The International Financial Services Centers Authority Act, 2019

It provides for the establishment of an Authority to develop and regulate the financial services market in the International Financial Services Centres in India.

Key Features: International Financial Services Centres Authority: It will be setup, consisting of nine members, appointed by the central government. Members of the Authority will include The Chairperson and one member each from the RBI, SEBI, IRDAI and PFRDA and other members.

• Functions of the Authority: It will regulate financial products, financial services, and financial institutions which have been previously approved by any appropriate regulator (such as RBI or SEBI), in an IFSC.
• International Financial Services Centres Authority Fund: It will be provided for salaries, allowances and other remuneration of members and employees of the Authority.
• Performance Review Committee: It will be setup to review the functioning of the Authority. It will review whether the Authority has adhered to the provisions of the applicable laws while exercising powers or performing functions and other matters.
• Transaction in Foreign Currency: Alltransactions of financial services in IFSCs will be in such foreign currency as specified by the Authority, in consultation with the central government.