Agency overview | |
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Formed | April 27, 2020 (Established) (under the International Financial Services Centres Authority Act, 2019) |
Type | Regulatory agency |
Jurisdiction | GIFT International Financial Services Centre |
Headquarters | GIFT City, Gujarat |
Employees | 200 |
Agency executive |
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Parent department | Government of India |
Child agency |
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Website | ifsca |
Footnotes | |
[1] [2] |
The International Financial Services Centres Authority (IFSCA) is the regulatory body for the Indian special economic zones such as the GIFT International Financial Services Centre for International Financial Services and commodity markets under the ownership of the Government of India. [3] It was established in 2020, under the International Financial Services Centres Authority Act, 2019. The International Financial Services Centre (IFSC) is located in Gujarat International Finance Tec-City (GIFT City). [4]
In December 2015 the first International Financial Services Centre (IFSC) in India was set up in Gujarat International Finance Tec-City (GIFT City). [5]
In 2019 the Government of India enacted an Act of Parliament called the International Financial Services Centres Authority Act, 2019. [6] [7] [5]
On April 27, 2020, The IFSCA was established as a statutory body under the International Financial Services Centres Authority Act, 2019. [8] On April 27, 2020, inauguration of the IFSCA by the Finance Minister of India, Nirmala Sitharaman. [7]
On May 27, 2020, the IFSCA released its first set of regulations, namely the IFSCA (Banking) Regulations, 2020. [9] [6]
On June 17, 2020, the IFSCA signed an MoU with the Monetary Authority of Singapore (MAS) to strengthen cooperation in financial services between India and Singapore. [10] [11] [12] [13]
On July 1, 2020, the IFSCA announced the launch of its regulatory sandbox framework for testing innovative financial products, services, and business models. [14] [15] [16] [17]
On September 1, 2020, the IFSCA issued the IFSCA (Insurance) Regulations, 2020, for regulating the insurance sector in the IFSC. [18]
On December 7, 2020, the IFSCA signed an MoU with the Abu Dhabi Global Market (ADGM) to promote and develop the financial services industry in their respective jurisdictions. [19] [20]
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]
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]
Source: [25] | ||
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Chairperson | K. Rajaraman | |
Department | Head of Department | Divisions |
Banking | Kumar Raghuraman | Banking Regulations -1, Banking Regulations -2, Banking Supervision, Finance Company Regulations |
Capital Markets | Pradeep Ramakrishnan | 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 |
Insurance | Praveen Trivedi | Insurance |
Metals and Commodities | Kamlesh Sharma | Strategic Research and Co-ordination for Market Development & Regulation, Regulatory Policy, Risk Management, and Supervision, Product Regulation, Vault Managers and Co-ordination |
Development | Supriyo Bhattacharjee | Development of Financial Market – I, Development of Financial Market – II & International Affairs |
Economic Policy and Analysis | Economic Policy and Analysis | |
General Administration | Praveen Trivedi | Administration & HR, Treasury, Finance and Accounts |
IT and Fintech | Joseph Joshy C J | IT, Fintech |
Legal Policy and Legal Affairs | Praveen Trivedi | Legal Policy, Legal Affairs |
Regulatory Policy and Regulatory Affairs | Prasanna Seshchellam | Regulatory Cooperation, Risk Based Supervision, SupTech, FATF Cell |
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]
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:
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. [67] [24]
A financial institution, sometimes called a banking institution, is a business entity that provides service as an intermediary for different types of financial monetary transactions. Broadly speaking, there are three major types of financial institution:
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Gujarat International Finance Tec-City, also called GIFT City, is a central business district under construction in the Ahmedabad district in Gujarat, India. It is India's first operational greenfield smart city and international financial services centre, which the Government of Gujarat promoted as a greenfield project. In 2020 GIFT IFSC bagged 10th place in Finance Industry and top rank in emerging financial centres in the Global Financial Centres Index. As of June 2023, it is home to 23 multi-national banks, including HSBC, JP Morgan, and Barclays. Furthermore, it includes 35 fintech entities, two international stock exchanges with average daily trading volumes of $30.6 billion, as well as India's first international bullion exchange with 75 onboarded jewellers.
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The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous and statutory body under the jurisdiction of Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.
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