IFSCA becomes associate member of the global lobby group IOSCO

International Financial Services Centres Authority (IFSCA) on Friday said that it has become an associate member of the International Organization of Securities Commissions (IOSCO).

The IOSCO works closely with the G20 nations and the Financial Stability Board (FSB), in setting up the standards for strengthening the securities markets, said IFSCA.

The IOSCO Objectives and Principles of Securities Regulation have been endorsed by FSB as one of the key standards for sound financial systems.

The membership of IOSCO will provide the IFSCA a platform to exchange information at the global level, and even at the regional level, on areas of common interests.

Further, the IOSCO platform will enable the IFSCA to learn from the experiences and best practices of the regulators of other well established financial centres, it added. 

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.