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17. Performance Review Committee.-

(1) The Authority shall constitute a Performance Review Committee, consisting of at least two Members of the Authority to review the functioning of the Authority, whether-

(a) it has adhered to the provisions of the applicable laws while exercising powers or performing functions under this Act;

(b) the regulations made by the Authority to give effect to the provisions of this Act promote transparency and best practices of governance; and

(c) the Authority is managing risks to its functioning in a reasonable manner.

(2) The Performance Review Committee shall make the review under sub-section (1) at least once in every financial year, and submit a report of its findings to the Authority which shall forward a copy thereof along with action taken, if any, pursuant to such report to the Central Government within a period of three months from the date of receipt of the report.

(3) The Performance Review Committee shall maintain a system by which any person may submit to the committee, any incidence of-

(a) non-adherence of the provisions of any applicable law by the Authority;

(b) misappropriation of resources of the Authority by any person;

(c) abuse of powers of the Authority by any Member or employee of the Authority; or

(d) non-compliance of any decision oftheAuthority by any Member or employee of the Authority.

(4) The Authority shall make regulations governing the information to be provided to the Performance Review Committee, and the provision of adequate resources to enable the committee to discharge its functions under this section.

International Financial Services Centres Authority Act, 2019 Back

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