Regulatory authority powers govern IFSC oversight, applying parent Acts' procedures while penalties are realised in foreign currency. Authority within the IFSC shall exercise the powers of appropriate regulators listed in the First Schedule over financial products, services and institutions, with the Central Government able to amend that Schedule by notification. Provisions of those Acts regarding recognition/registration procedures, inspection, investigation, enforcement, adjudication and recovery of fees and penalties apply mutatis mutandis. Penalties and related amounts are to be realised in foreign currency equivalent using the RBI notified exchange rate on the order date, credited to the Consolidated Fund of India in Indian rupees, and the Authority may make regulations to implement these provisions.
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.
Regulatory authority powers govern IFSC oversight, applying parent Acts' procedures while penalties are realised in foreign currency.
Authority within the IFSC shall exercise the powers of appropriate regulators listed in the First Schedule over financial products, services and institutions, with the Central Government able to amend that Schedule by notification. Provisions of those Acts regarding recognition/registration procedures, inspection, investigation, enforcement, adjudication and recovery of fees and penalties apply mutatis mutandis. Penalties and related amounts are to be realised in foreign currency equivalent using the RBI notified exchange rate on the order date, credited to the Consolidated Fund of India in Indian rupees, and the Authority may make regulations to implement these provisions.
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