The International Financial Services Centres Authority (IFSCA) on May 09, 2024, issued a Consultation paper on the proposed International Financial Services Authority (Board for Regulation and Supervision of Payment and Settlement Systems) Regulations, 2024.
The following has been stated-
•In the above context, in order to enable the functioning of the BPSS for IFSC, the Regulations, inter alia, proposes to Specify the duties, powers and functions of the BPSS and Specify the procedure to be followed at the meetings of the BPSS.
•The powers of the Board may be exercised by the following persons to the extent mentioned hereunder: -
oThe Chairperson and in his absence, the Vice-Chairperson may also exercise all powers and do all acts and things, which may be exercised or done by the Board.
oWithout prejudice to the provisions of clause (a), the Chairperson may, by general or special order, delegate to a Vice-Chairperson or Member, subject to such conditions and limitations, if any, as may be specified in the order, any powers exercisable by the Chairperson under these regulations, as the Chairperson may deem necessary, for the efficient administration of the functions of the Board.
The comments and suggestions are to be sent on or before May 30, 2024.
