The International Financial Services Centres Authority (IFSCA) on Thursday set up an expert panel headed by former Enviornment and Forest Secretary C K Mishra to suggest a framework to develop a world-class sustainable finance hub at IFSC.
India aspires to be a frontrunner in climate action, which is evident in its commitment towards its intended Nationally Determined Contributions under Paris Agreement, IFSCA said in a statement.
“Raising financial resources for climate change adaptation and mitigation actions of this scale needs active participation of international investors. IFSCA envisions GIFT- IFSC as a global hub for sustainable finance thereby acting as a gateway for channelizing foreign capital into India,” it said.
In its endeavour to develop the required ecosystem, IFSCA has constituted a 10-member Expert Committee to recommend approach towards development of Sustainable Finance Hub and provide a road map for the same.
As per the terms of reference, the panel would identify existing and emerging opportunities in Sustainable Finance for GIFT-IFSC to act as a gateway to meet India’s requirements and recommend a short, medium, and long-term vision/road map on sustainable finance.
The committee consists of leaders across the sustainable finance spectrum, including international agencies, standard setting bodies, funds, academia, and consultancies. The committee would submit its report along with recommendations within three months from the date of holding its first meeting.
IFSCA was established in April last year under the International Financial Services Centres Authority Act, 2019. It is headquartered at GIFT City, Gandhinagar.
IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India. At present, GIFT IFSC is the maiden international financial services centre in India.
Prior to the establishment of IFSCA, the domestic financial regulators, namely, RBI, Sebi, PFRDA and IRDAI regulated the business in IFSC.
The main objective of IFSCA is to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region and the global economy as a whole.
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