INSUBCONTINENT EXCLUSIVE:
up a unified authority for regulating all financial services in international financial services centres (IFSCs) in the country
The International Financial Services Center Authority Bill, 2019 mandates that transaction of financial services in the IFCS shall be
governed by an authority headed by a chairman
Currently, banking, capital markets and insurance sectors in IFSCs are regulated by multiple regulators -- RBI, Sebi and Irdai -- and this
Regulatory bodies including RBI, Sebi, IRDA, PFRDA would have one nominee as its member, while the finance ministry will have rights to
Two members could also be appointed by the central government on the recommendation of the selection committee."The Chairperson and a member
shall hold offices for a term of three year from the date on which he enters upon his office and shall be eligible for reappointment," the
financial centers by Indian corporate entities and overseas branches or subsidiaries of financial institutions.It provides business and
regulatory environment that is comparable to other leading international financial centres in the world like London and Singapore
IFSC provides Indian companies easier access to global financial markets.
