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    Question

    Consider the following statements about International Financial Services Centres Authority (IFSCA).

    I. IFSCA consist of nine members, appointed by the government of India.

    II. It also include a member each from the RBI, SEBI, IRDAI and the PFRDA.

    III. All members of the IFSC Authority have a term of 2 years.

    Which of the following statement is/are correct?

    A I Correct Answer Incorrect Answer
    B II Correct Answer Incorrect Answer
    C III Correct Answer Incorrect Answer
    D All statements are correct Correct Answer Incorrect Answer
    E All statements are incorrect Correct Answer Incorrect Answer

    Solution

    • IFSCA will consist of nine members, appointed by the central government.
    • They include chairperson of the authority, a member each from the RBI, SEBI, IRDAI, PFRDA and two members from the Ministry of Finance. In addition, two other members will be appointed on the recommendation of a Selection Committee.
    • All members of the IFSC Authority will have a term of three years.
    • IFSCA was established on April 27, 2020 with head office in Gandhinagar with an objective to develop the financial products and services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC).

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