Question
What is the International Financial Services Centre
Authority and what is its role in GIFT city?Solution
The International Financial Services Centre Authority (IFSCA) is a statutory body that was set up under the International Financial Services Centre Authority Act, 2019. Its main objective is to regulate financial services in GIFT city and to promote the development of financial services in India. The IFSCA has the power to grant licenses to financial institutions and regulate their activities, as well as to regulate and supervise financial markets and products in GIFT city. It also has the power to investigate and take action against any financial institution that violates the rules and regulations set by the IFSCA. Therefore, option D is correct.
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