Did you know?? The finance ministry has delegated powers of Development Commissioner including new unit registration/approval to the IFSCA authority!
The IFSCA is a unified authority for the development and regulation of financial products, financial services, and financial institutions in the International Financial Services Centre (IFSC) in India. At present, the GIFT IFSC is the maiden international financial services centre in India. Prior to the establishment of IFSCA, the domestic financial regulators, namely, RBI, SEBI, PFRDA and IRDAI regulated the business in IFSC.
The finance ministry has delegated powers of Development Commissioner including new unit registration/approval to the IFSCA - International FSCA vide notification vide Gazette Notification S.O. 940(E) dated 28th February 2024.
Attention is drawn to Gazette Notification S.O. 940(E) dated 28th February 2024, whereby sub-section (7) was inserted to section 12 of the Special Economic Zones Act, 2005 inter-alia providing –
'7. "Notwithstanding anything contained in this section, in case any Units requiring recognition, registration, license or authorisation by the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), the powers and functions of the Development Commissioner under this section, except the powers conferred under sub-section (3), shall be discharged by an officer nominated by the International Financial Services Centres Authority to be designated as “Administrator (IFSCA)”.’
2. Accordingly, Shri Praveen Trivedi, Executive Director, International Financial Services Centres Authority has been designated as an Administrator (IFSCA), u/s 12 (7) of the SEZ Act, 2005.
Please find blow the link for downloading the SOP issued by IFSCA: