India's IFSCA gets members from 4 regulators,to regulate financial markets in IFSCs
The centre 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)
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
The IFSCA,a unified authority, will regulate financial markets in the International Financial Service Centres in India.
The authority consists of nine members that are appointed by the Government. The members are to have a term of three years. The members include include chairperson, two members from Ministry of Finance(MoF, one each from RBI, SEBI, IRDAI and PFRDA and two members based on the recommendation of seaof search committee.
The IFSCA will reduce the burden of other multiple regulators such as SEBI, RBI and IRDAI.The IFSC will provide fund raising services to corporates, individuals and governments. It will also look into global tax management, wealth management.
In December 2019, Parliament passed a bill to set up a unified authority for regulating all financial activities at IFSCs in the country. With this, the government has established a unified authority to regulate all financial services in IFSCs in the country.
The government earlier had appointed two members,Pankaj Jain, additional secretary, Department of Financial Services, MoF, and Anand Mohan Bajaj, additional secretary, Department of Economic Affairs (DEA), MoF- to the IFSCA.
Currently, India's only IFSC, GIFT city, is a global financial and IT Services hub, a first of its kind in India, designed to be at or above par with globally benchmarked Financial centres such as Shanghai, La Defense Paris,London Dockyards, Hongkong, Singapore, Dubai etc. It allows offshore and direct insurance business (which includes life, general and health insurance) of the companies/individuals present in any offshore location including global subsidiaries of Indian conglomerates.
Gift City also allows acceptance of reinsurance business of all classes of business within the SEZ and from outside the country.IFSC insurnace office
(IIO) can also underwrite specified direct insurance business of foreign jurisdictions.
Re/Insurers like New India Assurance,GIC Re, Life Insurance Corporation,and ECGC and a few reinsurance brokers are already present in the GIFT City.