Definitions of financial product and financial service clarify scope of regulated activities within international financial services centres. The Act defines key terms for IFSC regulation: the Authority, 'appropriate regulator', and 'financial institution'. It defines 'financial product' to include securities, insurance contracts, deposits, credit arrangements, certain foreign currency contracts and other instruments notified by the Central Government. It gives a comprehensive list of activities constituting 'financial service', including trading, deposit-taking, custody, insurance intermediation, asset and investment scheme management, recordkeeping, underwriting, creditworthiness information, payment and stored value services, arranging and advising on these activities, and other services that may be notified.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Definitions of financial product and financial service clarify scope of regulated activities within international financial services centres.
The Act defines key terms for IFSC regulation: the Authority, "appropriate regulator", and "financial institution". It defines "financial product" to include securities, insurance contracts, deposits, credit arrangements, certain foreign currency contracts and other instruments notified by the Central Government. It gives a comprehensive list of activities constituting "financial service", including trading, deposit-taking, custody, insurance intermediation, asset and investment scheme management, recordkeeping, underwriting, creditworthiness information, payment and stored value services, arranging and advising on these activities, and other services that may be notified.
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