The Central Government through vide notification S.O. 2265(E) issued on 24th May 2023 issued the clarification for Financial Services International Financial Services Centres Authority Act, 2019. The notification came into force on 24th May 2023.
Under the Section 31(1)(a) of International Financial Services Centres Authority Act, 2019 the Central Government directed the University Grants Commission Act, 1956 and the All India Council For Technical Education Act, 1987 shall not apply to the following financial service specified in the notification of the Government of India number S.O.2374(E) dated the 23rd May 2022 namely:
Financial service: courses offered in Financial Management, FinTech, Science, Technology, Engineering and Mathematics by foreign universities or foreign institutions in the International Financial Services Centres.
The Explanation provided by the Central Government for clarifying doubts are:
(i) that the regulatory ambit of the Authority shall be limited to terms and conditions of establishment including reporting requirements and administrative functioning of such foreign universities or foreign institutions and the regulatory framework of the respective home country shall apply in all academic matters such as curriculum, faculty, admission criteria or process, academic collaborations etc.;
(ii) that the recognition of courses offered by such foreign universities or foreign institutions in the International Financial Services Centre, for the purpose of their equivalence in India, shall be subject to the requirements of Association of Indian Universities or other agencies vested with the responsibility of according academic equivalence to the qualifications awarded by such foreign universities or foreign institutions.
To control and advance the financial services offered in India’s International Financial Services Centres (IFSCs), the International Financial Services Centres Authority Act was passed.
As long as specific conditions and standards are met, the legislation gives the IFSCA authority to recognise financial institutions, financial goods, and financial services offered in IFSCs.
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