Money & Banking

IFSCA sets up panel to suggest ways for development of international retail business

Our Bureau New Delhi | Updated on August 03, 2020

International Financial Services Centres Authority (IFSCA) on Monday announced setting up an expert committee suggest ways for the development of international retail business.

The committee will be headed by Pradip Shah (Chairman, Indasia Fund Advisors Pvt Ltd.). At the same time, members include G. Srinivasan (Ex-CMD, New India Assurance Ltd.), Siddhartha Sengupta (Ex-DMD, State Bank of India), Shyamal Mukherjee (Chairman, PWC), Prakash Subramanian (Head – Strategy, Standard Chartered Bank), Dipesh Shah (Head - IFSC Dept., GIFT IFSC) and Nitin Jaiswal, (Head - Govt Affairs & Strategic relations, Bloomberg, Singapore).

IFSCA has been mandated to develop and regulate the financial services market in the International Financial Services Centre (IFSC) in India. Further, it needs to provide an efficient and facilitative regulatory system comparable with the best jurisdictions in the world, to develop IFSC in India as a preferred global hub for international financial services. Apart from channelizing India’s offshore business to the IFSC located at GIFT City and making it the gateway for India centric international financial services, the objective is to make it a global hub for international financial services on the lines of London, Hong Kong, Singapore and Dubai.

The Committee of Experts will suggest how to develop international retail business in IFSC along with potential strategies for making IFSC attractive for global financial services. It has been asked to provide a roadmap for the future growth of international retail business in IFSC The Committee will submit its report along with recommendations within three months.

Published on August 03, 2020

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