Cabinet approves unified regulator for IFSCs

  • The Cabinet has approved the setting up of a unified authority that would regulate all the financial services in International Financial Services Centres (IFSC).
  • Currently, the banking, capital markets and insurance sectors in IFSCs are regulated by multiple regulators, i.e. RBI, SEBI and IRDAI.
  • This will be done through the International Financial Services Centres Authority Bill, 2019.