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CS Professional · IFSCA - Regulations, Listing and Compliances · International Financial Services Centres: An Introduction

IFSCA wants to open a liaison office in Singapore to engage with overseas regulators. Under the IFSCA Act, 2019, what is the position?

IFSCA may establish an office outside India, including in Singapore, but only with the prior approval of the Central Government. The Act permits offices in India or abroad, and the approval requirement applies to both, with no parliamentary resolution needed.

  1. AIt may do so with the prior approval of the Central GovernmentCorrect
  2. BIt may do so freely, as offices outside India need no approval
  3. CIt cannot open offices outside India under any circumstances
  4. DIt may do so only after both Houses of Parliament approve by resolution

Explanation

Section 4(4) allows the Authority to establish offices at other places in India or outside India, but only with the Central Government's prior approval. Parliamentary resolution is not required, and the power is not barred.

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