IFSCA to review regulations every three years
- Posted By
10Pointer
- Categories
Economy
- Published
9th Jul, 2021
-
Context
The International Financial Services Centres Authority (IFSCA) will review its regulations every three years keeping in view their objectives and outcomes.
About the IFSCA
- IFSCA was established under the International Financial Services Centres Authority Act, 2019.
- It is headquartered at GIFT City,
- IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India.
- At present, GIFT IFSCis the maiden international financial services centre in India.
- Objective: To develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region and the global economy as a whole.
Before IFSCA
- Prior to the establishment of IFSCA, the domestic financial regulators, namely, RBI, Sebi, PFRDA and IRDAIregulated the business in
GIFT City
- It is an emerging global financial and IT services hub, a first of its kind in India, designed to be at or above par with globally benchmarked business districts.
- It is supported by state-of-the-art infrastructure encompassing all basic urban infrastructure elements along with an excellent external connectivity.
- Companies from Financial Services, Technology and all other services sector will be targeted as potential occupants within the city.
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