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Correct Option is Both 1 and 2

The Parliament has passed the International Financial Services Centres Authority Bill, 2019, towards setting up a unified authority to regulate all financial services in IFSCs in the country. • An IFSC caters to the customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted as global financial centres. The first IFSC in India has been set up at (Gujarat International Finance Tec-City) the GIFT City, in Gujarat’s Gandhinagar. IFSCs can be set up in an SEZ or as an SEZ after approval from the centre. • It will set up world class unified regulator for international financial services combining powers and functions of the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI) and Pension Fund Regulatory and Development Authority (PFRDA). • According to the Bill, the authority comprises a chairperson and one member each nominated by the RBI), SEBI, IRDAI and PFRDA. There will also be two members from the central government and full-time or part-time.

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