Section 3 - Definitions. - International Financial Services Centres Authority Act, 2019

Definitions . 3 . (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 financial services in 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 Government from time 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 from time 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 International Financial 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 the Authority 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.