Parliament Paves Way for Unified Regulator for Financial Services
On 12th December, 2019, the Rajya Sabha passed the International Financial Services Centres (IFSCs) Authority Bill, 2019, which provides for the establishment of an Authority to develop and regulate the financial services market in the International Financial Services Centres in India.The first IFSC in India was set up at Gujarat International Finance Tec-City (GIFT) in Gandhinagar, Gujarat.
Key features
- Coverage: It will apply to all International Financial Services Centres (IFSCs) set up under the Special Economic Zones Act, 2005.
- International Financial Services Centres Authority: It mandates to set up the International Financial Services Centres Authority, consisting of nine members, appointed by ....
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