The IFSCA committee submitted its interim report on development of international retail business in the IFSC which focused on the banking sector, a release said on Monday.
The committee’s subsequent reports will address other key verticals such as insurance, asset management and capital markets, it added.
On August 3, the Injeti Srinivas-led IFSCA set up a panel of industry experts, chaired by Pradip Shah, chairman at Indasia Fund Advisors, to draw up a plan to develop international retail business at the IFSC.
The members of the committee included G Srinivasan, former CMD of New India Assurance, Siddhartha Sengupta, former DMD of State Bank of India, Shyamal Mukherjee, chairman at PwC, 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 government envisages the IFSC as a global hub for international financial services on the lines of London, Hong Kong, Singapore and Dubai.
“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,” Srinivas said.