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TMI BlogSECOND SCHEDULEX X X X Extracts X X X X X X X X Extracts X X X X ..... 8 of 2005.]; (b) shall be exercisable by the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019, in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned.". PART II AMENDMENT TO THE INSURANCE ACT, 1938 (4 OF 1938) Insertion of new section after section 118. After section 118, the following section shall be inserted, namely:-- Powers of Authority not to apply to International Financial Services Centre. "118A. Notwithstanding anything contained in any other law for the time being in force, the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tted in the International Financial Services Centres are concerned.". PART IV AMENDMENT TO THE SECURITIES CONTRACTS (REGULATION) ACT, 1956 (42 OF 1956) Insertion of new section after section 29A. After section 29A, the following section shall be inserted, namely:-- Powers of the Securities and Exchange Board of India not to apply to International Financial Services Centre. "29B. Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by the Securities and Exchange Board of India under this Act,-- (a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18 of the Special Economic Zones Act, 2005 [28 of 2005.]; (b) shall be e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 38. After section 38, the following section shall be inserted, namely:-- Powers of Insurance Regulatory and Development Authority of India not to apply to International Financial Services Centre. "38A. Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by the Insurance Regulatory and Development Authority of India under this Act,-- (a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18 of the Special Economic Zones Act, 2005 [28 of 2005.]; (b) shall be exercisable by the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Aut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the time being in force, the powers exercisable by the Board under this Act,-- (a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18 of the Special Economic Zones Act, 2005 [28 of 2005.]; (b) shall be exercisable by the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019, in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned.". PART IX AMENDMENT TO THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999 (41 OF 1999) Insertion of new s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019, in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned.". PART XI AMENDMENT TO THE CREDIT INFORMATION COMPANIES (REGULATION) ACT, 2005 (30 OF 2005) Insertion of new section after section 33. After section 33, the following section shall be inserted, namely:-- Powers of Reserve Bank not to apply to International Financial Services Centre. "33A. Notwithstanding anything contained in any other law for the time being in force, the powers exer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal Financial Services Centres are concerned.". PART XIII AMENDMENT TO THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007 (51 OF 2007) Insertion of new section after section 34A. After section 34A, the following section shall be inserted, namely:-- Powers of Reserve Bank not to apply to International Financial Services Centre. "34B. Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by the Reserve Bank under this Act,-- (a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18 of the Special Economic Zones Act, 2005 [28 of 2005.]; (b) shall be exercisable by the International Financial Services Centres Authority establish ..... X X X X Extracts X X X X X X X X Extracts X X X X
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