'Financial Service Sector is emerging across boundaries.' In this context, explain in brief International Financial Service Centre and its Regulator.

Section 18 of the Special Economic Zones Act, 2005 (the Act) provides that the Central Government may approve the setting up of an International Financial Service Centre (IFSC) in a Special Economic Zone and prescribe the requirements for setting up and operation of such Centre, provided that the Central Government shall approve only one International Financial Services Centre in a Special Economic Zone. Sec 18(2) of the Act provides that the Central Government may, subject to such guidelines as may be framed by the Reserve Bank of India, the Securities Exchange Board of India, the Insurance Regulatory and Development Authority and such other concerned authorities, as it deems fit, prescribe the requirements for setting up and the terms and conditions of the operation of Units in an IFSC for caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders, London, New York and Singapore can be counted as global financial centres. Services an International Financial Service Centre can provide: Fund-raising services for individuals, corporations and governments. Asset management and global portfolio diversification undertaken by pension funds, insurance companies and mutual funds. Wealth management. Global tax management and cross-border tax liability optimization, which provides a business opportunity for financial intermediaries, accountants and law firms. Global and regional corporate treasury management operations that involve fund-raising, liquidity investment and management and asset-liability matching. Risk management operations such as insurance and reinsurance. Merger and acquisition activities among trans-national corporations. IFSCs in India The first International Financial Service Centre (IFSC) in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. International Financial Service Centre Authority (IFSCA) As the dynamic nature of business in the IFSCs requires a high degree of inter-regulatory coordination within the financial sector, the IFSCA has been established as a unified regulator with a holistic vision in order to promote ease of doing business in IFSC and provide world class regulatory environment. The main objective of the IFSCA is to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region and the global economy as a whole.