Govt notified International Financial Services Centres Authority

The finance ministry has established the International Financial Services Centres Authority (IFSCA) through a notification. The body will be headquartered in Gandhinagar in Gujarat, as per the notification.

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Key-Points

The headquarters of IFSCA will be located in Gandhinagar in Gujarat.

IFSCA will regulate all financial services in International Financial Services Centres (IFSCs) in the country.

At present, the banking, capital markets, and insurance sectors in IFSC are regulated by multiple regulators such as Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), and Securities and Exchange Board of India (SEBI).

It also brought into effect certain provisions of the IFSCA Act, 2019.

The authority will regulate financial products such as securities, deposits or contracts of insurance, financial services, and financial institutions.

The IFSC Authority body will constitute a chairperson, and one member each nominated by the regulators namely SEBI, RBI, IRDAI, and The Pension Fund Regulatory and Development Authority. There will also be two members of the central government and full-time or part-time members.