.
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19. Briefly describe the scope of interactions of IFSC Unit
with other regulators/supervisors, if any.
IT System
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execution of transactions, Data back‐up and
redundancy, IT security and other cyber‐related risks.
Risk management
29. Describe the key internal and external risks that the
Applicant's planned business will face, as well as how it
plans to mitigate those risks. Indicate the policies that
will be implemented to identify and reduce these risks.
Compliance arrangements
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40. Briefly explain the Applicant's risk-based approach to
AML/CFT compliance. Also, provide details of how the
Applicant will track, identify, and report suspicious
customers, activities, and transactions.
Internal audit
Financial projections
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2. Digital Signature Identifier number
Investment
4. Office Equipment such as computers, servers, office furniture
(Rs. In Lakhs)
(a) Indigenous
(b) Import CIF value
(c) Total (a) + (b)
Infrastructure Requirements
6. Requirement of land/Office Space (Area in sq. mtrs.)
Employment
7. Men
8. Women
9. Transgenders
Other Information
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12. Whether the Applicant has been issued any Industrial license
or LOI/LOA under EOU/SEZ/STP/EHTP scheme. If so, give
full particulars, namely reference number, date of issue,
items of manufacture and progress of implementation of
each project.
UNDERTAKING
I/We hereby declare that the above statements are true and correct to the best of
my/our knowledge and belief. I/We shall abide by any other
condition, which may be stipulated by the Development Commissioner.
I/We fully understand that any Permission Letter/Approval granted to me/us on the
basis of the statement furnished is liable to cancellation or any other action that may
be taken having regard to the circumstances of the case if it is found that any of the
statements or facts therein furnished are incorrect or false.
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Seal/Stamp Tel. No.
E-mail Address
Web Site Address
Full Residential address
Tel. No
Date:
Place:
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Section F: Information on Management (IOM)
Instructions:
1. This section is to be filled by the Applicants who are willing to establish a unit in the
IFSC in an incorporated form.
2. This section is not applicable for the Applicants who are willing to establish its office
in an unincorporated form such as place of business or branch office etc. provided
the Applicant entity is regulated by a Financial Sector Regulator in its home country.
3. This section is only to be filled by Natural persons and not by body-corporates i.e.,
to include all persons acting in the capacity of Promoters/ Key Managerial
Personnel/ Founders/ Shareholder(s) holding 10% & above shares and/or voting
rights and/or distributable dividend/ Designated Partners/ Authorised
Representatives/ Directors/ Principal Officer/Persons in control, of the Applicant, a
separate self-attested form shall be submitted.
Sr.
No. Particulars Remarks by IFSCA
Name
1)
Nationality
4) Country
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Date of Birth (DD\MM\YYYY)
5) Sex
6)
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Section H: Document Checklist to be attached with application form
(Please provide all documents of all concerned as may be applicable)
Sr. No. Supporting Documents Attached Specify
Yes/No, as
applicable
1. Certificate of Incorporation / Registration / equivalent
certificate (A3)
2. Articles of Association (AOA) (A3)
3. Memorandum of Association (MOA) (A3)
4. Provisional Letter of Allotment (A6)
5. NOC from Home Regulator (A8)
6. Board Resolution(s) (B.11)
7. Ownership and Group Structure Chart (to ascertain
UBOs) (B.13)
8. Last 3 years Audited Financial Statements (Balance
Sheet, P&L Statement, Income Statement). In case
of branch, provide above details of Parent entity.
(B.13-A)
9. Net Worth Certificate and Personal Tax Returns
(B.13-A)
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Schedule II : Additional Information required from the Applicant / Submissions
to be made by the Applicant
escrow service;
2) Provide an overview of the business model of the applicant company on the basis
of the following components :
a) Key partners (including key suppliers, key resources being acquired from
partners, key activities being performed by partners and reasons for
entering into the partnerships).
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h) Cost structure ( Most important cost of the business model, which are the
most expensive resources, which key activities consume the most
resources).
i) Revenue streams (value proposition that the identified customers are willing
to pay for, value proposition they are paying for now, current means of
payment, existence of revenue streams apart from customer payments).
4) Are the applicant’s major shareholders or persons exercising control over applicant
currently licensed, registered, approved, authorised or a holder of other regulatory
status in any jurisdiction, in relation to conducting regulated activities in the
financial sector? If so, please provide details.
5) Details of the Nodal Bank appointed by the Applicant / Payment Service Provider
(see sub-regulation 5 of regulation 10).
6) Letter intimating the concurrence of the IFSC Banking Unit or an IFSC Banking
Company to act as the “Nodal Bank” to be enclosed (see sub-regulation 5 of
regulation 10).
7) Indicate the source of funds for fulfilling the minimum net-worth requirement ( see
regulation 6) before the grant of final authorisation.
a) Where loss has been incurred by the applicant in any of the last 3 years,
please explain the reason for such loss and how such loss is likely to impact
the applicant’s ability to operate as a going concern.
9) Please provide the details on how the applicant intends to deliver or distribute its
services or products.
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a) Features of account issuance service (including e-money account
issuance service) including :
12) Details of existing operations under tie-up and / or co-branding arrangement with
any of the payment service provider/ payment system operator.
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13) Please provide details of security measures to protect customer information in
transmission and storage.
16) Please provide the risk-based framework placed by the Applicant / Payment
Service Provider to assess the criticality of services that they receive or plan to
receive from a Third-party Service Provider, monitoring mechanism over the Third-
party Service Provider and strategy for exiting Third-party Service Relationship.
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