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    Question

    According to the IFSCA Act all sums realised by way of

    penalties or fines under the IFSCA Act shall be credited to ___________
    A A special account for legal expenses Correct Answer Incorrect Answer
    B To the account of the affected parties Correct Answer Incorrect Answer
    C The Consolidated Fund of India in Indian rupees Correct Answer Incorrect Answer
    D A separate fund managed by the regulatory authority Correct Answer Incorrect Answer
    E The Account of the government agency responsible for enforcing the Act Correct Answer Incorrect Answer

    Solution

    Section 13. Powers of Authority in relation to financial products, financial services and financial institutions.— (6) All sums realised by way of penalties or fines under this Act shall be credited to the Consolidated Fund of India in Indian rupees.

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