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

IFSCA wants to open a representative office in Singapore. Under the IFSCA Act, 2019, what must it do before establishing an office outside India?

IFSCA needs the prior approval of the Central Government before establishing an office outside India, or at other places in India. RBI or SEBI approval is not what the Act requires, and being a body corporate does not remove this condition.

  1. AObtain the prior approval of the Central GovernmentCorrect
  2. BObtain the prior approval of the Reserve Bank of India
  3. CNotify the Securities and Exchange Board of India after opening it
  4. DNo approval is needed because it is a body corporate

Explanation

Section 4(4) lets the Authority set up offices elsewhere in India or outside India only with the prior approval of the Central Government. Approval from RBI or SEBI is not the statutory requirement, and the body-corporate status does not remove the condition.

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