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

Which statement about the qualifications of Members and the Selection Committee under Section 5 is correct?

Members must be persons of ability, integrity and standing with capacity in financial sector matters or special knowledge in fields such as law, finance, economics, accountancy or administration. The Selection Committee's composition and constitution are prescribed by Central Government rules.

  1. AMembers must be persons of ability, integrity and standing with relevant capacity or knowledge; the Selection Committee is constituted as prescribed by Central Government rulesCorrect
  2. BMembers must hold a law degree; the Selection Committee is constituted by the Authority through regulations
  3. CMembers must be serving civil servants; the Selection Committee is fixed by the Act itself
  4. DMembers must be chartered accountants or economists; the Selection Committee is constituted by the Chairperson

Explanation

Section 5(3) requires persons of ability, integrity and standing with capacity in financial sector matters or special knowledge of law, finance, economics, accountancy, administration or another useful discipline. Section 5(4) and Section 27(2)(a) leave the Selection Committee's composition and constitution to rules made by the Central Government.

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