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Core Purpose

Notification of the International Financial Services Centres Authority (Procedure for Authority Meetings) (Amendment) Regulations, 2024, amending the 2020 Principal Regulations.

Detailed Summary

The International Financial Services Centres Authority (IFSCA), Gandhinagar, issued Notification F. No. IFSCA/GN/2024/007 dated 20th August 2024, in exercise of powers under Section 8 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), making the International Financial Services Centres Authority (Procedure for Authority Meetings) (Amendment) Regulations, 2024, further amending the International Financial Services Centres Authority (Procedure for Authority Meetings) Regulations, 2020 (Principal Regulations), effective from the date of publication in the Official Gazette. The amendments insert sub-regulation (1A) in Regulation 7, providing that where the total strength of the Authority is less than 4, a quorum of not less than 2 members (with at least one ex-officio member) suffices; insert new Regulation 9A permitting the Chairperson to invite persons for advice or consultation at meetings upon prior intimation to other members; and insert sub-regulation (3) in Regulation 13, restricting any member other than the Chairperson (or a person specifically authorised by him) from giving information to the press or public media on matters relating to the Authority's working and decisions taken at meetings. The notification was signed by K. Rajaraman, Chairperson.

Full Text

EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 676] NEW DELHI, THURSDAY , AUGUST 29, 2024 /BHADRA 7, 194 6 CG-GJ-E-30082024-256758 INTERNATIONA L FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 20th August , 2024 International Financial Services Centres Authority (Procedure for Authority Meetings) (Amendment) Regulations, 2024 F. No. IFSCA/GN/2024/007. —In exercise of the powers conferred by section 8 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), the International Financial Services Centres Authority hereby ma kes the following regulations, further to amend the International Financial Services Centres Authority (Procedure for Authority Meetings) Regulations, 2020, (hereinafter referred to as the Principal Regulations), namely: 1. (1) These regulations may be called the International Financial Services Centres Authority (Procedure for Authority Meetings) (Amendment) Regulations, 2024. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In regulation 7 of the Principal Regulations, after sub -regulation (1), the following sub -regulation shall be inserted, namely: - “(1A) Where the total strength of the Authority is less than 4, the total no. of members, being not less than 2, shall constitute the quorum provided that at least one of them is an ex-officio member.” 3. In the Principal Regulations, after regulation 9, the following regulation shall be inserted namely: - “9A. Invitees at meeting: Any person whose presence at a meeting is desired for his advice or consultation, may be invited to attend the meeting by the Chairperson, upon prior intimation to other members.” 4. In regulation 13 of the Principal Regulations, after sub -regulation (2), the following sub -regulation shall be inserted, namely: - “(3) No member, other than the Chairperson or a person specifically authorised by him, shall give information to the Press or any other public media on matters relating to the working of the Authority and decisions taken at meetings.” K. RAJARAMAN, Chairperson [ADVT. -III/4/Exty./445 /2024 -25] Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi -110064 and Published by the Controller of Publications, Delhi -110054.

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