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

IFSCA wants to open an office in Singapore to engage with global regulators and market participants. Under the IFSCA Act, 2019, what is required?

IFSCA needs the prior approval of the Central Government to establish offices at other places in India or outside India. The Act does not require a parliamentary resolution or RBI approval for this purpose.

  1. ANothing, as the Authority can open offices anywhere without approval
  2. BPrior approval of the Central GovernmentCorrect
  3. CApproval of both Houses of Parliament by resolution
  4. DPrior approval of the Reserve Bank of India

Explanation

The Act allows the Authority to establish offices at other places in India or outside India, but only with the prior approval of the Central Government. Parliamentary resolution and RBI approval are not what the Act requires.

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