IFSCA to come out with norms to help regulated entities settle payments instantly: Chairman
IFSCA) will soon come out with regulations to help regulated entities ensure instant payment settlements, its chairman said on Wednesday. The authority is expecting final regulations for listing companies on the IFSC exchange to be in place within the next six months.
«We are coming up with payments regulations shortly, maybe in the next few months.
This will enable regulated entities to provide these services to ensure instant settlement of payments,» IFSCA Chairman K Rajaraman said while addressing the global fintech festival here.
Currently, such payments are cleared through the banking system, which is time-consuming.
«We believe that with these regulatory tweaks, we should be able to achieve substantial traction in terms of clearing the ground for some foreign players to move in to Gift City in a significantly large number,» he said. On the listing of firms on the IFSC exchanges, he said a «finance ministry notification on this is under process now.
We have set up a working group that is coordinating with other regulators like Sebi and the Reserve Bank of India.»
«We believe necessary procedures and amendments should be completed in the next three months. We should be able to take the decision to go live by the end of this year,» Rajaraman said.
The chairman said the authority is also working on a real-time gross settlement system, which will be possible in the next few months.
