IFSC regulatory powers consolidate financial product, service and institution oversight, applying regulator procedures and foreign-currency penalty collection. Within International Financial Services Centres, the Authority exercises designated regulators' powers over financial products, financial services and ... Summary
IFSC regulatory powers consolidate financial product, service and institution oversight, applying regulator procedures and foreign-currency penalty collection.
Within International Financial Services Centres, the Authority exercises designated regulators' powers over financial products, financial services and financial institutions. Procedures under the scheduled laws for registration, reporting, inspection, investigation, settlement, adjudication, appeals, and recovery of fees or penalties apply mutatis mutandis. Penalties, fines, fees and settlement amounts are realised in foreign-currency equivalent using the applicable Reserve Bank of India exchange rate, while penalties and fines realised are credited to the Consolidated Fund of India in Indian rupees.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.