CS Professional · IFSCA - Regulations, Listing and Compliances · IFSCA Ecosystem and Regulatory Framework
The Central Government is shortlisting a candidate for one of the two Members appointed on the Selection Committee's recommendation. The candidate is a retired professor with deep expertise in economics but no experience in running financial regulators. Under Section 5(3) of the IFSCA Act, 2019, is the candidate eligible?
The candidate is eligible. Members must be persons of ability, integrity and standing with capacity in financial sector matters or special knowledge or experience of law, finance, economics, accountancy, administration or another useful discipline. Economics is expressly listed, so regulator experience is not mandatory.
- ANo, only persons who have served in a financial regulator are eligible
- BNo, economics is not a listed discipline
- CYes, but only as a part-time Member
- DYes, special knowledge or experience of economics qualifies, among other disciplines, if the person has ability, integrity and standingCorrect
Explanation
Section 5(3) requires persons of ability, integrity and standing with capacity in financial sector matters or special knowledge or experience of law, finance, economics, accountancy, administration or another useful discipline. Economics is listed, so prior regulator service is not required.
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