Section 3. Definitions

3. Definitions . — (1) In this Act, unless the context otherwise requires,— (a) "appropriate regulator" means any financial sector regulator specified in the First Schedule to this Act; (b) "Authority" means the International Financial Services Centres Authority established under sub-section (1) of section 4; (c) "financial institution" means a unit set up in an International Financial Services Centre and which is engaged in rendering financial services in respect of any financial product; (d) "financial product" means— - (i) securities; - (ii) contracts of insurance; (iii) deposits; (iv) credit arrangements; (v) foreign currency contracts other than contracts to exchange one currency for another that are to be settled immediately; and (vi) any other product or instrument that may be notified by the Central Government from time to time.