The International Financial Services Centres Authority’s (IFSCA) expert committee on international retail business development in the IFSC has submitted its interim report to the authority’s Chairperson.
The interim report covers a number of suggestions aimed at swift and efficient development of international retail businesses in the IFSC, and focuses mainly on the banking vertical. Other key business verticals — insurance, asset management, and capital markets — will be covered in reports that the committee plans to release subsequently.
The committee was constituted by the IFSCA with an aim to suggest how to develop international retail business in the IFSC, along with potential strategies for making the IFSC attractive for international financial services, provide a roadmap for future growth of international retail business in the IFSC, and also examine and recommend any other issues that are important in the development of the IFSC.
The committee has suggested that the IFSC can aim at becoming a gateway to India growth story for international investors and business, providing the Indian diaspora and individuals from Asia and Africa with a comprehensive range of financial services.
IFSCA Chairperson Injeti Srinivas said, “Our focus is to provide a best in class jurisdiction with progressive and light touch regulation to create an attractive location for international financial services. Our vision is to establish GIFT IFSC as a dominant gateway for global financial flows into and out of India, and simultaneously emerge as a major global financial hub.”