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Date: 29-Aug-2024 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by section 8 of the International Financial Services Centres Authority Act,

Issued by International Financial Services Centres Authority · Not Applicable

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Executive Summary & Key Takeaways

Description of the Gazette Notification

  • This gazette notification announces the International Financial Services Centres Authority (Procedure for Authority Meetings) (Amendment) Regulations, 2024. These amendments modify the existing International Financial Services Centres Authority (Procedure for Authority Meetings) Regulations, 2020.

Key Changes

  • Amendment to Regulation 7: A new sub-regulation (1A) is added. This states that if the total number of Authority members is less than 4, a quorum will consist of at least 2 members, with at least one being an ex-officio member.
  • Addition of Regulation 9A: This new regulation allows the Chairperson to invite individuals to meetings for consultation or advice, provided other members are informed beforehand.
  • Amendment to Regulation 13: A new sub-regulation (3) is added, prohibiting members (excluding the Chairperson and those specifically authorized) from disclosing information about the Authority's operations and meeting decisions to the press or public media.

Impact Analysis

Impact on the International Financial Services Centres Authority (IFSCA)

  • Action Item: IFSCA should ensure all members are properly briefed on the amended regulations and their implications for their roles and responsibilities.

Impact on Members of the IFSCA

  • Action Item: Members should familiarize themselves with the amended regulations and understand the implications for their communication practices.

Impact on the Public and Media

  • Action Item: The IFSCA should consider establishing alternative mechanisms for transparent communication with the public and media, while respecting the need for confidentiality.

Impact on Invitees to Meetings

  • Action Item: The IFSCA should provide clear guidelines to invitees regarding their roles, responsibilities, and confidentiality obligations.

Key Entities Referenced

International Financial Services Centres Authority (IFSCA): The regulatory body responsible for overseeing the development and regulation of the International Financial Services Centres in India. These amendments affect their internal procedures. International Financial Services Centres Authority Act, 2019 (50 of 2019): The primary legislation granting the IFSCA the power to create and amend regulations, including those concerning its meeting procedures. Section 8 provides the legal basis for these amendments. International Financial Services Centres Authority (Procedure for Authority Meetings) Regulations, 2020: The original regulations that have been amended by this notification.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-जी.जे.-अ.-30082024-256758 xxxGIDHxxx CG-GJ-E-30082024-256758 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 676] नई क्रदल्ली, बृहस्ट्प जतिार, अगस्ट्त 29, 2024/भाद्र 7, 1946 No. 676] NEW DELHI, THURSDAY, AUGUST 29, 2024/BHADRA 7, 1946 अतं रराष्ट्रीय जित्तीय सिे ा केंद्र प्राजधकरण अजधसचू ना गांधीनगर, 20 अगस्ट्त, 2024 अतं रराष्ट्रीय जित्तीय सिे ा केंद्र प्राजधकरण (प्राजधकरण बठै कों के जलए प्रक्रिया) (सिं ोधन) जिजनयम, 2024 फा. स.ं आईएफएससीए/िीएन/2024/007.—अतं रराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण, अंतरराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण अजधजनयम, 2019 (2019 का 50) की धारा 8 द्वारा प्रदत्त िजियों का प्रयोग करते हुए, अतं रराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (प्राजधकरण बैठकों के जलए प्रक्रिया) जिजनयम, 2020, (जिसे आगे मुख्य जिजनयम कहा िाएगा) में और संिोधन करने के जलए जनम्नजलजखत जिजनयम बनाता ह,ै अर्ाात्: 1. (1) इन जिजनयमों को अतं रराष्ट्रीय जित्तीय सेिा केंद्र प्राजधकरण (प्राजधकरण बैठकों के जलए प्रक्रिया) (संिोधन) जिजनयम, 2024 कहा िाएगा। (2) य ेआजधकाररक रािपत्र म ेंप्रकािन की तारीख से लाग ूहोंगे। 2. मलू जिजनयमों के जिजनयम 7 में उप-जिजनयम (1) के पश्चात् जनम्नजलजखत उप-जिजनयम िोडा िाएगा, अर्ाात्:- “(1क) िहा ं प्राजधकरण की कुल सदस्ट्य संख्या 4 स े कम ह,ै िहां सदस्ट्यों की कुल संख्या, िो 2 स े कम नहीं होगी, कोरम का गठन करेगी, बिते क्रक उनमें से कम से कम एक पदेन सदस्ट्य हो।” 5530 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] 3. मलू जिजनयम म ेंजिजनयम 9 के पश्चात ्जनम्नजलजखत जिजनयम िोडा िाएगा, अर्ाात:् - “9क. बैठक में आमंजत्रत व्यजि: ऐसा व्यजि जिसकी बैठक में उपजस्ट्र्जत उसकी सलाह या परामिा के जलए िांजित है, उसे अध्यक्ष द्वारा अन्य सदस्ट्यों को पूि ा सूचना देते हुए बैठक म ेंभाग लने े के जलए आमंजत्रत क्रकया िा सकता ह।ै ” 4. मलू जिजनयमों के जिजनयम 13 म,ें उप-जिजनयम (2) के बाद, जनम्नजलजखत उप-जिजनयम िोडा िाएगा, अर्ाात्: - “(3) अध्यक्ष या उसके द्वारा जििेष रूप से अजधकृत व्यजि को िोडकर कोई अन्य सदस्ट्य, प्राजधकरण के कामकाि और बैठकों में जलए गए जनणायों स े संबंजधत मामलों पर प्रेस या क्रकसी अन्य सािािजनक मीजडया को िानकारी प्रदान नहीं करेगा।” के. रािारामन, अध्यक्ष [जिज्ञापन-III/4/असा./445/2024-25] INTERNATIONAL 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 makes 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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