{"id":86528,"date":"2020-04-29T15:47:46","date_gmt":"2020-04-29T10:17:46","guid":{"rendered":"https:\/\/factly.forumias.com\/?p=15102"},"modified":"2021-04-24T12:02:44","modified_gmt":"2021-04-24T06:32:44","slug":"international-financial-services-centres-authority","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/international-financial-services-centres-authority\/","title":{"rendered":"International Financial Services Centres Authority"},"content":{"rendered":"\r\n<p><strong>News:<\/strong>Government of India has notified the establishment of International Financial Services Centres Authority(IFSCA).<\/p>\r\n\r\n\r\n\r\n<p><strong>Facts:<\/strong><\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>IFSCA was established to regulate the financial services market in the International Financial Services Centres set up under the Special Economic Zones Act, 2005.<\/li>\r\n<li><strong>Composition:<\/strong>It consists of nine members: <strong>a) <\/strong>Chairperson <strong>b)<\/strong> members each from the RBI, SEBI, IRDAI, PFRDA <strong>c) <\/strong>two members from the Ministry of Finance and <strong>d) <\/strong>two other members appointed on the recommendation of a Search Committee.<\/li>\r\n<li><strong>Tenure: <\/strong>The members will have a term of three years subject to reappointment.\u00a0<\/li>\r\n<li><strong>Functions: <\/strong>It will regulate financial products such as securities, deposits or contracts of insurance, financial services and financial institutions which have been approved by an appropriate regulator in an IFSC.\u00a0<\/li>\r\n<li><strong>Powers: <\/strong>All powers exercisable by the respective financial sector regulatory (RBI, SEBI, IRDAI, and PFRDA) under the respective Acts can be exercised by the Authority in the IFSCs.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p><strong>Additional Facts:<\/strong><\/p>\r\n\r\n\r\n\r\n<p><strong>International Financial Services Centres(IFSC):<\/strong><\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>An IFSC caters to customers outside the jurisdiction of the domestic economy.Such centres deal with flows of finance, financial products and services across borders.<\/li>\r\n<li>GIFT (Gujarat International Finance Tec-City) located in Gandhinagar is India\u2019s first International Financial Services Centre.<\/li>\r\n<\/ul>\r\n","protected":false},"excerpt":{"rendered":"<p>News:Government of India has notified the establishment of International Financial Services Centres Authority(IFSCA). Facts: IFSCA was established to regulate the financial services market in the International Financial Services Centres set up under the Special Economic Zones Act, 2005. Composition:It consists of nine members: a) Chairperson b) members each from the RBI, SEBI, IRDAI, PFRDA c)&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/international-financial-services-centres-authority\/\">Continue reading <span class=\"screen-reader-text\">International Financial Services Centres Authority<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3127,17],"tags":[4096],"class_list":["post-86528","post","type-post","status-publish","format-standard","hentry","category-economy","category-news-notifications","tag-international-financial-services-centres-authority","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1700654798},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86528","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=86528"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/86528\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=86528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=86528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=86528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}