International Financial Services Centres Authority (IFSCA)

The International Financial Services Centres Authority (IFSCA) has been established on April 27, 2020.

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.
GIFT IFSC 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.
IFSCs requires a high degree of inter-regulatory coordination within the financial sector
IFSCA has been established as a unified regulator with a holistic vision in order to promote ease of doing business in IFSC.
Also to provide world class regulatory environment.
The main objective of the IFSCA
- To develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region and the global economy as a whole.

Consist of nine members
Appointed by the central government will have a term of three years also subject to reappointment.
Members
- Chairperson of the authority
- Member each from the RBI, SEBI, the Insurance Regulatory and Development Authority of India (IRDAI), and the Pension Fund Regulatory and Development Authority (PFRDA)
- Two members from the Ministry of Finance
- Two other members will be appointed on the recommendation of a Selection Committee.

It gave the function of regulate financial products
- Such products include securities, deposits or contracts of insurance, financial services etc.
Also recommend to the central government any other financial products/services/institutions
Also regulate financial products as notified by the government.

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