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

The Central Government issues a notification under the IFSCA Act, 2019 to set up the International Financial Services Centres Authority. Which description of the legal status of the Authority is correct?

The Authority is a body corporate with perpetual succession and a common seal. It can enter contracts, hold and dispose of movable and immovable property, and sue or be sued in its own name, so it is not an advisory body or a company.

  1. AA body corporate with perpetual succession and a common seal, able to sue and be sued in its own nameCorrect
  2. BAn unincorporated advisory body that acts only through the Ministry of Finance and cannot hold property
  3. CA statutory committee of SEBI that can sue only through the Union of India
  4. DA company registered under the Companies Act, 2013 with a limited life fixed by its charter

Explanation

Section 4(2) makes the Authority a body corporate with perpetual succession and a common seal. It can contract, hold and dispose of property, and sue and be sued by its own name. The other options deny separate legal personality or give it a limited life, which the Act does not provide.

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