THE INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY BILL, 2019
Where this law is right now
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Plain-language summary (AI-generated) — a quick read so you don't have to open the full PDF. May contain errors; the original document below is authoritative.
What does this law do?
This law establishes an Authority to develop and regulate financial services in International Financial Services Centres (IFSCs) in India, aiming to create a dedicated regulatory framework for these special economic zones.
Who it affects
Financial institutions operating in International Financial Services Centres (IFSCs) set up under the Special Economic Zones Act, 2005.
Key provisions
- Establishes the International Financial Services Centres Authority as a body corporate
- Authority will regulate financial products, services, and institutions in IFSCs
- Authority consists of a Chairperson and members from financial regulators (RBI, SEBI, IRDAI, PFRDA) and government officials
- Authority can make regulations for financial services in IFSCs
- Authority has power to issue directions and make rules
Points worth noting
- This is a bill to be introduced in Rajya Sabha
- Applies to International Financial Services Centres set up under Section 18 of the Special Economic Zones Act, 2005
- Authority will have powers to regulate financial products and services in IFSCs
| Source body | Parliament of India — Bills (Lok Sabha & Rajya Sabha) |
| Reference number | X |
| Status | closed (section: bill) |
| Year | 2019 |
| Closing date | — |
| Documents | 1 |
Highlights & Points worth asking
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Documents
The original government PDF is the authoritative source — shown below, or open it full-screen in a new tab.
Bill_introduced
2019-02-12
THE-INTERNATIONAL-FINANCIAL-SERVICES-CENTRES-AUTHORITY-BILL-bill_introduced.pdf
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