On 1st January 2021, the International Financial Services Centres Authority (IFSCA) became an associate member of the International Organisation of Securities Commissions(IOSCO), an international organisation which sets the global standards for securities markets regulation.
Benefits of the Membership:
i.The membership will support IFSCA with a platform to exchange information at global level and regional level in the fields of common interest.
ii.This platform will enable the IFSCA to learn from the experiences and the best practices of regulators of various established financial centres.
iii.This will also enable the connection between the IFSCA with regulators of security markets across the globe and contribute towards the development and regulation of financial products, services and institutions at the Gujarat International Finance Tec-City International Financial Services Centre.
i.The IOSCO, an international organisation which unites the securities regulators across the globe, covers more than 95% of the world’s securities markets.
ii.ISO works with the G20 and Financial Stability Board(FSB) to set the standards for enhancing the security market.
The first international financial services(IFSC) of India was established at the Gujarat International Finance Tec-city(GIFT) in Gandhinagar.
Recent Related News:
International Financial Services Centre Authority (IFSCA) obtained membership of International Association of Insurance Supervisors (IAIS). Now, IFSCA can access IAIS’s global network and would be able to exchange ideas and information relating to insurance with other global regulators.
Chair of the IOSCO Board- Ashley Lan Alder
Secretary General– Paul P. Andrews
Headquarters– Madrid, Spain
IFSCA is a unified authority for regulating all the financial activities at IFSC’s in India.
Chairperson– Injeti Srinivas
Established in – April 2020 (established under the International Financial Services Centres Authority Act, 2019)
Headquarters– Gandhinagar, Gujarat.