On July 14, 2021, the International Financial Services Centres Authority (IFSCA), the regulator of GIFT- City (Gujarat International Finance Tec-City), constituted an expert committee to recommend the road map and approach towards the development of the Longevity Finance Hub in GIFT IFSC.
- Objective: To serve the investment and wealth management needs of the ‘Silver Generation’ (People with age group 60 and above).
- The expert committee will be co-chaired by Kaku Nakhate, Bank of America, Country Head (India), and Gopalan Srinivasan, Ex-CMD, New India Assurance Company Ltd.
- The members of the committee include leaders from different areas of the longevity finance ecosystem viz, banking, insurance, wealth management, fintech, legal, compliance, and management consultancy.
Status of Silver Generation:
i.As per the global estimates, currently 1 billion people exist under the Silver Generation with a combined spending power of $15 trillion, further expansion in the size of the Silver Generation is also expected.
ii.Hence, by 2040, there will be more members of the silver generation than people under 20, this would lead to new challenges and opportunities in the areas of wealth management, health, insurance, and other investment products.
iii.This estimated situation has instigated IFSC to form the expert committee.
i.IFSCA was formed as a regulator to develop and regulate financial products, financial services, and financial institutions in the IFSCs in India.
ii.Before the establishment of IFSCA, the business of IFSC in India is regulated by, Reserve Bank of India(RBI), Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA), and Insurance Regulatory and Development Authority of India (IRDAI).
Note – GIFT IFSC is the 1st IFSC formed in India and currently, it is the only IFSC in the country.
Recent Related News:
On May 25, 2021, IFSCA, the regulator of GIFT- City, constituted a 12-member expert committee on investment funds(IF) under the Chairmanship of Nilesh Shah, Managing Director of Kotak Mahindra Asset Management Co. Ltd., to recommend a roadmap to promote IF at IFSC.
About International Financial Services Centres Authority (IFSCA):
Establishment – April 27, 2020, under IFSCA Act, 2019
Headquarters – GIFT City, Gandhinagar, Gujarat
Chairperson – Injeti Srinivas