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

Under the IFSCA Act, 2019, the Authority has a Chairperson, four regulator nominees, two Finance Ministry officials and two other Members. Which statement about their service status is correct?

The Chairperson must be a whole-time Member, while the two Members appointed on the Selection Committee's recommendation may be whole-time or part-time as the Central Government considers fit. The Act does not make all Members whole-time or allow a part-time Chairperson.

  1. AAll eight Members must be whole-time Members
  2. BThe Chairperson is whole-time, and the two Members appointed on the Selection Committee's recommendation may be whole-time or part-time as the Central Government deems fitCorrect
  3. COnly the regulator nominees may be part-time and all others are whole-time
  4. DThe Chairperson may be part-time if the Central Government so decides

Explanation

Section 5(2) says the Chairperson shall be a whole-time Member, while the clause (d) Members may be whole-time or part-time as the Central Government deems fit. Hence the Chairperson cannot be part-time, and not all Members are whole-time.

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