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

IFSCA wishes to open an office in Singapore to engage with global financial firms. Under the IFSCA Act, 2019, what is the condition for establishing offices outside India?

IFSCA may set up offices elsewhere in India or outside India, but only with the prior approval of the Central Government. The Act neither allows it to act freely nor requires RBI approval, nor prohibits foreign offices.

  1. AIt may do so with the prior approval of the Central GovernmentCorrect
  2. BIt may do so freely by a resolution of its own members
  3. CIt needs prior approval of the Reserve Bank of India
  4. DIt cannot establish offices outside India at all

Explanation

Section 4(4) allows the Authority to establish offices at other places in India or outside India with the prior approval of the Central Government. The Act does not require RBI approval and does not bar offices abroad.

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