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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 NOT a permitted effect of a notification issued under Section 31(1) of the IFSCA Act, 2019?

Modifying provisions relating to the making of rules or regulations is not permitted. Section 31(1) allows disapplication or adaptation of other Central Act provisions, rules, notifications and orders for IFSCs, but expressly carves out the provisions concerning the making of rules or regulations.

  1. ADirecting that a specified provision of a Central Act shall not apply to financial institutions in an IFSC
  2. BApplying a specified rule under a Central Act to financial services in an IFSC with adaptations
  3. CModifying the provisions of a Central Act relating to the making of rules or regulations under itCorrect
  4. DApplying a specified notification issued under a Central Act to financial products in an IFSC with exceptions

Explanation

Section 31(1) covers Central Acts, rules, regulations, notifications, orders and directions, but expressly excludes provisions relating to the making of rules or regulations. So modifying rule-making provisions is not permitted.

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