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

The Central Government is constituting the IFSCA under the IFSCA Act, 2019. Which of the following correctly describes the Members of the Authority who are nominated by regulators, ex officio, under Section 5?

The Authority has one Member each nominated ex officio by the Reserve Bank of India, SEBI, IRDAI and PFRDA. Section 5(1)(b) names these four regulators only, and each nominates a single Member.

  1. AOne Member each nominated by RBI, SEBI, IRDAI and PFRDACorrect
  2. BTwo Members each nominated by RBI and SEBI only
  3. COne Member nominated by RBI and one jointly by SEBI and IRDAI
  4. DOne Member each nominated by RBI, SEBI, IRDAI, PFRDA and the Competition Commission

Explanation

Section 5(1)(b) provides for one Member each to be nominated, ex officio, by RBI, SEBI, IRDAI and PFRDA. No other regulator is named and there is no joint nomination or double representation.

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