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International Financial Services Centre’s Authority Bill, 2019
December 21 , 2019
1846 days
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- The bill was introduced in Lok Sabha by the Minister of Finance Nirmala Sitharaman.
- The Bill provides for the establishment of an Authority to develop and regulate the financial services market in the International Financial Services Centres (IFSCs) in India.
- The Bill will apply to all IFSCs set up under the Special Economic Zones Act, 2005.
- The central government will appoint nine members to this authority.
- They have a term of three years, subject to reappointment.
- According to this bill, all powers exercisable by the respective financial sector regulatory (viz. RBI, SEBI, IRDAI, and PFRDA etc.) shall be solely exercised by the Authority.
- The first IFSC in India was set up at GIFT City in Gandhinagar, Gujarat.
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