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Authority for regulating all financial activities
Why is it in the news ?
- The Lok Sabha passed a bill to set up a unified authority for regulating all financial activities in international financial services centres (IFSCs).
More in the news
- The first IFSC in India was set up at Gujarat International Finance Tec-City (GIFT) in Gandhinagar, Gujarat.
- The new unified authority will act as a single-window for regulating various financial activities in the IFSC.
- The authority which will be subject audit by the CVC and the CAG.
- There will tax holiday only for 10 years in the IFSC.
- All the laws of land, including the Prevention of Money Laundering Act, will apply.
- The bill seeks to amend 14 Acts, including the SEBI Act, the IRDA Act and the PFRDA Act.
- Present Practice:
(1) Currently, the banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators- RBI SEBI, PFRDA and IRDAI.
Source
The Hindu.