International Financial Services Centres Authority Explained

Agency Name:International Financial Services Centres Authority
Formed:
Jurisdiction:GIFT International Financial Services Centre
Headquarters:GIFT City, Gujarat
Employees:200
Chief1 Name:K. Rajaraman
Chief1 Position:Chairman
Parent Department:Government of India
Child1 Agency:See list
Footnotes:[1] [2]
Agency Type:Regulatory agency

The International Financial Services Centres Authority (IFSCA) is the regulatory body for the Indian special economic zones such as the GIFT International Financial Services Centre for International Financial Services and commodity markets under the ownership of the Government of India.[3] It was established in 2020, under the International Financial Services Centres Authority Act, 2019. The International Financial Services Centre (IFSC) is located in Gujarat International Finance Tec-City (GIFT City).[4]

History

Developments that led to the IFSCA

In December 2015 the first International Financial Services Centre (IFSC) in India was set up in Gujarat International Finance Tec-City (GIFT City).[5]

In 2019 the Government of India enacted an Act of Parliament called the International Financial Services Centres Authority Act, 2019.[6]

Establishment

On April 27, 2020, The IFSCA was established as a statutory body under the International Financial Services Centres Authority Act, 2019.[7] On April 27, 2020, inauguration of the IFSCA by the Finance Minister of India, Nirmala Sitharaman.

On May 27, 2020, the IFSCA released its first set of regulations, namely the IFSCA (Banking) Regulations, 2020.[8] [9]

Developments

On June 17, 2020, the IFSCA signed an MoU with the Monetary Authority of Singapore (MAS) to strengthen cooperation in financial services between India and Singapore.[10] [11] [12] [13]

On July 1, 2020, the IFSCA announced the launch of its regulatory sandbox framework for testing innovative financial products, services, and business models.[14] [15] [16] [17]

On September 1, 2020, the IFSCA issued the IFSCA (Insurance) Regulations, 2020, for regulating the insurance sector in the IFSC.[18]

On December 7, 2020, the IFSCA signed an MoU with the Abu Dhabi Global Market (ADGM) to promote and develop the financial services industry in their respective jurisdictions.[19] [20]

On February 17, 2021, the IFSCA issued the IFSCA (Capital Market Intermediaries) Regulations, 2021, for regulating capital market intermediaries in the IFSC.[21] [22] On March 16, 2021, the IFSCA issued the IFSCA (Investment Advisors) Regulations, 2021, for regulating investment advisors in the IFSCA.[23]

Organisation structure

The International Financial Services Centres Authority (IFSCA) is headed by a chairperson who is appointed by the Government of India. The chairperson is assisted by a full-time Member (Finance) and such number of other Members as may be appointed by the Central Government.

Source:[24]
ChairpersonK. Rajaraman
DepartmentHead of DepartmentDivisions
BankingKumar RaghuramanBanking Regulations -1, Banking Regulations -2, Banking Supervision, Finance Company Regulations
Capital MarketsPradeep RamakrishnanCorporate Finance – Equity, Hybrid and related products, Corporate Finance – Debt and Sustainable Finance, Market Infrastructure Institutions – Regulation and Supervision, Investment Funds - I and New Products & Services, Investment Funds - II and Aircraft Leasing
InsurancePraveen TrivediInsurance
Metals and CommoditiesPradeep RamakrishnanStrategic Research and Co-ordination for Market Development & Regulation, Regulatory Policy, Risk Management, and Supervision, Product Regulation, Vault Managers and Co-ordination
DevelopmentDipesh ShahDevelopment of Financial Market – I, Development of Financial Market – II & International Affairs
Economic Policy and AnalysisEconomic Policy and Analysis
General AdministrationPraveen TrivediAdministration & HR, Treasury, Finance and Accounts
IT and FintechJoseph Joshy C JIT, Fintech
Legal Policy and Legal AffairsPraveen TrivediLegal Policy, Legal Affairs
Regulatory Policy and Regulatory AffairsPrasanna SeshchellamRegulatory Cooperation, Risk Based Supervision, SupTech, FATF Cell

Subsidiary

The International Financial Services Centres Authority (IFSCA) has several child agencies or subsidiary bodies that help it carry out its functions. Some of these agencies are:[25] [26]

  1. International Financial Services Centres Authority Advisory Committee (IFSCA-AC) - This committee advises the IFSCA on various issues related to the development and regulation of financial services in IFSCs.[27]
  2. International Financial Services Centres Authority Committee on Fund Administration (IFSCA-CFA) - This committee regulates and oversees the functioning of fund administration services in IFSCs.[28] [29]
  3. International Financial Services Centres Authority Committee on Depository Receipts (IFSCA-CDR) - This committee regulates and oversees the issuance and trading of depository receipts in IFSCs.[30] [31]
  4. International Financial Services Centres Authority Committee on Market Infrastructure Institutions (IFSCA-CMII) - This committee regulates and oversees the functioning of market infrastructure institutions like stock exchanges, clearing corporations, and depositories in IFSCs.[32] [33]
  5. International Financial Services Centres Authority Committee on Financial Benchmarks (IFSCA-CFB) - This committee regulates and oversees the functioning of financial benchmarks in IFSCs.[34]
  6. International Financial Services Centres Authority Committee on Investment Advisers (IFSCA-CIA) - This committee regulates and oversees the functioning of investment advisers in IFSCs.[35] [36]
  7. International Financial Services Centres Authority Committee on Commodity Derivatives Markets (IFSCA-CCDM) - This committee regulates and oversees the functioning of commodity derivatives markets in IFSCs.[37]
  8. International Financial Services Centres Authority Committee on Regulatory Sandbox (IFSCA-CRS) - This committee facilitates the testing and experimentation of innovative financial products, services, and technologies in a controlled environment in IFSCs.[38] [39]
  9. International Financial Services Centres Authority Committee on Financial Services (IFSCA-CFS) - This committee regulates and oversees the functioning of all financial services in IFSCs.[40]
  10. International Financial Services Centres Authority Committee on Regulation of Depositories (IFSCA-CRD) - This committee regulates and oversees the functioning of depositories in IFSCs.[41]
  11. International Financial Services Centres Authority Committee on Accounting Standards (IFSCA-CAS) - This committee regulates and oversees the adoption of accounting standards in IFSCs.[42] [43]
  12. International Financial Services Centres Authority Committee on Cyber Security (IFSCA-CCS) - This committee regulates and oversees the cyber security and data protection measures taken by entities in IFSCs.[44]
  13. International Financial Services Centres Authority Committee on Money Market and Foreign Exchange Markets (IFSCA-CMFM) - This committee regulates and oversees the functioning of money market and foreign exchange markets in IFSCs.[45]
  14. International Financial Services Centres Authority Committee on Governance and Ethics (IFSCA-CGE) - This committee promotes good governance and ethical practices in entities operating in IFSCs.[46]
  15. International Financial Services Centres Authority Committee on Risk Management (IFSCA-CRM) - This committee regulates and oversees the risk management practices adopted by entities in IFSCs.[47]
  16. International Financial Services Centres Authority Committee on Insurance (IFSCA-CI) - This committee regulates and oversees the functioning of insurance services in IFSCs.[48]
  17. International Financial Services Centres Authority Committee on Retail Business Development (IFSCA-CRBD) - To develop international retail business along with potential strategies for making IFSC attractive for international financial services .[49] [50] [51]

Functions and responsibilities

The International Financial Services Centres Authority (IFSCA) has been established to regulate and develop financial services in the International Financial Services Centres (IFSCs) located in India. Here are the key functions and responsibilities of IFSCA:

Departments

The International Financial Services Centres Authority (IFSCA) is a regulatory authority established by the Government of India to develop and regulate the financial services market. The IFSCA has several departments to oversee different areas of financial services.[59] [60]

See also

External links

Notes and References

  1. Web site: IFSCA Employees .
  2. Web site: About IFSCA . 5 April 2023 . 31 March 2023 . https://web.archive.org/web/20230331211525/https://ifsca.gov.in/Pages/Contents/AboutIFSCA . live .
  3. Web site: IFSCA established as unified regulator to develop, regulate financial products, financial services & financial institutions . 14 July 2021 . 2023-04-05 . en-US . 17 July 2021 . https://web.archive.org/web/20210717182452/https://newsonair.com/2021/07/14/ifsca-established-as-unified-regulator-to-develop-regulate-financial-products-financial-services-financial-institutions/ . live .
  4. Web site: IFSCA Act, 2019 .
  5. Web site: ANI . 2022-07-27 . PM Modi to visit India's first International Financial Services Centre in Gujarat . 2023-04-05 . ThePrint . en-US . 5 April 2023 . https://web.archive.org/web/20230405054309/https://theprint.in/india/pm-modi-to-visit-indias-first-international-financial-services-centre-in-gujarat/1058145/ . live .
  6. Web site: The International Financial Services Centres Authority Bill, 2019 . 2023-04-05 . PRS Legislative Research . en-US . 5 April 2023 . https://web.archive.org/web/20230405054320/https://prsindia.org/billtrack/the-international-financial-services-centres-authority-bill-2019 . live .
  7. Web site: The International Financial Services Centres Authority Act, 2019 . 21 March 2023 . 21 March 2023 . https://web.archive.org/web/20230321091414/https://ifsca.gov.in/Viewer/Index/229 . live .
  8. Web site: IFSCA Regulations .
  9. Web site: Important Milestones announced by IFSCA during the visit of Prime Minister Shri Narendra Modi on July 29, 2022 . 2023-04-05 . pib.gov.in . 20 July 2023 . https://web.archive.org/web/20230720155700/https://pib.gov.in/pib.gov.in/Pressreleaseshare.aspx?PRID=1846418 . live .
  10. Web site: IFSCA MoU with MAS .
  11. Web site: Monetary Authority of Singapore and the International Financial Services Centre Authority Exchange Memorandum of Understanding on Supervisory Cooperation . 2023-04-05 . www.mas.gov.sg . en . 5 April 2023 . https://web.archive.org/web/20230405054309/https://www.mas.gov.sg/news/media-releases/2022/monetary-authority-of-singapore-and-the-international-financial-services-centre-authority-exchange-memorandum-of-understanding-on-supervisory-cooperation . live .
  12. Web site: Staff Reporter . 2022-08-01 . MAS, IFSCA sign MOU to strengthen supervisory cooperation of financial services . 2023-04-05 . Asian Banking & Finance . en . 5 April 2023 . https://web.archive.org/web/20230405054313/https://asianbankingandfinance.net/news/mas-ifsca-sign-mou-strengthen-supervisory-cooperation-financial-services . live .
  13. News: 2022-09-18 . Singapore's monetary authority inks pact with IFSCA . The Times of India . 2023-04-05 . 0971-8257 . 13 April 2023 . https://web.archive.org/web/20230413031104/https://timesofindia.indiatimes.com/business/international-business/singapores-monetary-authority-inks-pact-with-ifsca/articleshow/94287184.cms . live .
  14. Web site: IFSCA regulatory sandbox framework .
  15. News: Rules for new hybrid financial instruments combining banking, insurance, MF, pension announced . 2023-04-05 . . 12 October 2022 . 6 April 2023 . https://web.archive.org/web/20230406224553/https://economictimes.indiatimes.com/wealth/personal-finance-news/rules-for-new-hybrid-financial-instruments-combining-banking-insurance-mf-pension-announced/articleshow/94813853.cms . live . Kulkarni . Sneha .
  16. Web site: Infosys Finacle Inducted to IFSCA Regulatory Sandbox to Power Blockchain-Based Trade Finance . 2023-04-05 . www.infosys.com . 5 April 2023 . https://web.archive.org/web/20230405143612/https://www.infosys.com/newsroom/press-releases/2022/power-blockchain-based-trade-finance.html . live .
  17. Web site: IFSCA introduces Framework for Regulatory Sandboxto tap into innovative FinTech solutions . 2023-04-05 . pib.gov.in . 20 July 2023 . https://web.archive.org/web/20230720160330/https://pib.gov.in/pib.gov.in/Pressreleaseshare.aspx?PRID=1665858 . live .
  18. Web site: International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021 . IFSCA . 5 April 2023 . 5 April 2023 . https://web.archive.org/web/20230405143615/https://ifsca.gov.in/Document/Legal/2022-01-21-conso-ifsca-iio-regu-202121012022054404.pdf . live .
  19. Web site: IFSCA MoU with ADGM .
  20. Web site: 2017-02-27 . Abu Dhabi Global Market, GIFT in financial services pact . 2023-04-05 . www.thehindubusinessline.com . en . 22 March 2023 . https://web.archive.org/web/20230322220512/https://www.thehindubusinessline.com/money-and-banking/abu-dhabi-global-market-gift-in-financial-services-pact/article9562222.ece . live .
  21. Web site: IFSCA (Capital Market Intermediaries) Regulations, 2021 . Grant Thornton . 5 April 2023 . 5 April 2023 . https://web.archive.org/web/20230405143613/https://www.grantthornton.in/globalassets/1.-member-firms/india/assets/pdfs/ifsca_flyer_june_2022.pdf . live .
  22. Web site: IFSCA (Capital Market Intermediaries) Regulations, 2021 . IFSCA . 5 April 2023 . 5 April 2023 . https://web.archive.org/web/20230405143615/https://ifsca.gov.in/Document/Legal/distribution-of-capital-market-products-and-services-under-ifsca-capital-market-intermediaries-regulations-202121122022013726.pdf . live .
  23. Web site: IFSCA Investment Advisors Regulations, 2021 .
  24. Web site: IFSCA Organization Structure . 21 March 2023 . 21 March 2023 . https://web.archive.org/web/20230321115350/https://ifsca.gov.in/Pages/Contents/OrganizedStructure . live .
  25. Web site: IFSCA Act, 2019 .
  26. Web site: IFSCA Comitties . IFSCA . 5 April 2023 . 5 April 2023 . https://web.archive.org/web/20230405150151/https://ifsca.gov.in/IFSCACommittees . live .
  27. Web site: International Financial Services Centres Authority Advisory Committee (IFSCA-AC) .
  28. Web site: International Financial Services Centres Authority Committee on Fund Administration (IFSCA-CFA) .
  29. Web site: REPORT OF THE EXPERT COMMITTEE ON INVESTMENT ... . IFSCA . 5 April 2023 . 5 April 2023 . https://web.archive.org/web/20230405144650/https://ifsca.gov.in/Document/ReportandPublication/report-of-expert-committee-on-investment-funds_3101202207022022063625.pdf . live .
  30. Web site: International Financial Services Centres Authority Committee on Depository Receipts (IFSCA-CDR) .
  31. Web site: Framework for listing of Depository Receipts in GIFT IFSC . IFSCA . 5 April 2023 . 3 August 2022 . https://web.archive.org/web/20220803163508/https://ifsca.gov.in/Document/Legal/framework_for_listing_of_depository_receipts_in_gift_ifsc28102020045103.pdf . live .
  32. Web site: International Financial Services Centres Authority Committee on Market Infrastructure Institutions (IFSCA-CMII) .
  33. Web site: IFSCA Authority Committee on Market Infrastructure Institutions . IFSCA . 5 April 2023 . 5 April 2023 . https://web.archive.org/web/20230405150154/https://ifsca.gov.in/Document/MeetingDocument/draft-ifsca-market-infrastructure-institutions-regulations-202127072021053416.pdf . live .
  34. Web site: International Financial Services Centres Authority Committee on Financial Benchmarks (IFSCA-CFB) .
  35. Web site: International Financial Services Centres Authority Committee on Investment Advisers (IFSCA-CIA) .
  36. Web site: Constitution of an Expert Committee on Investment Funds . 2023-04-05 . pib.gov.in . 20 July 2023 . https://web.archive.org/web/20230720161825/https://pib.gov.in/pib.gov.in/Pressreleaseshare.aspx?PRID=1721747 . live .
  37. Web site: International Financial Services Centres Authority Committee on Commodity Derivatives Markets (IFSCA-CCDM) .
  38. Web site: International Financial Services Centres Authority Committee on Regulatory Sandbox (IFSCA-CRS) .
  39. Web site: Anand . Saurav . 2022-10-05 . Sustainable finance panel moots promoting regulatory sandbox for green fintech . 2023-04-05 . www.livemint.com . en . 5 April 2023 . https://web.archive.org/web/20230405151805/https://www.livemint.com/news/india/sustainable-finance-panel-moots-promoting-regulatory-sandbox-for-green-fintech-11664953030595.html . live .
  40. Web site: International Financial Services Centres Authority Committee on Financial Services (IFSCA-CFS) .
  41. Web site: International Financial Services Centres Authority Committee on Regulation of Depositories (IFSCA-CRD) .
  42. Web site: International Financial Services Centres Authority Committee on Accounting Standards (IFSCA-CAS) .
  43. Web site: ifsca Committee on Accounting Standards . IFSCA . 5 April 2023 . 5 April 2023 . https://web.archive.org/web/20230405151805/https://ifsca.gov.in/Document/Legal/accounting-standard-to-be-followed-by-ifsc-banking-units-ibus-for-the-purpose-of-ifsca-regulatory-reporting-and-compliance30072021112932.pdf . live .
  44. Web site: International Financial Services Centres Authority Committee on Cyber Security (IFSCA-CCS) .
  45. Web site: International Financial Services Centres Authority Committee on Money Market and Foreign Exchange Markets (IFSCA-CMFM) .
  46. Web site: International Financial Services Centres Authority Committee on Governance and Ethics (IFSCA-CGE) .
  47. Web site: International Financial Services Centres Authority Committee on Risk Management (IFSCA-CRM) .
  48. Web site: International Financial Services Centres Authority Committee on Insurance (IFSCA-CI) .
  49. Web site: Upadhyay . Jayshree P. . 2020-08-03 . IFSCA sets up committee for international retail business development . 2023-04-05 . www.livemint.com . en . 5 April 2023 . https://web.archive.org/web/20230405152612/https://www.livemint.com/companies/news/ifsca-sets-up-committee-for-international-retail-business-development-11596460735937.html . live .
  50. News: IFSCA sets up a panel to formulate plan to develop international retail business . 2023-04-05 . . 3 August 2020 . 7 April 2023 . https://web.archive.org/web/20230407001915/https://economictimes.indiatimes.com/news/economy/policy/ifsca-sets-up-a-panel-to-formulate-plan-to-develop-international-retail-business/articleshow/77330842.cms . live . Noronha . Gaurav .
  51. Web site: Expert Committee Report on IFSC International Retail Business ... . IFSCA . 5 April 2023 . 5 April 2023 . https://web.archive.org/web/20230405152927/https://ifsca.gov.in/Document/ReportandPublication/irb-final-report-29-1021062021030248.pdf . live .
  52. Web site: ifsca-operations-of-iiio-guidelines- ... . IFSCA . 5 April 2023 . 5 April 2023 . https://web.archive.org/web/20230405145646/https://ifsca.gov.in/Document/Legal/ifsca-operations-of-iiio-guidelines-202102112021013044.pdf . live .
  53. Web site: IFSCA issues regulatory framework for Angel Funds to facilitate investments in start-ups . 2023-04-05 . Moneycontrol . 5 April 2023 . https://web.archive.org/web/20230405054309/https://www.moneycontrol.com/news/business/startup/ifsca-issues-regulatory-framework-for-angel-funds-to-facilitate-investments-in-start-ups-8768431.html . live .
  54. Web site: Business Standard . 2023-02-17 . Reserve Bank of India, IFSCA likely to frame fresh norms for GIFT City . 2023-04-05 . www.business-standard.com . en-US . 5 April 2023 . https://web.archive.org/web/20230405151147/https://www.business-standard.com/article/economy-policy/rbi-ifsca-expected-to-bring-fresh-guidelines-soon-for-gift-city-soon-123021701039_1.html . live .
  55. Web site: Viswanath . INDUSLAW-Namita . Ahmed . Naqeeb . G . Aditya . 2022-04-26 . International financial services centres and opportunities for the fintech sector . 2023-04-05 . Lexology . en . 5 April 2023 . https://web.archive.org/web/20230405150229/https://www.lexology.com/library/detail.aspx?g=d302bccf-7493-47c9-a9ad-9dd02d26240f . live .
  56. Web site: GIFT IFSC: International Arbitration Centre at GIFT IFSC set to improve certainty in resolving disputes . 2023-04-05 . . 7 April 2023 . https://web.archive.org/web/20230407084905/https://economictimes.indiatimes.com/news/economy/finance/international-arbitration-centre-at-gift-ifsc-set-to-improve-certainty-in-resolving-disputes/articleshow/90635050.cms . live .
  57. Web site: Business Standard . 2021-09-17 . IFSCA in process to set up International Arbitration Centre in GIFT IFSC . 2023-04-05 . www.business-standard.com . en-US . 5 April 2023 . https://web.archive.org/web/20230405151731/https://www.business-standard.com/amp/amp/article/markets/ifsca-in-process-to-set-up-international-arbitration-centre-in-gift-ifsc-121091701328_1.html . live .
  58. Web site: K.R.Srivats . 2021-09-18 . International arbitration centre at Gift City: IFSCA in talks with Law Ministry . 2023-04-05 . www.thehindubusinessline.com . en . 5 April 2023 . https://web.archive.org/web/20230405151732/https://www.thehindubusinessline.com/companies/international-arbitration-centre-at-gift-city-ifsca-in-talks-with-law-ministry/article36539724.ece . live .
  59. Web site: IFSCA Departments .
  60. Web site: IFSCA Divisions . IFSCA . 5 April 2023 . 5 April 2023 . https://web.archive.org/web/20230405150843/https://ifsca.gov.in/Pages/Contents/ListOfOfficers . live .

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "International Financial Services Centres Authority".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.