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The International Financial Services Centres Authority (IFSCA) has become an Associate Member of the International Organization of Securities Commissions (IOSCO)
Highlights
- The membership of IOSCO would provide IFSCA the platform to exchange information at the global level and regional level on areas of common interests.
- The IOSCO platform would enable IFSCA to learn from the experiences and best practices of the regulators of other well established financial centres.
- The IOSCO’s membership is a significant milestone in connecting IFSCA with the regulators of securities markets globally and would contribute immensely towards the development and regulation of the financial products, financial services and financial institutions at the Gujarat International
- Finance Tec-City International Financial Services Centre.
The International Financial Services Centres Authority
It has been established on April 27, 2020 under the International Financial Services Centres Authority Act, 2019. It is headquartered at GIFT City, Gandhinagar in Gujarat
Role of IFSCA
- The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India.
- At present, the GIFT IFSC is the maiden international financial services centre in India.
- Prior to the establishment of IFSCA, the domestic financial regulators, namely, RBI, SEBI, PFRDA and IRDAI regulated the business in IFSC.
The International Organization of Securities Commissions (IOSCO)
It is a global cooperative of securities regulatory agencies that aims to establish and maintain worldwide standards for efficient, orderly and fair markets.
IOSCO Objectives
- To cooperate in developing, implementing and promoting adherence to internationally recognized and consistent standards of regulation, oversight and enforcement in order to protect investors, maintain fair, efficient and transparent markets, and seek to address systemic risks;
- To enhance investor protection and promote investor confidence in the integrity of securities markets, through strengthened information exchange and cooperation in enforcement against misconduct and in supervision of markets and market intermediaries; and
- To exchange information at both global and regional levels on their respective experiences in order to assist the development of markets, strengthen market infrastructure and implement appropriate regulation.
Source: PIB
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