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

IFSCA wishes to delegate some of its powers. Under the IFSCA Act, 2019, which of the following is correct?

IFSCA can delegate powers and functions to any Member or officer through a general or special written order, except its regulation-making power. It can also form committees of Members and delegate powers to them as specified by regulations. No Parliamentary approval is needed.

  1. AIt may delegate any power, including the power to make regulations, to a Member by written order
  2. BIt may delegate powers to a Member or officer by written order, except the power to make regulations, and may form committees of Members to which powers are delegated as specified by regulationsCorrect
  3. CIt may delegate only to committees and never to individual officers
  4. DIt may delegate powers only with prior approval of Parliament

Explanation

Delegation to any Member or officer is by general or special written order, subject to conditions, but excludes the power under the regulation-making section. Committees of Members may also receive delegated powers as specified by regulations. The first option wrongly includes regulation-making; the third wrongly bars officers.

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