International Financial Services Centres Authority (IFSCA)
The International Financial Services Centres Authority (IFSCA) became an associate member of the International Organization of Securities Commissions (IOSCO)
- The task of the International Financial Services Centers Authority is to serve as an international financial platform for the entire region and the global economy, along with ensuring strong global connectivity and focusing on the needs of the Indian economy.
- The IFSCA was established in April 2020 under the International Financial Services Center Authority Bill, 2019. An IFSCA provides essential services to customers outside the jurisdiction of the domestic economy. Its headquarters is located in the Gift City of Gandhinagar (Gujarat).
- It is a unified authority for the development and regulation of financial products, financial services, and financial institutions in the International Financial Services Center (IFSC) in India.
- It has been established at IFSC to promote ‘Ease of Doing Business and provide a world-class regulatory environment.
The International Organization of Securities Commissions (IOSCO):
- The International Organization of Securities Commissions was established in April 1983. It is headquartered in Madrid, Spain.
- IOSCO’s Asia Pacific Hub (IOSCO Asia Pacific Hub) is located in Kuala Lumpur, Malaysia.
- This international organization brings together the world’s securities regulators. IOSCO covers more than 95% of the world’s securities markets and acts as a global benchmark for the securities sector.
- It works closely with the G-20 Group and the Financial Stability Board to establish standards for the strengthening of securities markets.
- The Financial Stability Board is an international body, which presents its recommendations in the context of the global financial system.
- The principles and goals of IOSCO’s securities regulation have been endorsed by the FSB as key standards for rational financial systems.
- IOSCO’s enforcement role extends to the interpretation of the ‘International Financial Reporting Standards, where a (confidential) database of enforcement actions taken by IOSCO member agencies is maintained.
- International Financial Reporting is an ac, counting standard issued by the International Accounting Standards Board to provide a common accounting language to increase transparency in the presentation of financial information.
Objectives :
To cooperate in ensuring, enforcing and promoting internationally recognized and followed standards of regulation, inspection, and enforcement to protect investors, maintain fair, efficient, and transparent markets and remove systemic risks.
Source : PIB
