Target 40+ in General Awareness: IFSCA

Target 40+ is series of static awareness in context of current affairs. This will support your preparation  along with the power capsule provided by our team. In this article we are discussing about International Financial Services Centres Authority (IFSCA).

Recent in news : Prime Minister Narendra Modi launched the ‘India International Bullion Exchange (IIBX)’, at the Gujarat International Finance Tec-City (GIFT City) near Gandhinagar, Gujarat. The International Financial Services Centres Authority (IFSCA) is the regulator of IIBX.

Establishment of 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.

For the first time, the regulatory powers of four financial services regulators in India, namely, Reserve Bank of India (RBI), Securities & Exchange Board of India (SEBI), Insurance Regulatory Development Authority of India (IRDAI), Pension Fund Regulatory Development Authority of India (PFRDAI), have been vested in IFSCA with respect to regulation of financial institutions, financial services and financial products in the IFSC, making it a unified regulator for the IFSC

GIFT City

GIFT City is spread across 886 acres consists of a Multi-Service special economic zone (SEZ) with India’s first notified IFSC and an exclusive Domestic Tariff Area (DTA).

Total area of 261 acres has been demarcated as SEZ and additional 625 acres has been marked as DTA with commercial office space, social infrastructure which includes an International school, Medical facilities, GIFT City Business club, Indoor and Outdoor sports facilities, Leisure zones, Multi cuisine restaurants and a 5-Star hotel. In addition to this an integrated well-planned residential housing projects enabling walk to work culture.

The idea of the GIFT City was to bring both international and domestic finance services in one place.

Who is the chairperson of IFSCA?

Injeti Srinivasis the Chairperson of International Financial Services Centres Authority (IFSCA)

What are the Business Activities happening at IFSCA?

Banks

• Indian banks
• Foreign banks

 Insurance

• Indian & Foreign Insurer
• Indian & Foreign Reinsurer
• Indian & Foreign Intermediaries

Capital Market

• Stock /Commodity Exchanges
• Clearing Corporation Depository
• Broker Registrar/Share Transfer Agent

Asset Management

• Pension Fund Services
• Alternate Investment
• Fund Investment Advisers
• Wealth Management
• Portfolio Manager
• Custodial Services
• Trust Services

Allied / Support Services

• Global In-house centres
• Aircraft Leasing & Financing
• Fintech Hub
• Accounting & Audit Services
• Legal & Consultancy Services
• R&D Services

Target 30+ in General Awareness : Non Performing Assets

Target 30+ in General awareness : Types of Banking

Target 30+ in General Awareness: Negotiable Instruments

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