5.INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS (IOSCO):
The International Financial Services Centres Authority (IFSCA) has become an Associate Member of the International Organization of Securities Commissions (IOSCO).
IFSC IN INDIA:
- The first International Financial Services Centre (IFSC) in the country has been set up at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar.
- To regulate such institutions, the government established IFSCA on April 27 last year with its head office in Gandhinagar.
- In December 2019, Parliament passed a bill to set up a unified authority for regulating all financial activities at IFSCs in the country.
- It is the international body that brings together the world’s securities regulators and is recognized as the global standard setter for the securities sector.
- IOSCO develops, implements and promotes adherence to internationally recognized standards for securities regulation.
- It works intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda.
IOSCO was established in 1983. Its membership regulates more than 95% of the world’s securities markets in more than 115 jurisdictions; securities regulators in emerging markets account for 75% of its ordinary membership.