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With reference to the International Financial Services Centres Authority (IFSCA), consider the following statements:
1. It has been established on April 27, 2020 under the International Financial Services Centres Authority Act, 2019.
2. It is headquartered in Mumbai.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
With reference to the International Financial Services Centres Authori...
The International Financial Services Centres Authority (IFSCA) and the Reserve Bank of India have recently signed a Memorandum of Understanding for collaboration in the field of regulation and supervision of regulated entities.
- The MoU facilitates technical cooperation and exchange of information.
- The agreement aims to strengthen the safety, stability and soundness of respective financial ecosystems, thereby ensuring conducive environments for optimal business development and economic growth.
- While RBI is the central bank and monetary authority of India, the International Financial Services Centres Authority is a unified regulator responsible for development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (s), established across the country.
International Financial Services Centres Authority (IFSCA):
- The International Financial Services Centres Authority (IFSCA) has been established on April 27, 2020 under the International Financial Services Centres Authority Act, 2019.
- It is headquartered at GIFT City, Gandhinagar in Gujarat.
Role of IFSCA:
- The 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, the GIFT IFSC is the maiden international financial services centre in India.
- Prior to the establishment of IFSCA, the domestic financial regulators, namely, RBI, SEBI, PFRDA and IRDAI regulated the business in IFSC.
- The main objective of the IFSCA is 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.
Hence only statement 1 is correct.
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With reference to the International Financial Services Centres Authori...
Explanation:
Establishment of IFSCA:
- The International Financial Services Centres Authority (IFSCA) was indeed established on April 27, 2020.
- It was established under the International Financial Services Centres Authority Act, 2019.
Headquarters of IFSCA:
- The International Financial Services Centres Authority (IFSCA) is headquartered in Gandhinagar, Gujarat, not in Mumbai.
Therefore, only the first statement is correct. The correct answer is option 'A' which states "1 only".
Establishment of IFSCA:
- The International Financial Services Centres Authority (IFSCA) was indeed established on April 27, 2020.
- It was established under the International Financial Services Centres Authority Act, 2019.
Headquarters of IFSCA:
- The International Financial Services Centres Authority (IFSCA) is headquartered in Gandhinagar, Gujarat, not in Mumbai.
Therefore, only the first statement is correct. The correct answer is option 'A' which states "1 only".
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With reference to the International Financial Services Centres Authority (IFSCA), consider the following statements:1. It has been established on April 27, 2020 under the International Financial Services Centres Authority Act, 2019.2. It is headquartered in Mumbai.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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