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

A stock exchange in GIFT IFSC is governed by a Central Act that the Central Government feels is unsuited to IFSC. Government proposes to notify that the Act applies to IFSC financial institutions with modifications. What procedural step does the IFSCA Act, 2019 require?

The Central Government must lay a copy of the proposed notification in draft before each House of Parliament for a total of thirty days. If both Houses agree to disapprove or modify it, it is not issued, or is issued only in the modified form.

  1. AA copy of the proposed notification must be laid in draft before each House of Parliament for a total of thirty daysCorrect
  2. BThe notification takes effect immediately and is laid before Parliament only after a year
  3. CIFSCA alone may issue it without any reference to Parliament
  4. DIt requires the consent of every State Legislature before issue

Explanation

Under section 31(1) the Centre may direct non-application or application with modifications. Section 31(2) requires the draft to be laid before each House for thirty days, and if both Houses disapprove or modify it, it is not issued or issued as modified.

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