1. Short title and commencement.—(1) This Act may be called the International Financial Services
Centres Authority Act, 2019.
(2) It shall come into force on such date1
as the Central Government may, by notification in the Official
Gazette, appoint; and different dates may be appointed for different provisions of this Act, and any reference
in any provision to the commencement of this Act shall be construed as a reference to the coming into
force of that provision.
2. Application.—This Act shall apply to the International Financial Services Centres set up under
section 18 of the Special Economic Zones Act, 2005 (28 of 2005).
3. Definitions.—(1) In this Act, unless the context otherwise requires,—
(a) “appropriate regulator” means any financial sector regulator specified in the First Schedule to
this Act;
(b) “Authority” means the International Financial Services Centres Authority established under
sub-section (1) of section 4;
(c) “financial institution” means a unit set up in an International Financial Services Centre and
which 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 that
are to be settled immediately; and
(vi) any other product or instrument that may be notified by the Central Governmentfromtime
to time.
1. 27th April, 2020—Sections 1 to 11 (both inclusive), 14, 15, 16, 27, 29, 30 and 34, vide notification No. S.O. 1384(E), dated
27th April, 2020, see Gazette of India, Extraordinary, Part II, sec. 3(ii).
21st August, 2020—Sections 12, 17 to 26 (both inclusive), 28, 31 and 32, vide notification No. S.O. 2844(E), dated 21st August,
2020, see Gazette of India, Extraordinary, Part II, sec. 3(ii).
1st October, 2020—Section 13 and 33, vide notification No. S.O. 3374(E), dated 29
th September, 2020, see Gazette of India,
Extraordinary, Part II, sec. 3(ii).
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(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 to
another person, or agreeing to do so;
(iv) effecting contracts of insurance;
(v) offering, managing or agreeing to manage assets consisting of financial products belonging
to 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 payment
services;
(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 in
clauses (i) to (xi);
(xiv) any other service that may be notified by the Central Government fromtime to time;
(f) “foreign currency” shall have the meaning assigned to it in clause (m) of section 2 of the
Foreign Exchange Management Act, 1999 (42 of 1999);
(g) “International Financial Services Centre” means an InternationalFinancial Services Centre set
up, 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 theAuthority 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.
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(2) Words and expressions used and not defined in this Act but defined in the Acts specified under
column (3) of the First Schedule to this Act shall have the meanings respectively assigned to them in
those Acts.