Principal Officer – Payment Service Provider (PSP)

Role Summary:

The Principal Officer shall be responsible for regulatory compliance, AML/CFT oversight,
FEMA adherence and governance of the PSP operating in IFSC, particularly in support of an
affiliated Broker-Dealer. The role ensures that all payment flows, client fund movements, and
cross-border transactions linked to brokerage operations are fully compliant with IFSCA,
FEMA, and PMLA requirements.
The Principal Officer shall act as the primary interface with IFSCA, FIU-IND, AD Banks,
and other authorities.
Key Responsibilities
1. IFSCA Regulatory Compliance
 Ensure compliance with IFSCA (Payment Services) Regulations and applicable
circulars.
 Oversee adherence to licensing conditions, capital requirements, safeguarding norms,
and operational controls.
 Ensure timely filing of regulatory returns, certifications, and supervisory responses.
 Act as the designated regulatory liaison with IFSCA.
2. Integration with IFSC Broker-Dealer
 Oversee compliant fund flows between client bank accounts, PSP systems, and
Broker-Dealer trading accounts.
 Ensure segregation and safeguarding of client funds in alignment with IFSCA and
exchange norms.
 Coordinate onboarding standards to ensure consistency in KYC/AML between PSP
and Broker-Dealer.
 Monitor risks arising from intra-group transactions and cross-entity settlements.
 Support seamless funding, margin transfers, withdrawals, and settlement processes for
trading activities.
3. FEMA & Cross-Border Compliance
 Ensure adherence to FEMA, 1999 and applicable foreign exchange regulations in
IFSC.
 Oversee structuring and documentation of cross-border transactions linked to
brokerage and investment activity.
 Coordinate with AD Banks in IFSC for reporting and reconciliations.
4. PMLA / AML / CFT Oversight
 Act as the designated Principal Officer under PMLA.
 Implement and supervise AML/CFT framework including KYC, CDD/EDD,
sanctions screening, and transaction monitoring.
 Ensure timely filing of STRs and other required reports with FIU-IND.
 Conduct periodic AML risk assessments covering payment and trading-linked flows.
5. Governance, Compliance, Risk & Controls
 Report compliance and risk matters to the Board.
 Corporate Secretarial Compliance
 Ensure implementation of Board-approved policies (AML, Risk, IT/Cybersecurity,
Outsourcing).
 Oversee internal controls, audit coordination, and remediation of regulatory
observations.
 Ensure robust reconciliation, settlement integrity, and operational risk management.