Ongoing Compliance & Reporting

Ongoing IFSCA & SEZ Compliance for GIFT City Units in Gandhinagar

Operating in GIFT City's IFSC is not a one-time setup exercise — it requires a disciplined, ongoing compliance programme across IFSCA regulatory filings, SEZ (Special Economic Zone) record-keeping, and statutory audit requirements. Non-compliance with IFSCA reporting obligations can result in regulatory action including licence suspension. Morry's Business provides comprehensive ongoing compliance management for all categories of GIFT City entities, from ancillary service providers to fund management entities and IFSC banking units.

IFSCA Periodic Reporting Requirements

IFSCA mandates periodic data submissions from all regulated entities — the frequency and content vary by entity type. FMEs must submit quarterly fund-level data (AUM, investor count, portfolio details) and annual compliance certificates. Broker-dealers report transaction volumes and client metrics. All IFSCA-regulated entities must submit annual audited financial statements and a compliance report signed by the Compliance Officer. Specific event-based reporting (change in key personnel, material adverse events, regulatory breaches) must be submitted within 7–30 days of occurrence. We manage the complete IFSCA reporting calendar and automate data extraction from your accounting systems to reduce manual preparation effort.

SEZ Compliance and Development Commissioner Reporting

GIFT City entities operating as SEZ units must maintain records required by the Development Commissioner (DC): net foreign exchange earnings statements (quarterly), procurement registers for goods and services from the DTA, and annual performance reports. The SEZ unit must demonstrate positive Net Foreign Exchange (NFE) annually — calculated as foreign exchange receipts minus DTA procurements. We prepare the quarterly and annual SEZ compliance filings, maintaining all source documentation (transaction ledgers, invoice copies, forex realisation certificates) required for DC office inspections.

Statutory Audit for IFSC Entities

IFSC entities are required to have their accounts audited annually by a Chartered Accountant under the Companies Act 2013 (for company units) or the IFSCA Act (for specific entity types). The statutory audit for an IFSC unit has unique considerations: foreign currency financial statements, mark-to-market valuations for fund portfolios, IFSCA regulatory capital computation, and Section 80LA deduction workings. We coordinate with your statutory auditor to prepare audit-ready working papers and respond to audit queries, ensuring the audit is completed well before IFSCA's prescribed filing deadline.

Compliance Officer Support and Daily Regulatory Queries

New GIFT City entities — particularly FMEs and broker-dealers — frequently encounter novel regulatory interpretation questions in their day-to-day operations: whether a specific client onboarding satisfies IFSCA KYC norms, whether a proposed transaction requires IFSCA pre-approval, or how a new IFSCA circular affects an existing operating procedure. Our Gandhinagar team provides Compliance Officer-level support — answering regulatory queries, reviewing proposed activities for compliance, and escalating novel issues to IFSCA through the appropriate channel where needed.