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Oct 2022

India: Parliament passes International Financial Services Centres Authority Bill

Source: Asia Insurance Review | Jan 2020

Both houses of parliament have passed a bill to set up a unified authority to regulate all financial activities in international financial services centres (IFSCs) in the country. 
“In a path-breaking reform, both houses pass International Financial Services Authority Bill, 2019. It will set up a world-class unified regulator for international financial services, combining powers and functions of RBI, SEBI, IRDAI And PFRDA,” economic affairs secretary Atanu Chakraborty tweeted.
The first IFSC in India is at Gujarat International Finance Tec-City in Gujarat. It is also presently the only IFSC.
Currently, the insurance, banking, and capital markets in the IFSC are regulated by multiple regulators such as RBI, SEBI and IRDAI. The bill will become law once it is signed by the president. 
The development of financial services and products in IFSCs would require focused and dedicated regulatory interventions, the government said previously. The goal of IFSCs is to attract global financial services on-shore which are currently being offered outside India by overseas financial institutions and overseas units of Indian financial institutions. A 
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