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CS Professional · IFSCA - Regulations, Listing and Compliances · IFSCA Ecosystem and Regulatory Framework

IFSCA plans to open a representative office in Singapore to engage with global regulators. Under the IFSCA Act, 2019, what must the Authority do?

IFSCA must obtain the Central Government's prior approval before opening the Singapore office. The Act permits offices elsewhere in India or outside India only with that prior approval; subsequent intimation or approval from another regulator does not satisfy the requirement.

  1. AObtain the prior approval of the Central Government before establishing the officeCorrect
  2. BObtain approval from the Securities and Exchange Board of India
  3. CSimply notify the Central Government after opening the office
  4. DNothing, as offices outside India are not covered by the Act

Explanation

The Authority may establish offices at other places in India or outside India only with the prior approval of the Central Government. Mere post-facto intimation is insufficient, and the Act expressly covers offices outside India.

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