Regulatory Alerts2023-01-01
Financial Services (Administrative Penalties) (Amendment) Rules 2023
The Financial Services Commission issued these amendment rules to modify the schedule of the 2013 Administrative Penalties Rules by introducing fixed daily penalty amounts for specific filing obligations. The amended schedule mandates a penalty of Rs 300 (US$10) per business day for non-compliance with audited financial statement filing requirements under the 2021 Virtual Asset and Initial Token Offering Services Act and the 2019 Custodian Services Rules. These provisions take effect on 1 June 2023, establishing clear financial consequences for regulated entities.
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