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

Under the IFSCA Act, 2019, which of the following is a power or function of the Authority regarding new financial products in an IFSC?

IFSCA can recommend to the Central Government additional financial products, services and institutions that may be permitted in an IFSC. The permission is given by the Central Government, and amendment of the First Schedule is likewise done by the Government through notification.

  1. APermitting any new financial product on its own, without Central Government involvement
  2. BRecommending to the Central Government other financial products, services and institutions which may be permitted in an IFSCCorrect
  3. CAmending the First Schedule by notification
  4. DMaking rules for the Central Government

Explanation

The Authority's functions include recommending to the Central Government such other financial products, services and institutions as may be permitted in an IFSC. The permission itself rests with the Central Government. Amending the First Schedule is also a Central Government power by notification.

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