Section 28
Power to make regulations.
The International Financial Services Centres Authority Act, 2019
About this Act
An Act to provide for the establishment of an Authority to develop and regulate the financial services market in the International Financial Services Centres in India and for matters connected therewith or incidental thereto.
(1) The Authority may, by notification, make regulations
consistent with this Act and the rules made thereunder for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:--
(a) the time and place of meetings and the rules of procedure in regard to transaction of business at such meetings under sub-section (1) of section 8;
(b) the salaries and allowances and other terms and conditions of service of officers and other employees of Authority under sub-section (2) of section 11;
(c) the manner in which the Authority may perform its functions under sub-section (7) of section 13;
(d) the manner of providing information to the Performance Review Committee under sub-section (4) of section 17;
(e) the maintenance of the website or any other universally accessible repository of electronic information under sub-section (1) of section 18;
(f) the foreign currency in which transaction of financial services in International Financial Services Centres may be conducted under section 20;
(g) the powers and functions of the Authority which may be delegated under sub-section (2) of section 23;
(h) any other matter which is required to be or may be, specified by regulations.
(2) In particular, and without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:--
(a) the time and place of meetings and the rules of procedure in regard to transaction of business at such meetings under sub-section (1) of section 8;
(b) the salaries and allowances and other terms and conditions of service of officers and other employees of Authority under sub-section (2) of section 11;
(c) the manner in which the Authority may perform its functions under sub-section (7) of section 13;
(d) the manner of providing information to the Performance Review Committee under sub-section (4) of section 17;
(e) the maintenance of the website or any other universally accessible repository of electronic information under sub-section (1) of section 18;
(f) the foreign currency in which transaction of financial services in International Financial Services Centres may be conducted under section 20;
(g) the powers and functions of the Authority which may be delegated under sub-section (2) of section 23;
(h) any other matter which is required to be or may be, specified by regulations.