Regulation 2 - Definitions - Foreign Exchange Management (International Financial Services Centre) Regulations, 2015

2. Definitions:- In these Regulations unless the context requires otherwise , - (a) Act shall mean the Foreign Exchange Management Act, 1999 (42 of 1999) ; (b) Financial Institution shall include i. a company, or ii. a firm, or iii. an association of persons or a body of individuals, whether incorporated or not, or iv. any artificial juridical person, not falling within any of the preceding categories engaged in rendering financial services or carrying out financial transactions. Explanation: For the purpose of this sub-regulation, and without any loss of generality of the above, the expression financial institution shall include banks, non-banking financial companies, insurance companies, brokerage firms, merchant banks, investment banks, pension funds, mutual funds, trusts, exchanges, clearing houses, and any other entity that may be specified by the Government of India or a Financial Regulatory Authority. (c) Financial service shall mean activities a financial institution is allowed to carry out as specified in the respective Act of the Parliament or by the Government of India or by any Regulatory Authority empowered to regulate the concerned financial institution. (d) Financial transaction shall mean making any payment to, or for the credit of any person, or receiving any payment for, by order or on behalf of any person, or drawing, issuing or negotiating any bill of exchange or promissory note, or transferring any security or acknowledging any debt. (e) FMC shall mean the Forward Market Commission established under the Forward Contracts (Regulation) Act, 1952 (74 of 1952) . (f) International Financial Services Centre or IFSC shall have the same meaning given in Section 2 (q) of the Special Economic Zones Act, 2005 (28 of 2005). (g) IRDA shall mean mean the Insurance Regulatory and Development Authority established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999). (h) PFRDA shall mean the Pension Fund Regulatory and Development Authority established under the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013). (i) Regulatory Authority shall include Reserve Bank of India (RBI), Securities Exchange Board of India (SEBI), Insurance Regulatory Development Authority (IRDA), Pension Fund Regulatory and Development Authority (PFRDA_, Forward Market Commission (FMC) or any other statutory authority empowered to regulate a financial institution under the Indian laws. (j) 'SEBI' shall mean the Securities and Exchange Board of India established under the Securities and Exchange Board of India Act, 1992 (15 of 1992) . (k) The words and expressions used but not specified in these Regulations shall have the same meanings respectively assigned to them in the Act.