Consider the following statements.
1) The IFSCA Act empowers the IFSCA to make regulations for the development of financial services in IFSCs.
2) The IFSCA Act provides for the establishment of an appellate tribunal to hear appeals against the decisions of the IFSCA.
Select the correct answer using the code given below:
The IFSCA Act empowers the IFSCA to make regulations for the development of financial services in IFSCs and it shall be the duty of the Authority to develop and regulate the financial products, financial services and financial institutions in the IFSC. The IFSCA Act does not provide for the establishment of the Appellate Authority.
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