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3. Definitions.-

(1) In this Act, unless the context otherwise requires,-

(a) "appropriate regulator" means any financial sector regulator specified in the First Schedule to this Act;

(b) "Authority" means the International Financial Services Centres Authority established under sub-section (1) of section 4;

(c) "financial institution" means a unit set up in an International Financial Services Centre and which is engaged in rendering financialservicesin respect of any financial product;

(d) "financial product" means-

(i) securities;

(ii) contracts of insurance;

(iii) deposits;

(iv) credit arrangements;

(v) foreign currency contracts other than contracts to exchange one currency for another that are to be settled immediately; and

(vi) any other product or instrument that may be notified by the Central Governmentfromtime to time (e) "financial service" means-

(i) buying, selling, or subscribing to a financial product or agreeing to do so;

(ii) acceptance of deposits;

(iii) safeguarding and administering assets consisting of financial products, belonging to another person, or agreeing to do so;

(iv) effecting contracts of insurance;

(v) offering, managing or agreeing to manage assets consisting of financial products belonging to another person;

(vi) exercising any right associated with a financial product or financial service;

(vii) establishing or operating an investment scheme;

(viii) maintaining or transferring records of ownership of a financial product;

(ix) underwriting the issuance or subscription of a financial product;

(x) providing information about a person's financial standing or creditworthiness;

(xi) selling, providing, or issuing stored value or payment instruments or providing payment services;

(xii) making arrangements for carrying on any of the services in sub-clauses (i) to (xi); (xiii) rendering or agreeing to render advice on or soliciting for the purposes of-

(A) buying, selling, or subscribing to, a financial product; or

(B) availing any of the services in sub-clauses (i) to (xi); or

(C) exercising any right associated with a financial product or any of the services in clauses (i) to (xi); (xiv) any other service that may be notified by the Central Government fromtime to time;

(f) "foreign currency" shall have the meaning assigned to it in clause (m) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999);

(g) "International Financial Services Centre" means an InternationalFinancial Services Centre set up, before or after the commencement of this Act, under section 18 of the Special Economic Zones Act, 2005 (28 of 2005);

(h) "Member" means a Member of theAuthority and includes the Chairperson;

(i) "notification" means a notification published in the Official Gazette, and the expressions "notified" and "notify" shall be construed accordingly;

(j) "prescribed" means prescribed by rules made by the Central Government under this Act;

(k) "regulations" means the regulations made by the Authority under this Act.

(2) Words and expressions used and not defined in this Act but defined in the Acts specified under column (3) of the First Schedule to this Act shall have the meanings respectively assigned to them in those Acts.

1. 27th April, 2020-Sections 1 to 11 (both inclusive), 14, 15, 16, 27, 29, 30 and 34, vide notification No. S.O. 1384(E), dated 27th April, 2020, see Gazette of India, Extraordinary, Part II, sec. 3(ii). 21st August, 2020-Sections 12, 17 to 26 (both inclusive), 28, 31 and 32, vide notification No. S.O. 2844(E), dated 21st August, 2020, see Gazette of India, Extraordinary, Part II, sec. 3(ii).



International Financial Services Centres Authority Act, 2019 Back




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