Experts' Panel for Development of International Retail Business in IFSC

The International Financial Services Centres Authority (IFSCA) announced the creation of a seven-member committee of experts for the development of international retail business in the International Financial Services Centre (IFSC).

The committee will be headed by Pradip Shah, the Chairman of Indasia Fund Advisors Pvt Ltd.

The other members of the panel include G. Srinivasan (Ex-CMD, New India Assurance), Siddhartha Sengupta (Ex-DMD, State Bank of India) and PWCIndia Chairman Shyamal Mukherjee.

Prakash Subramanian (Head of Strategy at Standard Chartered Bank), Dipesh Shah (Head of the IFSC Department, GIFT IFSC) and Nitin Jaiswal (Head of Govt Affairs & Strategic relations for Bloomberg in Singapore) are the other members on the panel.

The panel would suggest how to develop international retail business in IFSC along with potential strategies for making IFSC attractive for international financial services and provide a roadmap for the future growth of international retail business in the IFSC.

"The committees may also examine and recommend any other issues which are important though not specifically mentioned in the terms of reference," said an IFSCA statement.

It may invite industry experts as special invitees on a "need basis" under intimation to IFSCA.

The committee will submit its report along with recommendations within three months, said the statement.