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

Under the IFSCA Act, 2019, the Central Government is finalising the first Authority. A junior officer proposes that the Reserve Bank of India, SEBI, IRDAI and PFRDA should each be represented by one nominated Member sitting ex officio. Which statement about this proposal is correct?

The proposal is correct. The Act provides for one Member each to be nominated, ex officio, by the Reserve Bank of India, SEBI, IRDAI and PFRDA. The Selection Committee recommends only the two other Members, not these regulator nominees.

  1. AIt is correct; each of the four financial regulators nominates one ex officio MemberCorrect
  2. BIt is incorrect; only RBI and SEBI are represented, as insurance and pension are outside IFSC
  3. CIt is incorrect; the four regulators nominate two Members each
  4. DIt is incorrect; these Members are chosen by the Selection Committee, not nominated by regulators

Explanation

Section 5(1)(b) provides one Member each nominated by RBI, SEBI, IRDAI and PFRDA, ex officio. The Selection Committee is relevant only to the two other Members under clause (d). Hence the proposal is accurate.

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