New Delhi (27.05.2021): A committee has been constituted under the Chairmanship of Nilesh Shah, MD, Kotak Mahindra Asset Management Co. Ltd. to advise the International Financial Services Centres Authority (IFSCA) on how to develop and regulate financial products, financial services, and financial institutions in the GIFT-International Financial Service Centres (IFSCs) in India.
The Committee comprises leaders from the entire Fund Management ecosystem including from areas such as technology, distribution, legal, compliance, and operations.
The constitution of the committee can be accessed through the following weblink:
The committee will focus on the following specific terms of reference: 1, to recommend IFSCA on a long-term vision for operations of Investment Funds in IFSC.
2. To make recommendations with respect to the structure of Investment Funds in IFSC. The recommendations may be two-fold:
i. Short-term in nature that can be implemented by IFSCA immediately (i.e. less than 3 months). Such suggestions may fall under the exclusive regulatory purview of IFSCA.
ii. Recommendations that may be implemented in mid-term (6 months to 1 year). Such suggestions may also pertain to the regulatory purview of other regulators.
3. To identify issues that may be critical for the development of the Investment Funds industry at IFSCs including inter-regulatory issues.
4. Any other relevant item on building the ecosystem inter-alia on asset managers, hedge funds, PE, VC, sovereign funds, family offices, and the accompanying professional services.
