AdvertisementInternational Financial Services Centres Authority (IFSCA) has issued a Circular directing its Regulated Entities to continuously maintain a valid and subsisting Letter of Approval (LoA) under the Special Economic Zones Act, 2005 and applicable IFSCA Regulatory Instrument(s), including registration, license, recognition, authorisation, permission or approval. The Circular reiterates that a valid LoA is a prerequisite for obtaining an IFSCA Regulatory Instrument and undertaking permissible activities in the International Financial Services Centre. Regulated Entities are directed not to conduct business activities without valid LoA and applicable Regulatory Instrument(s). Violations may constitute breaches of the International Financial Services Centres Authority Act, 2019, the Special Economic Zones Act, 2005 and rules and regulations made thereunder, inviting appropriate penal or enforcement action. The Circular directs all Regulated Entities to ensure that they always hold valid and subsisting Letter of Approval and applicable Regulatory Instrument(s), and refrain from carrying out any business activities without holding valid and subsisting LoA and applicable Regulatory Instrument(s).