5 Key Functions of the International Financial Services Centres Authority
India's potential to become a major global financial centre depends on having strong regulations. The International Financial Services Centre Authority (IFSCA) plays a pivotal role in achieving this vision. Established in 2020, this crucial body governs and develops financial services specifically within International Financial Services Centres (IFSCs) in India. But what exactly does the IFSCA do? Let's delve into its five key functions: The Regulatory Powerhouse Before the IFSCA, the regulation of financial services in India was fragmented and spread across multiple entities. The arrival of this regulatory body has changed the situation by working as a single and unified regulatory authority specifically for IFSCs. Due to this, it is able to eliminate the complexities of navigating diverse regulatory bodies. Also fostering a more streamlined and efficient financial ecosystem. This centralised approach brings transparency and clarity to regulations. This makes it e