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IFSCA Signs MoU With RBI In Field Of Regulation, Supervision Of Regulated Entities

IFSCA

The International Financial Services Centres Authority (IFSCA) and the Reserve Bank of India (RBI) have entered into a Memorandum of Understanding (MoU) for collaboration in the field of regulation and supervision of regulated entities in their respective jurisdictions.

New Delhi:  The International Financial Services Centres Authority (IFSCA) and the Reserve Bank of India (RBI) have entered into a Memorandum of Understanding (MoU) for collaboration in the field of regulation and supervision of regulated entities in their respective jurisdictions.

According to an official statement from IFSC Authority released on Wednesday, the MoU facilitates technical cooperation and the exchange of information.

The RBI is the central bank and monetary authority of India carrying on, inter-alia, the regulation and supervision of banks and non-banking financial institutions as well as undertaking other functions and exercising powers in accordance with various statutes

The memorandum of understanding (MoU) opens up avenues for cooperation between the two regulators, thereby strengthening the safety, stability and soundness of respective financial ecosystems and nurturing environments conducive to optimal business development and economic growth, the Authority said on Wednesday.

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The IFSCA was established on April 27, 2020, under the International Financial Services Centres Authority Act, 2019. It is headquartered at GIFT City, Gandhinagar in Gujarat.

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.

The GIFT IFSC is currently the maiden international financial services centre in India.

Prior to the establishment of IFSCA, the domestic financial regulators, namely, RBI, Securities and Exchange Board of India (Sebi), Pension Fund Regulatory and Development Authority (PFRDA) and Insurance Regulatory and Development Authority (IRDAI) regulated the business in IFSC.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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National Politics

Assembly Bypolls: Congress Nominates Candidates For Chhattisgarh & Rajasthan

ANI
Congress

Ahead of the assembly by-elections Congress on Wednesday announced its nomination from two states, Chhattisgarh and Rajasthan.

New Delhi:  Ahead of the assembly by-elections Congress on Wednesday announced its nomination from two states, Chhattisgarh and Rajasthan.

In a letter duly signed by the General Secretary Incharge of Congress’s Central Election Committee, the party has fielded Savitri Mandavi from Bhanupratappur in Chhattisgarh and Anil Kumar Sharma from Sardarshahar in Rajasthan.

Earlier on November 5, the ECI announced the dates of by-elections for the vacant Parliamentary and Assembly constituencies in five states.

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The polling for the by-polls will take place on December 5 and the votes will be counted on December 8.

By-elections will also be held in Odisha’s Padampur, Rajasthan’s Sardarshahar, Bihar’s Kurhani, Chhattisgarh’s Bhanupratappur(ST) and Uttar Pradesh’s Rampur from where Samajwadi Party MLA Azam Khan was disqualified after a court sentenced him to three years in jail in a hate speech case last month.

A total of 5 seats in four states, Rajasthan, Uttar Pradesh, Chattisgarh and Bihar, are to go for the Assembly bypolls.

Meanwhile, the Parliamentary Constituency Mainpuri will be going to the polls after the demise of Samajwadi Party veteran and MP Mulayam Singh Yadav, according to a notification by the ECI.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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