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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 power does the Central Government have regarding other Central Acts in relation to an IFSC?

Section 31 lets the Central Government notify that specified provisions of other Central Acts will not apply, or will apply with exceptions, modifications and adaptations, to financial products, services or institutions in an IFSC. Drafts are laid before Parliament for thirty days.

  1. AIt may by notification direct that specified provisions of other Central Acts do not apply, or apply with exceptions, modifications and adaptations, to financial products, services or institutions in an IFSCCorrect
  2. BIt may repeal any Central Act applicable to an IFSC without Parliament seeing the notification
  3. CIt may amend the Constitution to exempt an IFSC from all laws
  4. DIt may only recommend changes, which bind no one

Explanation

Section 31 lets the Central Government by notification disapply or modify provisions of other Central Acts for IFSCs. A draft notification must be laid before each House of Parliament for thirty days, which may disapprove or modify it. So repeal without Parliament's view is wrong.

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