Regulatory Alerts2020-01-01
Financial Services (Consolidated Licensing and Fees) (Amendment No. 3) Rules 2020
The Financial Services Commission issued these rules to formally classify Peer-to-Peer Lending as a distinct financial service activity. The amendment adds a new schedule item specifying application and annual license fees of Rs 30,000 (USD 1,000) and Rs 60,000 (USD 2,000), plus a regulatory charge of 0.35 percent on gross peer-to-peer lending revenues. These licensing and fee structures commence on 15 August 2020, establishing clear financial obligations for new and existing providers in this sector.
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