On 4th August 2020, The International Financial Services Centres Authority (IFSCA) announced the establishment of an expert committee headed by Pradip Shah, Chairman of Indasia Fund Advisors Pvt Ltd. to suggest ways to enhance International Retail Business in International Financial Services Centres (IFSC).
The 7 member committee of experts was given three months to submit its recommendations to the IFSCA.
The member of the committee includes
- G.Srinivasan, Ex-Chairman and Managing Director, New India Assurance Ltd.
- Siddhartha Sengupta, Ex-Deputy Managing Director of State Bank of India
- Shyamal Mukherjee, Chairman of PricewaterhouseCoopers (PwC)
- Prakash Subramanian, Head of Strategy, Standard Chartered Bank
- Dipesh Shah, Head – IFSC Dept., GIFT IFSC
- Nitin Jaiswal, Head – Govt Affairs & Strategic relations, Bloomberg, Singapore
Roles of the Committee:
i.To suggest potential strategies to make IFSC an attractive hub for global financial services.
ii.To provide a roadmap for the future growth of international retail business in IFSC.
iii.The committee will submit its report along with recommendations within the next three months.
i.The objective of the IFSCA is to make India a global hub for international financial service in par with London, Hong Kong, Singapore and Dubai.
ii.The International Financial Services Centres Authority(IFSCA) was assigned to develop and regulate the financial services market in the IFSC in India.
iii.They provide better and effective regulatory systems similar to that of the best jurisdictions of the world.
iv.The IFSCA makes the IFSC at Gujarat International Finance Tec-City (GIFT city) as a gateway for the India centric international financial services apart from channelising India’s offshore business to the centre.
Established through International Financial Services Centres Authority Bill, 2019.
Chairman– Injeti Srinivas
Headquarters– Gandhinagar, Gujarat
Recent Related News:
i.The Central government notified that it has established International Financial Services Centres Authority(IFSCA), a unified body to regulate all financial services in International Financial Services Centres(IFSCs) in the country.
ii.A 8-member committee headed by 15th Finance Commission Chairman N K Singh is set up by Finance Commission(FC) to review the fiscal consolidation road map of state & central governments.