Chapter VI — Miscellaneous: Fund, Accounts, Audit, Reports and Exemptions
Reviewed by CA Nikhil Gupta and Kajri Singh · Last reviewed 18 July 2026
IFSCA Fund, accounting/audit obligations, annual report to Parliament, and the Central Government's power to exempt or supersede the Authority.
IFSCA Fund
Grants from the Central Government, fees and charges collected by IFSCA, and any other notified receipts are credited to the IFSCA Fund, applied to meet the Authority's own expenses (salaries, allowances, regulatory operations) under Section 23.
Accounts and audit
IFSCA maintains proper accounts audited by the Comptroller and Auditor-General of India (CAG) — placing it on the same public-accountability footing as RBI/SEBI/IRDAI/PFRDA rather than a purely self-funded private-sector-style regulator.
Annual report
IFSCA submits an annual report of its activities to the Central Government, which is laid before each House of Parliament — the primary public transparency mechanism for tracking the Authority's regulatory and developmental performance.
Power to exempt and power to supersede
The Central Government may, by notification, exempt any class of persons from specified Act provisions in the public interest, and — in extreme circumstances of persistent default or public-interest necessity — supersede the Authority itself for a specified period, appointing an administrator in the interim, under the Section 32-equivalent safeguard mirrored from the other financial-regulator statutes.
Evidence and verification checklist
- Confirm the current, in-force text governing Chapter VI — Miscellaneous: Fund, Accounts, Audit, Reports and Exemptions on the official source linked above - the summary on this page is an implementation aid, not a substitute for it.
- Record the exact event/transaction date, since the applicable version of the law, form or threshold can change between the date of the underlying event and today.
- Preserve the primary documents (notices, applications, orders, acknowledgements) that would let a reviewer reconstruct how the facts were classified and what was actually done.
- Check for a State-specific rule, later amendment or binding judicial decision that may modify how this applies on your facts.
Before relying on this page
This page is a structured implementation summary, not the operative legal text. Portal or process acceptance of a filing does not by itself establish legal compliance - the underlying classification, authority, evidence and timeline still have to be independently correct. Where the facts are contested, high-value, or time-barred if delayed, verify the current position with the official source and, where appropriate, a qualified professional before acting.