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CS Professional · Strategic Management and Corporate Finance · An Overview on Listing and Issuance of Securities in International Financial Services Centre

Which of the following is a function that the IFSCA Act, 2019 expressly assigns to the Authority in relation to financial products and services in an IFSC?

The Authority's functions include regulating financial products, services and institutions in an IFSC that were permitted by any regulator before the Act commenced, besides developing and regulating the IFSC market. Fixing tax rates, appointing auditors or setting the repo rate are not assigned to it.

  1. ARegulating financial products and services in the IFSC that were permitted by any regulator before the commencement of the ActCorrect
  2. BFixing the rate of income-tax on listed securities in the IFSC
  3. CAppointing statutory auditors of every Indian company
  4. DSetting the repo rate for banks in the IFSC

Explanation

Section 12(2)(a) includes regulating financial products, services and institutions in an IFSC that were permitted earlier by any regulator. Tax rates, auditor appointments and the repo rate are not functions given to the Authority in the text.

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