Gandhinagar (Gujarat): The International Financial Services Centres Authority (IFSCA) on Monday announced that it has appointed a committee of experts to suggest how to develop international retail business at the International Financial Services Centre (IFSC).
"The government of India has notified IFSCA to develop and regulate the financial services market in the IFSC in India. 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," IFSCA said.
"It has been decided to set up a committee of experts for IFSC international retail business development with the following composition: Pradip Shah, chairman (chairman, Indasia Fund Advisors Pvt Ltd.), G. Srinivasan, member (Ex-CMD, New India Assurance Ltd.), Siddhartha Sengupta, member (ex-DMD, State Bank of India), Shyamal Mukherjee, member (chairman, PWC), Prakash Subramanian, member (head-strategy, Standard Chartered Bank), Dipesh Shah, member (head-IFSC dept., GIFT IFSC), Nitin Jaiswal, member (head-Govt Affairs and Strategic relations, Bloomberg, Singapore)," the statement added.
The general terms of the reference for the committee of experts are to 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 IFSC.
"The committees may also examine and recommend any other issues which are important though not specifically mentioned in the above terms of reference. The Committee will submit its report along with recommendations within three months," the statement said further.