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    Question

    Consider the following statements.

    1)      The IFSCA Act empowers the IFSCA to make regulations for the development of financial services in IFSCs.

    2)      The regulations may relate to any matter connected with the financial services market in IFSCs, including licensing, registration, governance, conduct of business, and consumer protection.

    3)      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:

    A 1 only Correct Answer Incorrect Answer
    B 2 only Correct Answer Incorrect Answer
    C 3 only Correct Answer Incorrect Answer
    D 1 and 2 only Correct Answer Incorrect Answer
    E 1, 2 and 3 Correct Answer Incorrect Answer

    Solution

    Explanation: The IFSCA Act empowers the IFSCA to make regulations for the development of financial services in IFSCs. The regulations may relate to any matter connected with the financial services market in IFSCs, including licensing, registration, governance, conduct of business, and consumer protection. The IFSCA Act also provides for the establishment of an appellate tribunal to hear appeals against the decisions of the IFSCA. The appellate tribunal will have jurisdiction over appeals against orders made by the IFSCA relating to licensing, registration, and penalties imposed by the IFSCA. Therefore, all statements are correct.

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