Question
Consider the following Statements. (i)
International Financial Services Centres Authority is constitutional body. (ii) In India, the IFSCA is the single body in charge of the creation and regulation of financial goods, financial services, and financial institutions. (iii) IFSCA has no representation from regular regulatory bodies in India.Solution
The IFSCA was established under the International Financial Services Centres Authority Act of 2019. In India, the IFSCA is the single body in charge of the creation and regulation of financial goods, financial services, and financial institutions. India’s first international financial services centre is the GIFT IFSC. IFSC serves as a unified authority for the development and regulation of financial products, financial services, and financial institutions.
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