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

The Central Government proposes to direct that a provision of another Central Act will apply to financial institutions in an IFSC with modifications. What must happen to the draft notification under the IFSCA Act, 2019?

A proposed notification modifying other Central Acts for IFSCs must be laid in draft before each House of Parliament for a total period of thirty days, in one or more sessions. If both Houses disapprove it is not issued, and if both modify it, it issues as modified.

  1. AIt is laid in draft before each House of Parliament for a total of thirty daysCorrect
  2. BIt is issued immediately and laid after six months
  3. CIt needs only IFSCA Governing Board approval
  4. DIt is laid before the Lok Sabha only, for seven days

Explanation

The Act requires a copy of the proposed notification to be laid in draft before each House, while in session, for a total of thirty days across one or more sessions. The notification is not issued if both Houses disapprove, and is issued in modified form if both agree to modify it.

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