Trident Ancillary Services IFSC Ltd ('Trident'), an Ancillary Service Provider at GIFT City IFSC, had been providing Business, Accounting, Tax and Financial ('BATF') services since the commencement of the BATF Regulation

As per Regulation 4 of IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024, no person, except an Ancillary Service Provider, shall provide BATF Services in IFSC without obtaining certificate of registration from the IFSCA. An Ancillary Service Provider intending to provide BATF Services shall, within a period of sixty days from the date of commencement of BATF regulations, communicate its willingness to operate to the Authority in such form and manner as specified. The Ancillary Service Provider communicating its willingness shall ensure compliance with the following regulations, from the date of commencement of these regulations until it receives a letter of continuation from the Authority: The applicant shall ensure that their business in IFSC is not set up either by splitting up of business already in existence in India; or reconstructing of business already in existence in India; or reorganising of a business already in existence in India. The BATF Service Provider shall not offer BATF Services by way of transferring or receiving of existing contracts or work arrangements from their Group Entities in India. In the given case, Trident's onboarding arrangements are non-compliant with the IFSCA (BATF) Regulations, 2024 considering the following: The communication to IFSCA was submitted on the 75 th day, exceeding the 60-day statutory limit for existing providers. The formal transfer of service contracts from its parent entity (Trident Advisory LLP) directly violates Regulation 9, which prohibits the transferring or receiving of existing contracts from group entities in India. Consequently, Trident is operating without a valid 'Letter of Continuation' and is in breach of the anti-reconstruction norms.