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

IFSCA wishes to delegate some of its powers. Which of the following proposals is valid under the IFSCA Act, 2019?

A special written order delegating a specified function to a Member, subject to conditions, is valid. Delegation must be in writing by general or special order, and section 28 powers cannot be delegated, so the other proposals fail.

  1. AA general order in writing delegating a power under section 28 to an officer of the Authority
  2. BA special order in writing delegating a specified function to a Member, subject to stated conditionsCorrect
  3. CAn oral instruction by the Chairperson delegating functions to a committee of Members
  4. DA general order delegating powers to the Performance Review Committee to take over the Authority's functions entirely

Explanation

Delegation is by general or special order in writing to a Member or officer, with conditions if any, but powers under section 28 cannot be delegated. Oral delegation is not valid, and committees of Members receive delegated powers only as specified by regulations. The Performance Review Committee is a review body, not a delegate for the Authority's functions.

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