IFSCA constitutes panel for development of international retail business in IFSC

New Delhi: The International Financial Services Centres Authority (IFSCA) on Monday said it has constituted a seven-member committee to suggest ways to enhance international retail participation in IFSC. The committee will recommend a roadmap for the future growth of international retail business in IFSC, IFSCA said in a statement.

"The committees may also examine and recommend any other issues which are important though not specifically mentioned in the above terms of reference," it added. The committee, headed by Indasia Fund Advisors Pvt Ltd Chairman Pradip Shah, may invite industry experts as special invitees on need basis under intimation to IFSCA, it said.

Other members of the committee include G Srinivasan, former CMD of New India Assurance; Dipesh Shah, Head - IFSC Department, GIFT IFSC; and Nitin Jaiswal, Head - Government Affairs and Strategic Relations, Bloomberg.

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

The Government of India has notified IFSCA to develop and regulate the financial services market in the International Financial Services Centre (IFSC) in India.

Last month, the government appointed former corporate affairs secretary Injeti Srinivas as the first chairman of the authority.

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 channelising 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.