The International Financial Services Centres Authority (IFSCA) has introduced amendments to its Procedure for Authority Meetings Regulations, 2020, through a notification dated August 20, 2024. These amendments, now effective following their publication in the Official Gazette, make several key changes. Firstly, a new sub-regulation has been added to Regulation 7, stipulating that if the total strength of the Authority is less than four members, a quorum of at least two members, including one ex-officio member, is required for meetings. Additionally, Regulation 9A has been inserted, granting the Chairperson the authority to invite any person to a meeting for advice or consultation, provided prior notice is given to other members. Furthermore, a new sub-regulation in Regulation 13 restricts members from sharing information with the press or public media about the Authority’s workings or meeting decisions unless specifically authorized by the Chairperson. These changes aim to streamline the decision-making process within the IFSCA and enhance the confidentiality and integrity of its operations. The amendments reflect the IFSCA’s commitment to effective governance and the careful handling of sensitive information in its financial regulatory role.
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
NOTIFICATION
Gandhinagar, the 20th August, 2024
International Financial Services Centres Authority (Procedure for Authority Meetings) (Amendment) Regulations, 2024
F. No. IFSCA/GN/2024/007.—In exercise of the powers conferred by section 8 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), the International Financial Services Centres Authority hereby makes the following regulations, further to amend the International Financial Services Centres Authority (Procedure for Authority Meetings) Regulations, 2020, (hereinafter referred to as the Principal Regulations), namely:
1. (1) These regulations may be called the International Financial Services Centres Authority (Procedure for Authority Meetings) (Amendment) Regulations, 2024.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In regulation 7 of the Principal Regulations, after sub-regulation (1), the following sub-regulation shall be inserted, namely: –
“(1A) Where the total strength of the Authority is less than 4, the total no. of members, being not less than 2, shall constitute the quorum provided that at least one of them is an ex-officio member.”
3. In the Principal Regulations, after regulation 9, the following regulation shall be inserted namely: –
“9A. Invitees at meeting:
Any person whose presence at a meeting is desired for his advice or consultation, may be invited to attend the meeting by the Chairperson, upon prior intimation to other members.”
4. In regulation 13 of the Principal Regulations, after sub-regulation (2), the following sub-regulation shall be inserted, namely: –
“(3) No member, other than the Chairperson or a person specifically authorised by him, shall give information to the Press or any other public media on matters relating to the working of the Authority and decisions taken at meetings ”
K. RAJARAMAN, Chairperson
[ADVT.-III/4/Exty./445/2024-25]
