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CS Professional · IFSCA - Regulations, Listing and Compliances · IFSCA Ecosystem and Regulatory Framework

A fintech product not previously permitted in any IFSC is proposed for GIFT IFSC. Under the IFSCA Act, 2019, which function of the Authority applies to getting it permitted?

The Authority recommends to the Central Government such other financial products, services and institutions that may be permitted in an IFSC. It does not permit the product itself, and the Chairperson's superintendence covers only administrative matters.

  1. ARecommending to the Central Government such financial products, services and institutions which may be permitted in an IFSCCorrect
  2. BDirectly permitting the product by the Chairperson under his powers of general superintendence
  3. CRegulating it automatically as a product permitted before the commencement of the Act
  4. DReferring it to the Performance Review Committee for approval

Explanation

The Authority's functions include recommending to the Central Government other products, services and institutions that may be permitted in an IFSC. The Chairperson's power is over administrative matters only. Products permitted before commencement are regulated separately, and the Performance Review Committee only reviews the Authority's functioning.

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