law: Special Economic Zones Act, 2005 
  18. Setting up of
  
  International Financial Services Centre 
  1.     
  
    The
  
  Central Government may approve the setting up of an International Financial
  
  Services Centre 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.
  1.     
  
  
  2.     
  
    The
  
  Central Government may, subject to such guidelines as may be framed by the
  
  Reserve Bank, the Securities and 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 International Financial Services Centre.