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CS Executive · Capital Market and Securities Laws · International Financial Services Centres Authority (IFSCA)

A tax adviser asks who can direct that a provision of another Central Act should not apply to financial products in an International Financial Services Centre (IFSC). Under Section 31 of the IFSCA Act, 2019, this direction is issued by:

The Central Government issues the direction, by notification. Section 31(1) of the IFSCA Act, 2019 gives it the power to disapply other Central Act provisions, or apply them with modifications, to financial products, services or institutions in an IFSC. The IFSCA, RBI and SEBI do not hold this power.

  1. AThe Central Government, by notificationCorrect
  2. BThe IFSCA, by passing a regulation
  3. CThe Reserve Bank of India, by circular
  4. DThe Securities and Exchange Board of India, by order

Explanation

Section 31(1) empowers the Central Government, by notification, to direct that specified provisions of other Central Acts shall not apply, or shall apply with exceptions, modifications and adaptations, in an IFSC. The IFSCA, RBI and SEBI have no such power under this section.

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