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CS Professional · IFSCA - Regulations, Listing and Compliances · IFSCA Ecosystem and Regulatory Framework

Which matter is expressly listed in section 27(2) of the IFSCA Act, 2019 as something the Central Government's rules may provide for?

Section 27(2)(d) allows rules prescribing the form in which the Authority maintains accounts and other relevant records and furnishes its annual statement of accounts under section 16(1). The other options relate to matters governed by different provisions of the Act.

  1. AThe form in which accounts and other relevant records are maintained and the annual statement of accounts is furnished under section 16(1)Correct
  2. BThe rate of exchange for converting penalties into foreign currency
  3. CThe power of the CAG to appoint the Authority's Members
  4. DThe list of financial sector regulators in the First Schedule

Explanation

Section 27(2)(d) lets the rules prescribe the form of accounts, records and annual statement of accounts under section 16(1). The exchange rate is fixed by the RBI-notified rate under section 13, and the First Schedule is amended by notification under section 13(2), not by rules listed in section 27(2). Members are appointed under section 5.

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