GIFT City, Gandhinagar:
The newly constituted International Financial Services Centres Authority (IFSCA).an unified regulator for International Financial Services Centres, on Monday,has constituted a committee headed by Pradip Shah, chairman,Indasia Fund Advisors,to develop global retail business in Indian IFSCs. .
The committee of experts will suggest how to develop international retail business in IFSC along with potential strategies for making IFSC attractive for international financial services.
It would provide roadmap for the future growth of international retail business in IFSC and will submit its report along with recommendations within three months.
Government of India has earlier notified IFSCA, to develop and regulate financial services market in the International Financial Services Centre (IFSC) in India.
The mandate of IFSCA is to create a world class ecosystem with complete ease of doing business. 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 other members of the panel are, G. Srinivasan, former CMD, New India Assurance Ltd, Siddhartha Sengupta, former DMD, State Bank of India, Shyamal Mukherjee, Chairman, PWC, Prakash Subramanian, head – Strategy, Standard Chartered, Dipesh Shah, head – IFSC Dept., GIFT IFSC, Nitin Jaiswal, head – Govt Affairs & Strategic relations,Bloomberg,Singapore.
The government has on Friday has nominated four more members from different regulatory entities in the domestic financial sector, to the International Financial Services Centres Authority (IFSCA).
The centre,on Friday, has notified the names of T.L.Alamelu,member, IRDAI, Indrani Banerjee,executive director,Reserve Bank of India(RBI), Sujit Prasad,executive director,Securities and Exchange Board of India(Sebi),Ananta Gopal Das,executive director,Pension Fund Regulatory and Development Authority(PFRDA), as members of IFSCA)
Currently, retired IAS officer Injeti Srinivas is the chairman of the IFSCA,headquartered in Gandhinagar in Gujarat