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

IFSCA plans to open a representative office in London to engage with global financial regulators. Under the IFSCA Act, 2019, what must it do before opening an office outside India?

IFSCA must obtain the prior approval of the Central Government before establishing offices at other places in India or outside India. The Act does not require parliamentary approval or approval from SEBI or the RBI for this purpose.

  1. AObtain prior approval of the Central GovernmentCorrect
  2. BObtain approval from both Houses of Parliament
  3. CSimply inform the Reserve Bank of India after opening it
  4. DObtain prior approval of SEBI

Explanation

Section 4(4) allows the Authority to establish offices at other places in India or outside India only with the prior approval of the Central Government. Parliamentary approval is not required for this, and no approval of SEBI or RBI is mentioned.

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