Q. With reference to International Financial Services Centres Authority (IFSCA), consider the following statements:
1.It is a statutory body.
2.At present, the GIFT IFSC in Gujarat is the maiden international financial services centre in India.
Which of the statements given above is/are incorrect?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: D
Notes:
About IFSCA:
  • International Financial Services Centres Authority (IFSCA) was established in 2020 under the International Financial Services Centres Authority Act, 2019.
  • Role of IFSCA: The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India.
  • At present, the GIFT IFSC in Gandhinagar, Gujarat is the maiden international financial services centre in India.
  • Prior to the establishment of IFSCA, the domestic financial regulators, namely, RBI, SEBI, PFRDA and IRDAI regulated the business in IFSC.

Source: PIB