Question

    What is the maximum period for which the Central

    Government may supersede the Authority under IFSCA Act?
    A 2 months Correct Answer Incorrect Answer
    B 3 months Correct Answer Incorrect Answer
    C 6 months Correct Answer Incorrect Answer
    D 9 months Correct Answer Incorrect Answer
    E 1 year Correct Answer Incorrect Answer

    Solution

    Power of Central Government   ·                     To supersede the Authority for a maximum period of 6 months , if the Central Government is of the opinion that - ü    on account of circumstances beyond the control of the Authority, it is unable to discharge the functions or perform the duties imposed on it by or under this Act; ü    the Authority has persistently defaulted in complying with any direction given by the Central Government and as a result of such default the financial position of the Authority or the administration of the Authority has deteriorated; or ü    circumstances exist which render it necessary in the public interest so to do

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