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Date: 05-Dec-2024 Category: Extra Ordinary State: Union Government Country: India

Notification under Section 3(1) of the International Financial Services Centres Authority Act 2019

Issued by Ministry of Finance · Department of Economic Affairs

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Executive Summary & Key Takeaways

What it means

  • This gazette notification, issued by the Ministry of Finance, declares 'schemes operated by a pension fund' as a 'financial product'.
  • This notification is made under the International Financial Services Centres Authority Act, 2019.

Key Changes

  • The Central Government, using powers granted by section 3(1)(d)(vi) of the International Financial Services Centres Authority Act, 2019, has officially designated pension fund schemes as financial products.
  • This notification is effective from the date of its publication in the Official Gazette, which is December 5, 2024.

Impact Analysis

Pension Funds

  • Action Item: Pension funds should review their current schemes and processes to ensure compliance with the International Financial Services Centres Authority Act, 2019 and related regulations for financial products.

International Financial Services Centres Authority (IFSCA)

  • Action Item: The IFSCA should develop and communicate clear regulatory guidelines for pension fund schemes to ensure clarity and compliance.

Investors

  • Action Item: Investors should be informed about the changes and how it impacts their investments.

Financial Markets

  • Action Item: Monitor the impact of this change on the overall financial market and adjust strategies accordingly.

Key Entities Referenced

Ministry of Finance: The government body that issued the notification, specifically the Department of Economic Affairs. International Financial Services Centres Authority Act, 2019: The legislation under which the notification is issued, providing the legal basis for the action. Pension Funds: Entities that operate pension schemes, now classified as providers of financial products. International Financial Services Centres Authority (IFSCA): The regulatory body that will oversee pension fund schemes as financial products.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-05122024-259180 CG-DxLx-xEG-I0D5H1x2x2x0 24-259180 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 4848] नई दिल्ली, बृहस्ट्प जतिार, दिसम्ब र 5, 2024/अग्रहायण 14, 1946 No. 4848] NEW DELHI, THURSDAY, DECEMBER 5, 2024/AGRAHAYANA 14, 1946 जित्त मत्रं ालय (आर्थकि काय ि जिभाग) अधिसचू ना नई दिल् ली, 5 दिसम् बर, 2024 का.आ. 5241(अ).—केंिीय सरकार, अंतराष्ट्रि ीय जित्तीय सेिा केंद्र प्राजधकरण अजधजनयम, 2019 (2019 का 50) की धारा 3 की उपधारा (1) के खंड (घ) के उपखंड (vi) द्वारा प्रित्त िजियों का प्रयोग करते हुए, उि अजधजनयम के प्रयोिनों के जलए रािपत्र म ें इस अजधसूचना के प्रकािन की तारीख से “पेंिन जनजध द्वारा प्रिर्तित स्ट्कीमों” को जित्तीय उत्पाि के रूप में अजधसूजचत करती ह।ै [फा. स.ं 3/15/2022-ईएम-भाग (1)] सुरजभ िैन, संयुक् त सजचि 7881 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 5th December, 2024 S.O. 5241(E).—In exercise of the powers conferred by sub- clause (vi) of clause (d) of sub-section (1) of section 3 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), the Central Government hereby notifies the ‘schemes operated by a pension fund’, as a ‘financial product’ for the purposes of the said Act, with effect from the date of publication in the Official Gazette. [F. No. 3/15/2022-EM-Part (1)] SURBHI JAIN, Jt. Secy. 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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