The International Financial Services Centres Authority Act, 2019

(1) This Act may be called the International Financial ServicesCentres Authority Act, 2019. (2) It shall come into force on such date1as the Central Government may, by notification in the OfficialGazette, appoint; and different dates may be appointed for different provisions of this Act, and any referencein any provision to the commencement of this Act shall be construed as a reference to the coming intoforce of that provision.

This Act shall apply to the International Financial Services Centres set up undersection 18 of the Special Economic Zones Act, 2005 (28 of 2005).

(1) In this Act, unless the context otherwise requires,-- (a) “appropriate regulator” means any financial sector regulator specified in the First Schedule tothis Act; (b) “Authority” means the International Financial Services Centres Authority established undersub-section (1) of section 4; (c) “financial institution” means a unit set up in an International Financial Services Centre andwhich is engaged in rendering financialservicesin respect of any financial product; (d) “financial product” means-- (i) securities; (ii) contracts of insurance; (iii) deposits; (iv) credit arrangements; (v) foreign currency contracts other than contracts to exchange one currency for another thatare to be settled immediately; and (vi) any other product or instrument that may be notified by the Central Government from timeto time. (e) “financial service” means-- (i) buying, selling, or subscribing to a financial product or agreeing to do so; (ii) acceptance of deposits; (iii) safeguarding and administering assets consisting of financial products, belonging toanother person, or agreeing to do so; (iv) effecting contracts of insurance; (v) offering, managing or agreeing to manage assets consisting of financial products belongingto another person; (vi) exercising any right associated with a financial product or financial service; (vii) establishing or operating an investment scheme; (viii) maintaining or transferring records of ownership of a financial product; (ix) underwriting the issuance or subscription of a financial product; (x) providing information about a person's financial standing or creditworthiness; (xi) selling, providing, or issuing stored value or payment instruments or providing paymentservices; (xii) making arrangements for carrying on any of the services in sub-clauses (i) to (xi); (xiii) rendering or agreeing to render advice on or soliciting for the purposes of-- (A) buying, selling, or subscribing to, a financial product; or (B) availing any of the services in sub-clauses (i) to (xi); or (C) exercising any right associated with a financial product or any of the services inclauses (i) to (xi); (xiv) any other service that may be notified by the Central Government from time to time; (f) “foreign currency” shall have the meaning assigned to it in clause (m) of section 2 of theForeign Exchange Management Act, 1999 (42 of 1999); (g) “International Financial Services Centre” means an International Financial Services Centre setup, before or after the commencement of this Act, under section 18 of the Special Economic Zones Act,2005 (28 of 2005); (h) “Member” means a Member of the Authority and includes the Chairperson; (i) “notification” means a notification published in the Official Gazette, and the expressions“notified” and “notify” shall be construed accordingly; (j) “prescribed” means prescribed by rules made by the Central Government under this Act; (k) “regulations” means the regulations made by the Authority under this Act. (2) Words and expressions used and not defined in this Act but defined in the Acts specified undercolumn (3) of the First Schedule to this Act shall have the meanings respectively assigned to them inthose Acts.

(1) The Central Government shall, bynotification, for the purposes of this Act, establish an Authority by the name of the InternationalFinancial Services Centres Authority. (2) TheAuthority shall be a body corporate having perpetualsuccession and a common seal, and subjectto the provisions of this Act, with power to enter into and execute contracts, acquire, hold and dispose ofproperty, both movable and immovable, and shall, by the said name, sue and be sued. (3) The head office of the Authority shall be at such place as the Central Government may, bynotification,decide. (4) The Authority may, with the prior approval of the Central Government, establish its offices at otherplaces in India or outside India.

(1) The Authority shall consist of the following Members, to beappointed by the Central Government,namely:-- (a) a Chairperson; (b) one Member each to be nominated by-- (i) the Reserve Bank of India, ex officio; (ii) the Securities and Exchange Board of India, ex officio; (iii) the Insurance Regulatory and Development Authority of India, ex officio; and (iv) the Pension Fund Regulatory and Development Authority, ex officio; (c) two Members, from amongst the officials of the Ministry dealing with Finance, to be nominated bythe Central Government, ex officio; and (d) two other Members to be appointed by the Central Government on the recommendation of aSelection Committee. (2) The Chairperson shall be a whole-time Member and other Members referred to in clause (d) ofsub-section (1) may be appointed as whole-time or part-time Members as the Central Government maydeem fit. (3) The Members shall be persons of ability, integrity and standing who have shown capacity indealing with matters relating to financial sectors or have special knowledge or experience of law,finance, economics, accountancy, administration or in any other discipline which in the opinion of the CentralGovernment, shall be useful to the Authority. (4) The Selection Committee referred to in clause (d) of sub-section (1) shall consist of such Membersand constituted by the Central Government in such manner as may be prescribed.