Dubai : The Dubai Financial Services Authority (DFSA) has restricted the Dubai International Financial Centre (DIFC) branch of HDFC Bank Limited from onboarding new clients or promoting financial services until further notice.

In a statement on Thursday, September 25, the regulator said the branch cannot advise on financial products, arrange investment deals, arrange or advise on credit, or arrange custody for customers who had not completed onboarding by that date. It is also barred from marketing financial services to prospective clients.

The directive took effect on Friday, September 26, and will remain in place until amended or revoked in writing by the DFSA under Article 75(1) of the Regulatory Law 2004.

HDFC Bank’s disclosure

In a stock exchange filing on September 26, the

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