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RS passes International Financial Services Bill

The Upper House passed International Financial Services Authority Bill, 2019 which will set up a unified regulator for international financial services combining powers and functions of RBI, SEBI, IRDAI and PFRDA, says Department of Economic Affairs secretary Atanu Chakraborty.

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Last Updated: Dec 13, 2019, 06.55 AM IST|Original: Dec 13, 2019, 06.43 AM IST
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Rajya Sabha Chairman M Venkaiah Naidu conducting a session
New Delhi: The Rajya Sabha passed the International Financial Services Centres (IFSCs) Authority Bill by a voice vote on Thursday after a brief debate, paving the way for setting up a unified regulator for the IIFCs.

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“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,” Department of Economic Affairs secretary Atanu Chakraborty tweeted after the passage of the bill, which had been passed by the Lok Sabha on the previous day.

As per the bill, the authority will consist of nine members, appointed by the central government. Besides the chairperson, it will have a member each to be nominated by the Reserve Bank of India (RBI), the Securities and Exchange Board of India (Sebi), the Insurance Regulatory and Development Authority of India (Irdai), and the Pension Fund Regulatory and Development Authority (PFRDA).

It will regulate financial products, financial services and financial institutions in an IFSC which has been approved by any regulator.

All powers exercisable by the respective financial sector regulatory (such as RBI, Sebi, Irdai and PFRDA) under the respective Acts shall be solely exercised by the authority in the IFSCs insofar as the regulation of financial products, financial services and financial institutions that are permitted in the IFSC is concerned.

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