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CS Professional · IFSCA - Regulations, Listing and Compliances · Banking Services and Finance Companies in IFSC

Godavari Bank's IBU has been licensed by IFSCA. The compliance team asks which regulator's regulations primarily govern the IBU's day-to-day licensing and regulatory returns for its IFSC business. What is correct?

IFSCA, the unified regulator for financial services in IFSCs, primarily governs an IBU's licensing and regulatory compliance for its IFSC business. RBI, SEBI or the Registrar of Companies do not replace IFSCA for this licensed activity.

  1. AOnly the Reserve Bank of India, as IFSCA has no role for banks
  2. BIFSCA, which is the unified regulator for financial services in IFSCsCorrect
  3. COnly SEBI, since all IFSC activity is capital market activity
  4. DThe Ministry of Corporate Affairs through the Registrar of Companies

Explanation

IFSCA is the unified regulator for the IFSC and licenses and supervises IBUs through its banking regulations. RBI, SEBI and the ROC do not replace it for the IFSC business.

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