Section 34A. Act to apply to designated trade repository and issuer

1[ 34A. Act to apply to designated trade repository and issuer.— (1) The provisions of this Act shall apply to, or in relation to, a designated trade repository or issuer, as they apply to, or in relation to, payment systems to the extent applicable, subject to the modification that, throughout this Act, unless the context otherwise requires,— (a) references to a "payment system" or "system provider" shall be construed as references to a "designated trade repository" or "issuer", as the case may be; (b) references to "commencement of this Act" shall be construed with reference to-- (i) a designated trade repository, as references to the date on which a trade repository is specified by the Reserve Bank as a designated trade repository; and (ii) an issuer, as references to commencement of the Payment and Settlement Systems (Amendment) Act, 2015 (18 of 2015). (2) The Reserve Bank may, on an application by a designated trade repository or otherwise, permit or direct the designated trade repository to provide such other services as are deemed necessary from time to time. Explanation . — For the purposes of this section, the expression "designated trade repository" shall mean a trade repository or a class of trade repositories, as maybe specified by the Reserve Bank from time to time.] 2 [ 34B. Powers of Reserve Bank not to apply to International Financial Services Centre .— Notwithstanding anything contained in any other law for the time being in force, the powers exercisable by the Reserve Bank under this Act,— (a) shall not extend to an International Financial Services Centre set up under sub-section (1) of section 18 of the Special Economic Zones Act, 2005 (28 of 2005); (b) shall be exercisable by the International Financial Services Centres Authority established under sub-section (1) of section 4 of the International Financial Services Centres Authority Act, 2019, in so far as regulation of financial products, financial services and financial institutions that are permitted in the International Financial Services Centres are concerned.] 1. Ins. by Act 18 of 2015, s. 5 (w.e.f. 1-6-2015). 2. Ins. by Act 50 of 2019, s. 33 and the second Schedule (w.e.f. 1-10-2020).