Nomination of officials of Ministry of Finance to International Financial Services Centres Authority

## Policy Analysis Report: Amendment to Notification S.O. 2435 E Regarding the International Financial Services Centres Authority Act, 2019 **1. Executive Summary:** This report analyzes a notification published by the Ministry of Finance, Department of Economic Affairs, on May 27, 2022. The notification represents an amendment to a previous notification, S.O. 2435 E dated July 24, 2020, which pertains to the International Financial Services Centres Authority Act, 2019. The core purpose of this amendment is to update the membership of an unspecified body related to the Act by substituting entries for two members. The key finding is that the amendment involves personnel changes, specifically replacing the individuals holding the positions of Member within the framework of the aforementioned Act. **2. Introduction:** This report aims to provide a comprehensive analysis of the notification issued by the Ministry of Finance, Department of Economic Affairs, on May 27, 2022, amending Notification S.O. 2435 E dated July 24, 2020. This analysis is based solely on the provided text and intends to inform affected parties about the nature and implications of this amendment. **3. Policy Overview:** * **Amendment:** This notification amends the original notification S.O. 2435 E dated July 24, 2020. * **Core Objective(s):** The primary objective discernible from the text is to update the membership of an entity/committee by substituting existing members with new individuals. This relates to the International Financial Services Centres Authority Act, 2019. **4. Background and Rationale:** This notification is an amendment, not a new policy. The likely reason for this specific amendment is to update the designated personnel serving as members within the organizational structure established under the International Financial Services Centres Authority Act, 2019. The amendment likely reflects personnel changes within the Ministry of Finance. **5. Key Provisions / Changes:** This notification specifically focuses on *changes* to the original policy. * **Specific Part Changed:** The notification amends the entries against serial numbers 1 and 2 in the original notification. These serial numbers refer to the individuals holding the position of "Member". * **New Rule/Provision:** * The existing entry for serial number 1 is substituted with: "Shri. Suchindra Mishra, Additional Secretary Ministry of Finance Department of Financial Services Government of India ....... Member" * The existing entry for serial number 2 is substituted with: "Dr. Shashank Saksena, Senior Economic Adviser Ministry of Finance Department of Economic Affairs Government of India ...Member" * **Difference/Effect of the Change:** The effect of this change is the replacement of the individuals who were previously designated as members with Shri. Suchindra Mishra and Dr. Shashank Saksena, respectively. The functional implications of this change are not specified within the document. **6. Target Audience and Stakeholders:** Based on the provided text, the target audience and stakeholders most directly affected by these changes include: * The International Financial Services Centres Authority and its associated bodies. * Shri Suchindra Mishra and Dr. Shashank Saksena, the newly appointed members. * The Ministry of Finance, particularly the Department of Economic Affairs and the Department of Financial Services. * Potentially, entities and individuals operating within or regulated by the International Financial Services Centres. **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** The Ministry of Finance, Department of Economic Affairs is the responsible agency. The International Financial Services Centres Authority is also implicitly involved. * **Timelines or Procedures:** No specific timelines or procedures are detailed in the text beyond the effective date of the notification (May 27, 2022). * **Implementation Specific to Changes:** The implementation involves updating official records and communications to reflect the new membership. Internal communication within the IFSCA and the Ministry of Finance would likely be necessary. **8. Expected Outcomes / Impact of Changes:** The intended outcome of these specific changes is to ensure that the designated membership positions are filled by the current individuals holding the specified roles within the Ministry of Finance. The impact of the amendment is primarily administrative, ensuring the proper functioning and decision-making processes related to the International Financial Services Centres Authority Act, 2019. The actual effect on policy and outcomes is contingent on the expertise and perspectives of the newly appointed members. **9. Conclusion:** The notification issued on May 27, 2022, amends Notification S.O. 2435 E by updating the membership of a body related to the International Financial Services Centres Authority Act, 2019. The key change involves substituting existing members with Shri Suchindra Mishra and Dr. Shashank Saksena. While the document itself focuses on personnel changes, it is a necessary update to maintain the operational framework of the IFSCA. Its significance lies in ensuring the continuity and effectiveness of the Authority's functions, as defined by the Act.

Key Entities Referenced