CS Professional · IFSCA - Regulations, Listing and Compliances · IFSCA Ecosystem and Regulatory Framework
A student preparing a note on the governing body of the IFSCA states that the Authority's Chairperson is appointed by the Central Government and serves as a whole-time Member. Which further statement about the composition of the Authority is correct under the IFSCA Act, 2019?
The Authority includes one Member each nominated ex officio by the Reserve Bank of India, SEBI, IRDAI and PFRDA, besides the Chairperson, two Finance Ministry officials and two other Members. The other options mention bodies not named in the composition provision.
- AIt includes one Member each nominated ex officio by the RBI, SEBI, IRDAI and PFRDACorrect
- BIt includes only the Chairperson and two Ministry of Finance officials
- CIt includes two Members nominated by the stock exchanges in the IFSC
- DIt includes one Member nominated by the Ministry of Corporate Affairs
Explanation
Section 5(1)(b) provides for one Member each nominated ex officio by RBI, SEBI, IRDAI and PFRDA. The other options name bodies or limits that the section does not provide for.
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