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      Question

      What is the International Financial Services Centre

      Authority and what is its role in GIFT city?
      A It is a regulatory body that oversees financial services in India Correct Answer Incorrect Answer
      B It is a department that is responsible for the development of infrastructure in GIFT city Correct Answer Incorrect Answer
      C It is a specialized training center for financial services in GIFT city Correct Answer Incorrect Answer
      D It is a statutory body that regulates financial services in GIFT city Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      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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