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What is the News?
International Financial Services Centres Authority (IFSCA) has released the proposed IFSCA (Capital Market Intermediaries) Regulations, 2021.
- The regulations provide for regulatory requirements in respect of registration, obligations and responsibilities of various types of capital market intermediaries.
About IFSCA:
- International Financial Services Centres Authority (IFSCA) was established in 2020 under the International Financial Services Centres Authority Act, 2019.
- Role of IFSCA: The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India.
- At present, the GIFT IFSC in Gandhinagar, Gujarat is the maiden international financial services centre in India.
- Prior to the establishment of IFSCA, the domestic financial regulators, namely, RBI, SEBI, PFRDA and IRDAI regulated the business in IFSC.
What are Intermediaries?
- The intermediaries play an important role by providing intermediation facilities between their clients and the various regulated financial products and financial services in the IFSC.
- Various types of Capital Market intermediaries include: broker dealers, clearing members, depository participants, investment bankers, portfolio managers, investment advisers, custodians, credit rating agencies, debenture trustees and account aggregators.
