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CS Professional · Strategic Management and Corporate Finance · An Overview on Listing and Issuance of Securities in International Financial Services Centre

Before a notification modifying how another Central Act applies to IFSC financial products is issued, what must happen under the IFSCA Act, 2019?

The proposed notification must be laid in draft before each House of Parliament for a total of thirty days. If both Houses agree to disapprove it, it is not issued, and if both agree on modifications, it is issued only in that modified form. No State approval or after-the-fact laying is involved.

  1. AA draft is laid before each House of Parliament for a total of thirty days, and if both Houses agree to disapprove it, it is not issuedCorrect
  2. BIt is issued immediately and laid before Parliament after one year
  3. CIt needs only the consent of the IFSCA Chairperson
  4. DIt must be approved by every State Legislature

Explanation

The Act requires a copy of the proposed notification to be laid in draft before each House for thirty days, in one or more sessions. If both Houses agree in disapproving it, it is not issued, and if both agree to modify it, it is issued only in the modified form. The other options describe procedures the Act does not provide.

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