Skip to content

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

For financial products in an IFSC, the IFSCA exercises powers under an Act in the First Schedule. Which statement best describes how that Act's provisions on inspection, investigation, prosecution, compounding, adjudication and appeals apply to the IFSC?

The procedural provisions of the First Schedule Acts on inspection, investigation, prosecution, settlement, compounding, adjudication, appeals and penalty determination apply mutatis mutandis to financial products, services and institutions under the IFSCA Act, just as they apply under those respective Acts.

  1. AThey apply mutatis mutandis to financial products, services and institutions under the IFSCA Act, as they apply under the respective ActsCorrect
  2. BThey are inapplicable, because the IFSCA Act has its own complete code
  3. CThey apply only to offences committed outside India
  4. DThey apply only if the Central Government notifies each case

Explanation

The section provides that those procedural provisions, along with fee, fine and penalty determination provisions, apply mutatis mutandis. The alternatives wrongly suggest exclusion or case-by-case notification, which the section does not require.

Did you get it right without looking?

One question tells you little. A timed set on International Financial Services Centres Authority (IFSCA) shows your real accuracy, how long you take and where you lose marks.

Practise International Financial Services Centres Authority (IFSCA)Free diagnostic mock

More International Financial Services Centres Authority (IFSCA) questions