International Financial Services Centres Authority (IFSCA) is a statutory body/ authority that was established by the Government of India. It was established on 27th April 2020 under the International Financial Services Centres Authority Act, 2019. IFSCA is responsible for developing and regulating financial products, financial services and financial institutions. Check out some of the generic data/overview on IFSCA in the table below:
|IFSCA Full Form||International Financial Services Centres Authority|
|IFSCA Chairman||Injeti Srinivas|
|IFSCA Headquarter||GIFT City, Gandhinagar in Gujarat|
|IFSCA Established on||27th April 2020|
|IFSCA Official Website||Check Here|
|IFSCA Recruitment 2023||IFSCA Grade A (Assistant Manager)|
IFSCA Full Form & Its Departments/ Division
As mentioned earlier, IFSCA Full Form is the International Financial Services Centres Authority and it is located in Gandhinagar, Gujarat. There are several departments/ divisions of IFSCA which are given below:
- Department of Capital Markets
- Department of Metals and Commodities
- Department of IT and Fintech
- Department of Banking
- Department of Development
- Department of Legal Policy and Legal Affairs
- Department of Insurance
- Department of General Administration
- Department of Economic Policy & Analysis
- Department of Regulatory Policy and & Regulatory Affairs
Role/Functions of IFSCA
The candidates must check out the below-mentioned points to have a clear idea on what is the role of IFSCA.
- The IFSCA is responsible for regulating and developing the IFSCs in India.
- Its main objective is to promote and develop the financial products and services offered by these centres.
- It also aims to attract foreign investment into the country and increase the competitiveness of the Indian financial services sector on a global scale.
- The IFSCA has the power to grant licences to companies operating within the IFSCs.
- It also regulates and supervises financial institutions operating in these centres, such as banks, insurance companies, and stock exchanges.
- The IFSCA also has the power to investigate and penalize companies that violate its regulations.
Advantages of IFSCA
The candidates must check out the below-mentioned advantages of IFSCA. Check out the same.
- Boosts international trade and investment:
The IFSCA helps to create a favourable environment for international trade and investment by providing a range of financial services such as banking, insurance, and capital market services. It also facilitates cross-border transactions and investments by regulating financial activities in a transparent and efficient manner.
- Attracts global financial players:
The IFSCA provides a platform for global financial players to set up their businesses in India. With its world-class infrastructure and regulatory framework, the IFSCA attracts international financial institutions and companies to invest in India and provides them with an opportunity to expand their operations in the Indian market.
- Provides a business-friendly environment:
The IFSCA provides a business-friendly environment for financial institutions by offering a range of incentives such as tax benefits, simplified regulatory processes, and a single-window clearance system. This enables companies to set up their operations quickly and efficiently, and focus on their core business activities.
- Facilitates innovation and growth:
The IFSCA encourages innovation and growth in the financial services industry by providing a conducive environment for research and development activities. It also provides a platform for financial technology (Fintech) companies to develop new products and services, and collaborate with other stakeholders in the industry.
- Promotes employment opportunities:
The IFSCA provides employment opportunities to skilled professionals in the financial services industry. It helps to create a large number of jobs in areas such as banking, insurance, capital markets, and fund management. This helps to boost the overall economic growth of the country.
As the IFSCA was recently established in 2020, its first chairperson is still serving his tenure. The IFSCA Chairman is Mr Injeti Srinivas. He was the former corporate affairs secretary and 1983-batch IAS officer of the Odisha cadre. IFSCA Chairman was appointed for a period of three years.
IFSCA Recruitment 2023
The International Financial Services Centres Authority released IFSCA Recruitment for Assistant Managers on 11th February 2023. A total of 20 vacancies were released. The post of Assistant Manager comes under IFSCA Grade A Officers. As the vacancies are fewer, the competition level will be quite high so the candidates must be prepared well. For the same, the best strategy is to attempt mock tests on a regular basis.
If you are still thinking about how to prepare for IFSCA Recruitment Exam in an organized manner, then you should definitely check out IFSCA Grade A Study Material
IFSCA Grade A Salary 2023
Candidates who are preparing for this exam must be very curious to know how much they can earn after being appointed as Assistant Managers in IFSCA. Well, the salary structure is quite impressive here. The pay scale for IFSCA Grade A Officers is Rs. 44500- 2500(4)- 54500- 2850(7)- 74450- EB- 2850(4)- 85850- 3300(1)- 89150 (17 years). The detailed salary structure, probation period and more things can be checked in the article given below.
Check IFSCA Grade A Salary for Assistant Managers Here!
IFSCA Full Form is the International Financial Services Centres Authority.
IFSCA was established on 27th April 2020.
The first IFSCA Chairman is Injeti Srinivas.
The notification had been released on 11th February 2023 for the post of Assistant Managers under IFSCA Recruitment 2023.
IFSCA Headquarters is located in Gandhinagar, Gujarat.
Yes, IFSCA is a statutory body.
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