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Which of the following statements about IFSCA is incorrect?

1. IFSCA was established under the IFSCA Act, 2019, to regulate financial services in IFSCs in India.
2. The IFSCA operates as a statutory body under the Ministry of Finance, overseeing banking, insurance, and securities markets in IFSCs.
3. The IFSCA does not have the authority to develop and regulate international bullion exchanges in India.
4. IFSCA is empowered to regulate all financial products, including derivatives, within India's IFSCs.

Correct answer: The IFSCA does not have the authority to develop and regulate international bullion exchanges in India.

Solution

IFSCA is the unified regulator for financial products, services, and institutions in IFSCs, and its powers include regulation of various markets and products. The statement denying authority over international bullion exchanges is incorrect because such powers are within its regulatory framework.

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