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CS Professional · Strategic Management and Corporate Finance · An Overview on Listing and Issuance of Securities in International Financial Services Centre

A company wants to know whether a provision of another Central Act should apply to securities issued in an IFSC. Under the IFSCA Act, 2019, what can the Central Government do?

The Central Government can, by notification, direct that specified provisions of other Central Acts do not apply to financial products in an IFSC, or apply with exceptions, modifications and adaptations. A draft is laid before Parliament for thirty days first. It cannot simply repeal the Act, and boards or courts do not decide it.

  1. AOnly repeal the other Act entirely
  2. BBy notification, direct that specified provisions shall not apply, or shall apply with exceptions, modifications and adaptations, to financial products in an IFSCCorrect
  3. CDelegate the decision to the issuer's board
  4. DAct only after the Supreme Court approves each notification

Explanation

The Central Government may notify that specified provisions of other Central Acts do not apply to financial products, services or institutions in an IFSC, or apply with exceptions, modifications and adaptations. Draft notifications must be laid before Parliament, but no court approval or board delegation is involved.

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