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Mr. Arvind Rao was appointed Chairperson of the International Financial Services Centres Authority and entered upon his office on 1 April. Applying the IFSCA Act, 2019, for what term does he hold office, and what is the position on his continuation?

The Chairperson holds office for three years from the date he enters upon his office and can be re-appointed. The age limit of sixty-five years only caps continuation and does not change the basic three-year term set by the Act.

  1. AThree years from the date he enters upon office, and he is eligible for re-appointmentCorrect
  2. BFive years from the date of appointment, and he is not eligible for re-appointment
  3. CThree years, and he is not eligible for re-appointment
  4. DFive years, or until he attains the age of sixty-five years, whichever is earlier, with re-appointment allowed

Explanation

The Act provides that the Chairperson and a Member hold office for three years from the date of entering upon office and are eligible for re-appointment. The five-year options import terms of other regulators and are wrong. The age limit of sixty-five is only a proviso capping the tenure, not the term itself.

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