Question : The Cabinet on July 28 approved a multilateral MoU signed between the IFSCA, IOSCO and IAIS. Accordingly, which of the following statement is correct ?
Statements —
- It is one of the biggest multilateral forums with several regulators and has 124 signatories
- IOSCO stands for — International Organization of Securities Commissions
- IFSCA stands for — International Financial Services Centres Authority
Options —
A Only 1.
B Only 2.
C Only 3.
D All of the above
Ans. D
Related facts —
- The Cabinet on July 28 approved a multilateral MoU signed between the IFSCA, IOSCO and IAIS.
- Key points —
- It is one of the biggest multilateral forums with several regulators and has 124 signatories.
- IOSCO stands for — International Organization of Securities Commissions
- IFSCA stands for — International Financial Services Centres Authority. It is a unified regulator to develop and regulate financial products, financial services and financial institutions in the international financial services centres in India.
- India joining this will enable all kinds of exchange of information and ease of doing business for those registering themselves in the GIFT City.
- It is notable that GIFT City at Gandhinagar is India’s first operational smart city and International Financial Services Centre (IFSC).
- Proposal to enact a regulatory framework for the intermediaries in the capital markets —
- The finance ministry has recently been said in a statement the IFSCA proposes to enact a regulatory framework for the intermediaries in the capital markets operating in IFSC, focusing on ease of doing business and consistent with the fundamental principles laid down by the International Organization of Securities Commissions.
- The proposed IFSCA (Capital Market Intermediaries) Regulations, 2021 (Intermediaries Regulations) provide for regulatory requirements in respect of registration, obligations and responsibilities, inspection and enforcement of various types of capital market intermediaries such as broker dealers, clearing members and depository participants.