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

Which of the following can the Central Government do by notification under section 13(2) of the IFSCA Act, 2019 regarding the First Schedule?

The Central Government may, by notification, amend the First Schedule by including or omitting a financial sector regulator and its law, and every such notification must be laid before each House of Parliament.

  1. AAmend it by including or omitting a financial sector regulator and the law administered by it, with the notification being laid before each House of ParliamentCorrect
  2. BAmend it only after a resolution of IFSCA's governing body
  3. CAmend it, with no requirement to place the notification before Parliament
  4. DReplace the Act itself with a new Schedule of penalties

Explanation

Section 13(2) lets the Central Government by notification amend the First Schedule by including or omitting any financial sector regulator and the law it administers. Section 13(3) requires every such notification to be laid before each House of Parliament. No IFSCA resolution is required.

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