The Government of India vide notification dated 28.02.2024 has vested the powers of Development Commissioner under SEZ Act 2005, with respect to IFSC units, to an officer nominated by the IFSCA to be designated as “Administrator (IFSCA)”. Accordingly, a Public Notice dated 07.03.2024 was issued by IFSCA designatin Executive Director, as Administrator (IFSCA), under the SEZ Act, 2005.
This move aims to ensure that instead of following up with the offices of IFSCA and Development Commissioner of GIFT SEZ, now the entities can approach only IFSCA for all the required approvals, whether under SEZ Act or in IFSCA Act.
