IFSCA Notifies Payments Regulatory Board Regulations 2025

Notification No. IFSCA/GN/2025/008., Dated 12.09.2025

1. Introduction

The International Financial Services Centres Authority (IFSCA) has notified the IFSCA (Payments Regulatory Board) Regulations, 2025. These regulations are a crucial step towards strengthening the governance framework for payment systems in the IFSC and ensuring transparency, accountability, and efficiency in regulatory oversight.

2. Composition and Eligibility

The regulations lay down clear provisions regarding the composition of the Payments Regulatory Board. They specify the eligibility criteria for members, ensuring that only individuals with the requisite expertise, integrity, and professional background are appointed. This is aimed at bringing credibility and competence to the Board’s functioning.

3. Tenure, Code of Conduct, and Remuneration

The framework also prescribes rules concerning the tenure of members, their code of conduct, and remuneration. By outlining these aspects in detail, IFSCA seeks to ensure that the members act independently, maintain ethical standards, and are adequately compensated for their responsibilities without compromising objectivity.

4. Meetings, Committees, and Delegation of Powers

To facilitate effective decision-making, the regulations cover procedures relating to Board meetings, formation of committees, and delegation of powers. These provisions are intended to improve efficiency, ensure wider participation in deliberations, and provide flexibility in regulatory functioning.

5. Conclusion

The IFSCA (Payments Regulatory Board) Regulations, 2025, represent a significant move towards strengthening the institutional framework for payment systems in the IFSC. By addressing governance, conduct, accountability, and operational procedures, the regulations aim to create a robust and transparent regulatory environment that supports the growth of India’s international financial services ecosystem.

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