GIFT CITY

ifsc-authority-chakraborty-s-name-doing-rounds-for-chairman-post

IFSC Authority: Chakraborty’s name doing rounds for Chairman post

If some well-placed sources are to be believed the names of Atanu Chakraborty (Retd IAS:1985:GJ) is doing rounds in crucial quarters for the post of Chairman, International Financial Services Centre (IFSC) Authority. 

It may be underlined that on April 27, 2020, the NaMo government drafted a notification stating that the IFSC Authority will be headquartered in Gandhinagar, Gujarat (the place where GIFT City is located) instead of Mumbai. 

Sources also say that timings are great indicators in such matters and that could have fuelled the speculations over his name as IFSC Chairman but former Union Corporate Affairs Secretary Tapan Ray (Retd IAS:1982:GJ) appears a natural claimant of the top job who is heading the GIFT City as Managing Director since June last year. 

It may be underlined that the IFSC Authority will consist of nine members and will be appointed by the Central government. These are -- a chairperson; a member each from RBI, SEBI, IRDAI and PFRDA; two members from Ministry of Finance and two members on the recommendation of a Search Committee. IFSC is the International Financial Services Centre which provides world-class financial services to the non-residents and residents.

ALSO READ:

 

IFSC: A Backgrounder:

IFSC was the brain-child of former Union Finance Minister P Chidambaram. As the Chairman of the High-Powered Expert Committee (HPEC), he had on February 10, 2007, recommended that India must have an International Financial Services Centre (IFSC) with its headquarter in Mumbai.

As usual the then Gujarat CM Narendra Modi in 2007, became the first to announce building Gujarat International Finance Tech-City (GIFT City) at Gandhinagar. The GIFT City was India's first IFSC and was set up through the SEZ Act of 2005.

On November 25, 2019, the IFSC Authority Bill was introduced in the Lok Sabha to regulate the financial services market in the IFSC in India. It was applicable to all the IFSCs set up through the SEZ Act, 2005. The Bill was passed in the Lok Sabha and Rajya Sabha on 11.12.2019 and 12.12.2019 respectively. However, nothing was stated in the Bill about the location of headquarters of the IFSC Authority.

The IFSC Authority will regulate financial products, financial services and financial institutions -- previously approved by any of the appropriate regulators such as RBI, SEBI, IRDAI and PFRDA. The financial products include securities, deposits and contracts etc.

07 May 2020
ifsc-controversy-pawar-terms-centre-s-move-a-threat-to-the-financial-hub-of-india-

IFSC controversy: Pawar terms Centre’s move a threat to the financial hub of India?

Sharad Pawar, in his recent letter to PM Narendra Modi, urged him to reconsider his government’s decision on International Financial Services Centre (IFSC) Authority headquarters being shifted to Gujarat. This has, now, sparked off a controversy.

On April 27, 2020, the NaMo Govt issued a notification stating that the IFSC Authority will be headquartered in Gandhinagar (GIFT City) instead of Mumbai; the economic and commercial capital and financial hub of the country. Pawar attempted to set the alarm bells ringing by apprehending a massive financial loss to the country.

He even warned that this may bring international discredit to the country as it undermines the importance of Mumbai which is recognized as one of the top 10 centers of commerce in terms of global financial flow, generating 6.1% of India's GDP and accounts for 25% of industrial output and 70% of capital transactions to the Indian economy.

Pawar quoted the RBI data In his letter which stated that the Indian banking sector has deposits worth ₹145,00,000 crore. The share of Maharashtra state alone is 22%, followed by Delhi (10%), Uttar Pradesh (7.8%), Karnataka (7.2%) and Gujarat (5.4%). Through G-secs, the Centre receives funds worth ₹26,00,000 crore, of which ₹5,95,000 crore is received from Maharashtra as against Gujarat’s contribution of ₹1,40,000 crore.

He further stated that Mumbai houses important financial institutions and headquarters of numerous corporated houses and its business opportunities attract many multinational companies from across the world. He urged NaMo Govt to reconsider its decision by letting it be on merits instead of one’s own choice and preferences.

A Congress spokesperson further stated on the issue that PM Narendra Modi wants Gujarat ahead of all other states and that he does not look at all states equally.

05 May 2020
ifsc-authority-chakraborty-s-name-doing-rounds-for-chairman-post

IFSC Authority: Chakraborty’s name doing rounds for Chairman post

By IndianMandarins 07 May 2020

If some well-placed sources are to be believed the names of Atanu Chakraborty (Retd IAS:1985:GJ) is doing rounds in crucial quarters for the post of Chairman, International Financial Services Centre (IFSC) Authority. 

It may be underlined that on April 27, 2020, the NaMo government drafted a notification stating that the IFSC Authority will be headquartered in Gandhinagar, Gujarat (the place where GIFT City is located) instead of Mumbai. 

Sources also say that timings are great indicators in such matters and that could have fuelled the speculations over his name as IFSC Chairman but former Union Corporate Affairs Secretary Tapan Ray (Retd IAS:1982:GJ) appears a natural claimant of the top job who is heading the GIFT City as Managing Director since June last year. 

It may be underlined that the IFSC Authority will consist of nine members and will be appointed by the Central government. These are -- a chairperson; a member each from RBI, SEBI, IRDAI and PFRDA; two members from Ministry of Finance and two members on the recommendation of a Search Committee. IFSC is the International Financial Services Centre which provides world-class financial services to the non-residents and residents.

ALSO READ:

 

IFSC: A Backgrounder:

IFSC was the brain-child of former Union Finance Minister P Chidambaram. As the Chairman of the High-Powered Expert Committee (HPEC), he had on February 10, 2007, recommended that India must have an International Financial Services Centre (IFSC) with its headquarter in Mumbai.

As usual the then Gujarat CM Narendra Modi in 2007, became the first to announce building Gujarat International Finance Tech-City (GIFT City) at Gandhinagar. The GIFT City was India's first IFSC and was set up through the SEZ Act of 2005.

On November 25, 2019, the IFSC Authority Bill was introduced in the Lok Sabha to regulate the financial services market in the IFSC in India. It was applicable to all the IFSCs set up through the SEZ Act, 2005. The Bill was passed in the Lok Sabha and Rajya Sabha on 11.12.2019 and 12.12.2019 respectively. However, nothing was stated in the Bill about the location of headquarters of the IFSC Authority.

The IFSC Authority will regulate financial products, financial services and financial institutions -- previously approved by any of the appropriate regulators such as RBI, SEBI, IRDAI and PFRDA. The financial products include securities, deposits and contracts etc.

ifsc-controversy-pawar-terms-centre-s-move-a-threat-to-the-financial-hub-of-india-

IFSC controversy: Pawar terms Centre’s move a threat to the financial hub of India?

By IndianMandarins 05 May 2020

Sharad Pawar, in his recent letter to PM Narendra Modi, urged him to reconsider his government’s decision on International Financial Services Centre (IFSC) Authority headquarters being shifted to Gujarat. This has, now, sparked off a controversy.

On April 27, 2020, the NaMo Govt issued a notification stating that the IFSC Authority will be headquartered in Gandhinagar (GIFT City) instead of Mumbai; the economic and commercial capital and financial hub of the country. Pawar attempted to set the alarm bells ringing by apprehending a massive financial loss to the country.

He even warned that this may bring international discredit to the country as it undermines the importance of Mumbai which is recognized as one of the top 10 centers of commerce in terms of global financial flow, generating 6.1% of India's GDP and accounts for 25% of industrial output and 70% of capital transactions to the Indian economy.

Pawar quoted the RBI data In his letter which stated that the Indian banking sector has deposits worth ₹145,00,000 crore. The share of Maharashtra state alone is 22%, followed by Delhi (10%), Uttar Pradesh (7.8%), Karnataka (7.2%) and Gujarat (5.4%). Through G-secs, the Centre receives funds worth ₹26,00,000 crore, of which ₹5,95,000 crore is received from Maharashtra as against Gujarat’s contribution of ₹1,40,000 crore.

He further stated that Mumbai houses important financial institutions and headquarters of numerous corporated houses and its business opportunities attract many multinational companies from across the world. He urged NaMo Govt to reconsider its decision by letting it be on merits instead of one’s own choice and preferences.

A Congress spokesperson further stated on the issue that PM Narendra Modi wants Gujarat ahead of all other states and that he does not look at all states equally.

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