InCorp Global Becomes First Firm at GIFT IFSC to Receive BATF Licence Approval

Current Context: On October 16, 2024, InCorp Global made history by becoming the first company at the Gujarat International Finance Tec-City (GIFT IFSC) to receive a BATF (Bookkeeping, Accounting, Taxation, and Financial Crime Compliance) licence.

• This significant milestone falls under the new IFSCA (BATF Services) Regulations, 2024.
• Key Highlights:
• Regulatory Framework: The IFSCA (BATF Services) Regulations, 2024, set a comprehensive framework for offering BATF services at GIFT IFSC, enhancing the regulatory environment for financial services.
• Scope of Services: With the BATF licence, InCorp Global can now provide a wide range of services, including bookkeeping, accounting, taxation, and financial crime compliance. This licence goes beyond traditional banking and financial services, extending to various industries.
• Strategic Location: GIFT IFSC, designed as an international financial services hub, offers a strategic location for global businesses to operate in a regulated environment.
• Implications: This licence enables InCorp Global to attract a diverse clientele, including multinational corporations and local enterprises, seeking high-quality BATF services.

Question:

1 Which company made history by becoming the first to receive a BATF license at GIFT IFSC?

• A) InCorp Global
• B) ICICI Bank
• C) HDFC Bank
• D) SBI

Answer: A) On October 16, 2024, InCorp Global made history by becoming the first company at the Gujarat International Finance Tec-City (GIFT IFSC) to receive a BATF (Bookkeeping, Accounting, Taxation, and Financial Crime Compliance) licence.