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    Question

    Consider the following statements. 1)    The

    IFSCA Act empowers the IFSCA to make regulations for the development of financial services in IFSCs. 2)    The IFSCA Act provides for the establishment of an appellate tribunal to hear appeals against the decisions of the IFSCA. Select the correct answer using the code given below:
    A 1 only Correct Answer Incorrect Answer
    B 2 only Correct Answer Incorrect Answer
    C Both 1 and 2 Correct Answer Incorrect Answer
    D Neither 1 nor 2 Correct Answer Incorrect Answer
    E Only 2 is partially correct Correct Answer Incorrect Answer

    Solution

    The IFSCA Act empowers the IFSCA to make regulations for the development of financial services in IFSCs and it shall be the duty of the Authority to develop and regulate the financial products, financial services and financial institutions in the IFSC. The IFSCA Act does  not provide for the establishment of the Appellate Authority.

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