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of <h1>Board powers under Depositories Act don't apply to International Financial Services Centres per Section 23G</h1> Section 23G of the Depositories Act, 1996 establishes that the Board's powers under this Act do not extend to International Financial Services Centres established under the Special Economic Zones Act, 2005. Instead, these powers are exercised by the International Financial Services Centres Authority, created under the International Financial Services Centres Authority Act, 2019, specifically for regulating financial products, services, and institutions permitted within International Financial Services Centres. This provision was inserted in 2019 to transfer regulatory jurisdiction from the Board to the specialized Authority for international financial services operations.
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