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of <h1>Amendments Transfer Regulatory Powers over IFSCs from RBI and Others to International Financial Services Centres Authority</h1> The Second Schedule of the International Financial Services Centres Authority Act, 2019, introduces amendments to various Indian financial laws, including the Reserve Bank of India Act, Insurance Act, Banking Regulation Act, and others. These amendments stipulate that the regulatory powers traditionally held by entities such as the Reserve Bank of India, Insurance Regulatory and Development Authority, and Securities and Exchange Board of India do not apply to International Financial Services Centres (IFSCs). Instead, these powers are transferred to the International Financial Services Centres Authority, which will regulate financial products, services, and institutions within IFSCs.
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