Govt to set up unified authority for regulating financial services in IFSCs

NEW DELHI: The Union Cabinet on Wednesday approved a Bill to set up a unified authority for regulating all financial services in international financial services centres (IFSCs) in the country. The first IFSC in India was set up at GIFT City in Gandhinagar, Gujarat. Currently, banking, capital markets and insurance sectors in IFSCs are regulated by multiple regulators -- the RBI, Sebi and Irdai, respectively, Union Law Minister Ravi Shankar Prasad said. The dynamic nature of business in the IFSCs necessitates a high degree of inter-regulatory coordination, he said while explaining the rationale behind the International Financial Services Centres Authority Bill, 2019.