Overview

• The DFSA confirmed issuing the Decision Notice on September 25, with the directive effective September 26 and remaining in force until amended or revoked in writing.
• The restriction blocks soliciting or conducting business with new clients and bars advising on financial products, arranging investments or credit, providing custody, and making financial promotions.
• Existing customers continue to be serviced, and clients previously offered services may complete onboarding and receive ongoing services.
• HDFC Bank said the DIFC branch had 1,489 customers as of September 23, described the unit as not material to group finances, and pledged cooperation and remediation.
• Regulatory concerns center on services provided before proper onboarding and client classification standards, with media linking the scrutiny to alleged mis‑selling of Credit Suisse AT1 bonds and related probes in India.