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

A student preparing a note on the IFSCA Act, 2019 lists the persons who sit on the Authority. Which of the following correctly states how many Members are nominated ex officio by financial sector regulators under Section 5(1)(b)?

Four Members are nominated ex officio by regulators: one each from the Reserve Bank of India, SEBI, IRDAI and PFRDA. The Finance Ministry officials are appointed under a separate clause and are not counted among the regulator nominees.

  1. ATwo Members, one each from RBI and SEBI
  2. BThree Members, one each from RBI, SEBI and IRDAI
  3. CFour Members, one each from RBI, SEBI, IRDAI and PFRDACorrect
  4. DFive Members, including one from the Ministry of Finance

Explanation

Section 5(1)(b) provides one Member each nominated ex officio by RBI, SEBI, IRDAI and PFRDA, making four. The Ministry of Finance Members are separate under clause (c), so the five-member option wrongly merges the categories.

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