IFSCA sets up a panel to formulate plan to develop international retail business : 04-08-2020

The International Financial Services Centres Authority (IFSCA) set up a panel of industry experts to formulate a plan to develop international retail business at the International Financial Services Centre (IFSC), said a release on Monday.

The expert committee was also tasked with strategising to make the IFSC attractive for international financial services and to draw up a roadmap for the growth of international retail at the centre.

The committee will be chaired by Pradip Shah, chairman at Indasia Fund Advisors, and will include G Srinivasan, former CMD of New India Assurance, Siddhartha Sengupta, former DMD of State Bank of India, Shyamal Mukherjee, chairman at PwC.

Other members included Prakash Subramanian, head – strategy, Standard Chartered Bank, Dipesh Shah, head, GIFT IFSC and Nitin Jaiswal, head of government affairs and strategic relations, Bloomberg Singapore.

The development came as the government was gearing up to attract foreign businesses looking to shift from their dependence on China and those fleeing the rising unrest in Hong Kong.

The objective of the IFSCA was to make the IFSC a global hub for international financial services on the lines of London, Hong Kong, Singapore and Dubai, the release said.

Earlier in July, the ministry of corporate affairs had appointed former corporate affairs secretary, Injeti Srinivas as the chairman of the IFSCA.

Later, it appointed four members to the body, TL Alamelu, member of the Insurance Regulatory and Development Authority, Indrani Banerjee, executive director of the Reserve Bank of India, Sujit Prasad, executive director of the Securities and Exchange Board of India and Ananta Gopal Da, executive director, Pension Fund Regulatory and Development Authority.

The committee of experts was given three months to submit its recommendations to the IFSCA.

Source : Financial Express