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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 applied towards meeting the salaries and allowances of the Authority's Members and employees?

The Authority's own Fund, called the International Financial Services Centres Authority Fund, meets salaries, allowances and other expenses. It is credited with grants, fees, charges and sums from sources the Central Government decides, while penalties and fines go to the Consolidated Fund of India.

  1. AThe International Financial Services Centres Authority Fund, made up of grants, fees and charges received by the Authority and sums from sources decided by the Central GovernmentCorrect
  2. BPenalties and fines realised, which are retained by the Authority
  3. CThe Consolidated Fund of India directly, without any separate Fund
  4. DContributions made by SEBI and RBI from their own funds

Explanation

Section 15 creates the IFSCA Fund, credited with grants, fees and charges received under the Act and sums from sources decided by the Central Government. It is applied to salaries, allowances and other expenses. Under section 13, sums realised as penalties or fines go to the Consolidated Fund of India, so that distractor is wrong.

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