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CS Professional · IFSCA - Regulations, Listing and Compliances · International Financial Services Centres: An Introduction

A fintech firm in GIFT IFSC asks where the IFSCA gets its legal identity. The firm's counsel wants to confirm the status of the Authority under the IFSCA Act, 2019. Which statement is correct?

The IFSCA is a body corporate with perpetual succession and a common seal. It can enter contracts, hold and dispose of property, and sue or be sued in its own name, so it has a separate legal identity established by the Central Government's notification.

  1. AIt is a body corporate with perpetual succession and a common seal, able to sue and be sued in its own nameCorrect
  2. BIt is a department of the Ministry of Finance with no separate legal personality
  3. CIt is a company registered under the Companies Act, 2013 with a fixed term of existence
  4. DIt is a statutory committee that can act only through the Central Government's name in courts

Explanation

Section 4 makes the Authority a body corporate with perpetual succession and a common seal. It can contract, hold and dispose of property and sue and be sued by its own name. The other options deny its separate legal personality or give it a fixed term.

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