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CS Professional · IFSCA - Regulations, Listing and Compliances · International Financial Services Centres: An Introduction

Which description best captures the scope of the Section 31 power as to the persons and activities it affects?

The power applies to financial products, financial services or financial institutions in an International Financial Services Centre. The Central Government may disapply or modify specified provisions of other Central Acts for them, but it does not operate for all Indian companies or only for banks.

  1. AIt operates in relation to financial products, financial services or financial institutions in an IFSCCorrect
  2. BIt operates for all companies anywhere in India
  3. CIt operates only for banks incorporated in an IFSC
  4. DIt operates only for entities regulated by the IFSCA outside an IFSC

Explanation

Section 31(1)(a) and (b) refer to financial products, financial services or financial institutions, as the case may be, in an International Financial Services Centre. It is not limited to banks and does not extend to India generally.

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