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

A lawyer notes that the IFSCA Act, 2019 did not come into force on a single date. Which description of its commencement is correct?

The Act was brought into force in phases. Sections 1 to 11 and some others began on 27 April 2020, section 12 and others on 21 August 2020, and section 13 with section 33 on 1 October 2020.

  1. AAll sections came into force on 27 April 2020
  2. BDifferent dates were appointed: sections 1 to 11 among others on 27 April 2020, section 12 among others on 21 August 2020, and section 13 on 1 October 2020Correct
  3. CSection 13 came into force first, followed by sections 1 to 11
  4. DThe Act came into force on 21 August 2020 for all provisions

Explanation

Section 1(2) allows different dates for different provisions. Per the footnote, sections 1 to 11 and certain others commenced on 27 April 2020, sections 12, 17 to 26, 28, 31 and 32 on 21 August 2020, and section 13 and 33 on 1 October 2020.

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