On February 17, 2021, the IFSCA issued the IFSCA (Capital Market Intermediaries) Regulations, 2021, for regulating capital market intermediaries in the IFSC.[21][22] On March 16, 2021, the IFSCA issued the IFSCA (
Investment Advisors) Regulations, 2021, for regulating investment advisors in the IFSCA.[23]
Organisation structure
The International Financial Services Centres Authority (IFSCA) is headed by a chairperson who is appointed by the
Government of India. The chairperson is assisted by a full-time Member (Finance) and such number of other Members as may be appointed by the Central Government.[24]
Corporate Finance – Equity, Hybrid and related products, Corporate Finance – Debt and Sustainable Finance, Market Infrastructure Institutions – Regulation and Supervision, Investment Funds - I and New Products & Services, Investment Funds - II and Aircraft Leasing
Strategic Research and Co-ordination for Market Development & Regulation, Regulatory Policy, Risk Management, and Supervision, Product Regulation, Vault Managers and Co-ordination
Development
Dipesh Shah
Development of Financial Market – I, Development of Financial Market – II & International Affairs
Regulatory Cooperation, Risk Based Supervision, SupTech, FATF Cell
Subsidiary
The International Financial Services Centres Authority (IFSCA) has several child agencies or subsidiary bodies that help it carry out its functions. Some of these agencies are:[26][27]
International Financial Services Centres Authority Advisory Committee (IFSCA-AC) - This committee advises the IFSCA on various issues related to the development and
regulation of
financial services in IFSCs.[28]
International Financial Services Centres Authority Committee on Fund Administration (IFSCA-CFA) - This committee regulates and oversees the functioning of
fund administration services in IFSCs.[29][30]
International Financial Services Centres Authority Committee on Depository Receipts (IFSCA-CDR) - This committee regulates and oversees the
issuance and
trading of
depository receipts in IFSCs.[31][32]
International Financial Services Centres Authority Committee on Market Infrastructure Institutions (IFSCA-CMII) - This committee regulates and oversees the functioning of market infrastructure institutions like
stock exchanges,
clearing corporations, and
depositories in IFSCs.[33][34]
International Financial Services Centres Authority Committee on Financial Benchmarks (IFSCA-CFB) - This committee regulates and oversees the functioning of financial benchmarks in IFSCs.[35]
International Financial Services Centres Authority Committee on Investment Advisers (IFSCA-CIA) - This committee regulates and oversees the functioning of
investment advisers in IFSCs.[36][37]
International Financial Services Centres Authority Committee on Commodity Derivatives Markets (IFSCA-CCDM) - This committee regulates and oversees the functioning of
commodityderivatives markets in IFSCs.[38]
International Financial Services Centres Authority Committee on Regulatory Sandbox (IFSCA-CRS) - This committee facilitates the testing and experimentation of innovative
financial products,
services, and
technologies in a controlled environment in IFSCs.[39][40]
International Financial Services Centres Authority Committee on Financial Services (IFSCA-CFS) - This committee regulates and oversees the functioning of all
financial services in IFSCs.[41]
International Financial Services Centres Authority Committee on Regulation of Depositories (IFSCA-CRD) - This committee regulates and oversees the functioning of
depositories in IFSCs.[42]
International Financial Services Centres Authority Committee on Accounting Standards (IFSCA-CAS) - This committee regulates and oversees the adoption of
accounting standards in IFSCs.[43][44]
International Financial Services Centres Authority Committee on Cyber Security (IFSCA-CCS) - This committee regulates and oversees the
cyber security and
data protection measures taken by entities in IFSCs.[45]
International Financial Services Centres Authority Committee on Money Market and Foreign Exchange Markets (IFSCA-CMFM) - This committee regulates and oversees the functioning of
money market and
foreign exchange markets in IFSCs.[46]
International Financial Services Centres Authority Committee on Governance and Ethics (IFSCA-CGE) - This committee promotes
good governance and ethical practices in entities operating in IFSCs.[47]
International Financial Services Centres Authority Committee on Risk Management (IFSCA-CRM) - This committee regulates and oversees the
risk management practices adopted by entities in IFSCs.[48]
International Financial Services Centres Authority Committee on Insurance (IFSCA-CI) - This committee regulates and oversees the functioning of
insurance services in IFSCs.[49]
International Financial Services Centres Authority Committee on Retail Business Development (IFSCA-CRBD) - To develop international
retail business along with potential strategies for making
IFSC attractive for international financial services .[50][51][52]
Functions and responsibilities
The International Financial Services Centres Authority (IFSCA) has been established to regulate and develop
financial services in the International Financial Services Centres (IFSCs) located in
India. Here are the key functions and responsibilities of IFSCA:
Regulatory and development functions: The IFSCA is responsible for regulating
financial services and products offered in the IFSCs, including
banking,
insurance,
securities markets, and other financial products and services. It is also responsible for promoting and developing the IFSCs in India.[9]
Granting of approvals and permissions: The IFSCA has the power to grant approvals and permissions to entities operating in the IFSCs, including
financial institutions, intermediaries, and other service providers.[53]
Framing of regulations and rules: The IFSCA has the power to frame
regulations and rules for the conduct of financial services and products in the IFSCs. It can also make recommendations to the
Central Government on matters related to the regulation and development of financial services in the IFSCs.[54][55][15]
Regulating Capital Markets: The IFSCA regulates
capital markets in IFSCs and has the power to issue regulations, guidelines, and directions for entities operating in these markets.[56][15]
Regulating Banking Services: The IFSCA regulates
banking services in IFSCs and has the power to issue regulations, guidelines, and directions for entities operating in these services.[15]
Regulating Insurance Services: The IFSCA regulates insurance services in IFSCs and has the power to issue regulations, guidelines, and directions for entities operating in these services.[15]
Monitoring and surveillance: The IFSCA is responsible for monitoring and conducting surveillance of the financial services and products offered in the IFSCs to ensure compliance with regulations and rules.
Dispute resolution: The IFSCA has the power to resolve
disputes arising out of
financial transactions in the IFSCs, including between parties located in the IFSCs and parties located outside the IFSCs.[57][58][59]
International cooperation: The IFSCA can enter into agreements with other regulatory bodies and organizations outside India to promote and develop the financial services industry in the IFSCs and to enhance international cooperation in this regard.
Departments
The International Financial Services Centres Authority (IFSCA) is a
regulatory authority established by the
Government of India to develop and regulate the financial services market. The IFSCA has several departments to oversee different areas of
financial services.[60][24]
On February 17, 2021, the IFSCA issued the IFSCA (Capital Market Intermediaries) Regulations, 2021, for regulating capital market intermediaries in the IFSC.[21][22] On March 16, 2021, the IFSCA issued the IFSCA (
Investment Advisors) Regulations, 2021, for regulating investment advisors in the IFSCA.[23]
Organisation structure
The International Financial Services Centres Authority (IFSCA) is headed by a chairperson who is appointed by the
Government of India. The chairperson is assisted by a full-time Member (Finance) and such number of other Members as may be appointed by the Central Government.[24]
Corporate Finance – Equity, Hybrid and related products, Corporate Finance – Debt and Sustainable Finance, Market Infrastructure Institutions – Regulation and Supervision, Investment Funds - I and New Products & Services, Investment Funds - II and Aircraft Leasing
Strategic Research and Co-ordination for Market Development & Regulation, Regulatory Policy, Risk Management, and Supervision, Product Regulation, Vault Managers and Co-ordination
Development
Dipesh Shah
Development of Financial Market – I, Development of Financial Market – II & International Affairs
Regulatory Cooperation, Risk Based Supervision, SupTech, FATF Cell
Subsidiary
The International Financial Services Centres Authority (IFSCA) has several child agencies or subsidiary bodies that help it carry out its functions. Some of these agencies are:[26][27]
International Financial Services Centres Authority Advisory Committee (IFSCA-AC) - This committee advises the IFSCA on various issues related to the development and
regulation of
financial services in IFSCs.[28]
International Financial Services Centres Authority Committee on Fund Administration (IFSCA-CFA) - This committee regulates and oversees the functioning of
fund administration services in IFSCs.[29][30]
International Financial Services Centres Authority Committee on Depository Receipts (IFSCA-CDR) - This committee regulates and oversees the
issuance and
trading of
depository receipts in IFSCs.[31][32]
International Financial Services Centres Authority Committee on Market Infrastructure Institutions (IFSCA-CMII) - This committee regulates and oversees the functioning of market infrastructure institutions like
stock exchanges,
clearing corporations, and
depositories in IFSCs.[33][34]
International Financial Services Centres Authority Committee on Financial Benchmarks (IFSCA-CFB) - This committee regulates and oversees the functioning of financial benchmarks in IFSCs.[35]
International Financial Services Centres Authority Committee on Investment Advisers (IFSCA-CIA) - This committee regulates and oversees the functioning of
investment advisers in IFSCs.[36][37]
International Financial Services Centres Authority Committee on Commodity Derivatives Markets (IFSCA-CCDM) - This committee regulates and oversees the functioning of
commodityderivatives markets in IFSCs.[38]
International Financial Services Centres Authority Committee on Regulatory Sandbox (IFSCA-CRS) - This committee facilitates the testing and experimentation of innovative
financial products,
services, and
technologies in a controlled environment in IFSCs.[39][40]
International Financial Services Centres Authority Committee on Financial Services (IFSCA-CFS) - This committee regulates and oversees the functioning of all
financial services in IFSCs.[41]
International Financial Services Centres Authority Committee on Regulation of Depositories (IFSCA-CRD) - This committee regulates and oversees the functioning of
depositories in IFSCs.[42]
International Financial Services Centres Authority Committee on Accounting Standards (IFSCA-CAS) - This committee regulates and oversees the adoption of
accounting standards in IFSCs.[43][44]
International Financial Services Centres Authority Committee on Cyber Security (IFSCA-CCS) - This committee regulates and oversees the
cyber security and
data protection measures taken by entities in IFSCs.[45]
International Financial Services Centres Authority Committee on Money Market and Foreign Exchange Markets (IFSCA-CMFM) - This committee regulates and oversees the functioning of
money market and
foreign exchange markets in IFSCs.[46]
International Financial Services Centres Authority Committee on Governance and Ethics (IFSCA-CGE) - This committee promotes
good governance and ethical practices in entities operating in IFSCs.[47]
International Financial Services Centres Authority Committee on Risk Management (IFSCA-CRM) - This committee regulates and oversees the
risk management practices adopted by entities in IFSCs.[48]
International Financial Services Centres Authority Committee on Insurance (IFSCA-CI) - This committee regulates and oversees the functioning of
insurance services in IFSCs.[49]
International Financial Services Centres Authority Committee on Retail Business Development (IFSCA-CRBD) - To develop international
retail business along with potential strategies for making
IFSC attractive for international financial services .[50][51][52]
Functions and responsibilities
The International Financial Services Centres Authority (IFSCA) has been established to regulate and develop
financial services in the International Financial Services Centres (IFSCs) located in
India. Here are the key functions and responsibilities of IFSCA:
Regulatory and development functions: The IFSCA is responsible for regulating
financial services and products offered in the IFSCs, including
banking,
insurance,
securities markets, and other financial products and services. It is also responsible for promoting and developing the IFSCs in India.[9]
Granting of approvals and permissions: The IFSCA has the power to grant approvals and permissions to entities operating in the IFSCs, including
financial institutions, intermediaries, and other service providers.[53]
Framing of regulations and rules: The IFSCA has the power to frame
regulations and rules for the conduct of financial services and products in the IFSCs. It can also make recommendations to the
Central Government on matters related to the regulation and development of financial services in the IFSCs.[54][55][15]
Regulating Capital Markets: The IFSCA regulates
capital markets in IFSCs and has the power to issue regulations, guidelines, and directions for entities operating in these markets.[56][15]
Regulating Banking Services: The IFSCA regulates
banking services in IFSCs and has the power to issue regulations, guidelines, and directions for entities operating in these services.[15]
Regulating Insurance Services: The IFSCA regulates insurance services in IFSCs and has the power to issue regulations, guidelines, and directions for entities operating in these services.[15]
Monitoring and surveillance: The IFSCA is responsible for monitoring and conducting surveillance of the financial services and products offered in the IFSCs to ensure compliance with regulations and rules.
Dispute resolution: The IFSCA has the power to resolve
disputes arising out of
financial transactions in the IFSCs, including between parties located in the IFSCs and parties located outside the IFSCs.[57][58][59]
International cooperation: The IFSCA can enter into agreements with other regulatory bodies and organizations outside India to promote and develop the financial services industry in the IFSCs and to enhance international cooperation in this regard.
Departments
The International Financial Services Centres Authority (IFSCA) is a
regulatory authority established by the
Government of India to develop and regulate the financial services market. The IFSCA has several departments to oversee different areas of
financial services.[60][24]