Question
Consider the following Statements and choose the option
with correct Statements. I- The Potential Foreign Universities to be opened in the IFSCs will be free from India’s domestic regulations. II- GIFT city is India’s first greenfield smart city with a focus on creating financial hub in the region. III- IFSCA is a Constitutional Body that regulates all the financial institutions in an IFSC.Solution
To bolster the development of IFSC, the Government took a major policy decision to establish the first of its kind, unified and agile financial sector regulator for IFSCs viz International Financial Services Centers Authority (IFSCA) through an Act of Parliament in 2019. From 1st October 2020, IFSCA assumed the power of four domestic sector regulators, namely RBI, SEBI, IRDAI & Pension Fund Regulatory and Development Authority of India (PFRDAI), in so far as the development and regulation of IFSCs in India were concerned. Hence it is a Statutory Body. The foundation has been laid for creating a thriving knowledge economy by allowing foreign universities to set up operations in IFSC free of domestic regulations. Simultaneously, external assistance is mobilised to establish India’s premier Fintech Institute and Innovation Centre in GIFT City. GIFT city is India’s first greenfield smart city with a focus on creating financial hub in the region.
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