IFSCA Bill grants central government power to supersede authority

This Bill establishes a new body called the International Financial Services Centres Authority (IFSCA) to develop and regulate financial products, services, and institutions within International Financial Services Centres (IFSCs) in India.

The law applies to financial institutions, financial products, and financial services operating within International Financial Services Centres (IFSCs) set up under the Special Economic Zones Act, 2005. It also affects the Central Government, which establishes the Authority, and existing financial regulators (such as the RBI, SEBI, IRDAI, and PFRDA), whose members become part of the new Authority.

• Establishes the International Financial Services Centres Authority as a body corporate with perpetual succession.
• Defines the Authority's composition, including a Chairperson, ex-officio members from RBI, SEBI, IRDAI, and PFRDA, and other appointed members.
• Grants the Authority the power to regulate financial products, services, and institutions in IFSCs, overriding other laws where necessary.
• Allows the Authority to appoint officers and employees and sets rules for their service conditions.
• Provides for the Authority to maintain a fund, receive grants from the Central Government, and undergo audit.
• Includes provisions for foreign exchange transactions and the power to issue directions and make rules/regulations.
• States that members, officers, and employees of the Authority are to be treated as public servants.

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