{"id":5820,"date":"2025-07-13T17:17:16","date_gmt":"2025-07-13T11:47:16","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=5820"},"modified":"2025-07-14T14:54:10","modified_gmt":"2025-07-14T09:24:10","slug":"international-financial-services-centres-authority-ifsca","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/international-financial-services-centres-authority-ifsca\/","title":{"rendered":"International Financial Services Centres Authority (IFSCA)"},"content":{"rendered":"<h2><b>International Financial Services Centres Authority Latest News<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The largest privately owned bank in Taiwan, CTBC Bank, is the latest to apply to the International Financial Services Centres Authority (IFSCA) for setting up a IFSC Banking Unit (IBU) in GIFT City.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>About International Financial Services Centres Authority<\/b><\/h2>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">It is a <\/span><b>statutory authority<\/b><span style=\"font-weight: 400;\"> established under the <\/span><b>International Financial Services Centres Authority Act, 2019 (IFSCA Act).<\/b><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The IFSCA is a <\/span><b>unified authority<\/b><span style=\"font-weight: 400;\"> for the <\/span><b>development and regulation of financial products, financial services, and financial institutions in the International Financial Services Centre (IFSC) in India.\u00a0<\/b><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The IFSCA aims to develop a strong global connection and focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region.<\/span><\/li>\n<li style=\"text-align: justify;\"><b>Prior to the establishment of IFSCA,<\/b><span style=\"font-weight: 400;\"> the domestic financial regulators, namely, <\/span><b>RBI, SEBI, <\/b><span style=\"font-weight: 400;\">Pension Fund Regulatory and Development Authority (<\/span><b>PFRDA), and <\/b><span style=\"font-weight: 400;\">Insurance Regulatory and Development Authority (<\/span><b>IRDAI), regulated <\/b><span style=\"font-weight: 400;\">the<\/span><b> business in IFSC.<\/b><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">It is <\/span><b>headquartered at GIFT City<\/b><span style=\"font-weight: 400;\">, <\/span><b>Gandhinagar, in Gujarat.<\/b><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-weight: 400;\">At present, the <\/span><b>GIFT IFSC<\/b><span style=\"font-weight: 400;\"> is the <\/span><b>maiden IFSC in India.<\/b><\/li>\n<\/ul>\n<h2><b>Members of <\/b><b style=\"font-family: inherit; font-size: 35px; font-style: inherit;\">International Financial Services Centres Authority<\/b><\/h2>\n<ul>\n<li><span style=\"font-weight: 400;\">It consists of <\/span><b>nine members, appointed by the central government.<\/b><\/li>\n<li><b>They <\/b><span style=\"font-weight: 400;\">will include the chairperson of the authority, a <\/span><b>member each from the RBI, SEBI<\/b><span style=\"font-weight: 400;\">, <\/span><b>IRDAI<\/b><span style=\"font-weight: 400;\">, and <\/span><b>PFRDA<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li><b>Two members from the Ministry of Finance.<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">In addition, two other members will be appointed on the recommendation of a Selection Committee.<\/span><\/li>\n<li><b>Term<\/b><span style=\"font-weight: 400;\">: All members of the IFSC Authority will have a term of <\/span><b>three years,<\/b> <b>subject to reappointment.<\/b><\/li>\n<\/ul>\n<p><b>Source<\/b><span style=\"font-weight: 400;\">: <\/span><a href=\"https:\/\/www.thehindubusinessline.com\/money-and-banking\/taiwans-ctbc-bank-to-set-up-ibu-in-gift-city\/article69804164.ece\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">THB<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IFSCA is a statutory body established under the IFSCA Act, 2019, to regulate financial services in International Financial Services Centres in India.<\/p>\n","protected":false},"author":5,"featured_media":54847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1519,21,22,23],"class_list":{"0":"post-5820","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"tag-international-financial-services-centres-authority","9":"tag-prelims-pointers","10":"tag-upsc-current-affairs","11":"tag-upsc-prelims-current-affairs","12":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/5820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=5820"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/5820\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/54847"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=5820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=5820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=5820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}