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CS Professional · Strategic Management and Corporate Finance · An Overview on Listing and Issuance of Securities in International Financial Services Centre

Under the IFSCA Act, 2019, which authority may direct that provisions of another Central Act do not apply, or apply with modifications, to financial products, services or institutions in an IFSC?

The Central Government holds this power. Under Section 31(1) of the IFSCA Act, 2019 it may notify that provisions of other Central Acts do not apply, or apply with exceptions, modifications and adaptations, to financial products, services or institutions in an IFSC.

  1. AThe Central Government, by notificationCorrect
  2. BThe International Financial Services Centres Authority, by regulations
  3. CThe Reserve Bank of India, by circular
  4. DThe Securities and Exchange Board of India, by order

Explanation

Section 31(1) empowers the Central Government, by notification, to disapply or modify provisions of other Central Acts for IFSCs. The Authority makes regulations under Section 28, but it does not hold the power to modify other Acts.

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