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Consider the following statements regarding International Financial Services Centres Authority.
1. International Financial Services Centres Authority is a statutory regulatory body under the Department of Economic Affairs to regulate all financial services in International Financial Services Centres (IFSCs) in the country.
2. The authority exercises the powers of RBI in respect of financial services performed in the international financial services centres in the country.
3. IFSCA has members each nominated from RBI, IRDAI, SEBI and PFRDA.
Which of the above statements is/are correct?
  • a)
    1, 2
  • b)
    1, 3
  • c)
    2, 3
  • d)
    1, 2, 3
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Consider the following statements regarding International Financial S...
About the International Financial Services Centres Authority
(i) It is a statutory body established in 2020.
(ii) It works under the Department of Economic Affairs, Ministry of Finance.
(iii)Headquartered in Gandhinagar, Gujarat.
The Authority will function as a unified regulator and is empowered to exercise the powers of RBI, SEBI, IRDAI and PFRDA in respect of financial services, financial products and financial institutions performed/located in the international financial services centres in the country.
Besides the Chairman, IFSCA has a member each nominated from RBI, IRDAI, SEBI and PFRDA. There are also two members from the Central Government and full-time or part-time members in the Authority.
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Most Upvoted Answer
Consider the following statements regarding International Financial S...
International Financial Services Centres Authority (IFSCA)
International Financial Services Centres Authority (IFSCA) is a regulatory body established under the Department of Economic Affairs to regulate all financial services in International Financial Services Centres (IFSCs) in the country.

Key Points:
- Statement 1 is correct as IFSCA is indeed a statutory regulatory body.
- Statement 2 is also correct as IFSCA exercises the powers of RBI in regulating financial services in IFSCs.
- Statement 3 is correct as well, with members nominated from RBI, IRDAI, SEBI, and PFRDA.
Therefore, all the given statements (1, 2, 3) regarding International Financial Services Centres Authority are correct.
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Consider the following statements regarding International Financial Services Centres Authority.1. International Financial Services Centres Authority is a statutory regulatory body under the Department of Economic Affairs to regulate all financial services in International Financial Services Centres (IFSCs) in the country.2. The authority exercises the powers of RBI in respect of financial services performed in the international financial services centres in the country.3. IFSCA has members each nominated from RBI, IRDAI, SEBI and PFRDA.Which of the above statements is/are correct?a) 1, 2b) 1, 3c) 2, 3d) 1, 2, 3Correct answer is option 'D'. Can you explain this answer?
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Consider the following statements regarding International Financial Services Centres Authority.1. International Financial Services Centres Authority is a statutory regulatory body under the Department of Economic Affairs to regulate all financial services in International Financial Services Centres (IFSCs) in the country.2. The authority exercises the powers of RBI in respect of financial services performed in the international financial services centres in the country.3. IFSCA has members each nominated from RBI, IRDAI, SEBI and PFRDA.Which of the above statements is/are correct?a) 1, 2b) 1, 3c) 2, 3d) 1, 2, 3Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding International Financial Services Centres Authority.1. International Financial Services Centres Authority is a statutory regulatory body under the Department of Economic Affairs to regulate all financial services in International Financial Services Centres (IFSCs) in the country.2. The authority exercises the powers of RBI in respect of financial services performed in the international financial services centres in the country.3. IFSCA has members each nominated from RBI, IRDAI, SEBI and PFRDA.Which of the above statements is/are correct?a) 1, 2b) 1, 3c) 2, 3d) 1, 2, 3Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding International Financial Services Centres Authority.1. International Financial Services Centres Authority is a statutory regulatory body under the Department of Economic Affairs to regulate all financial services in International Financial Services Centres (IFSCs) in the country.2. The authority exercises the powers of RBI in respect of financial services performed in the international financial services centres in the country.3. IFSCA has members each nominated from RBI, IRDAI, SEBI and PFRDA.Which of the above statements is/are correct?a) 1, 2b) 1, 3c) 2, 3d) 1, 2, 3Correct answer is option 'D'. Can you explain this answer?.
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