IFSCA, IIMA Sign MoU for Policy Research in Emerging Financial Areas
SANDEEP KUMAR | Feb 18, 2022 |
IFSCA, IIMA Sign MoU for Policy Research in Emerging Financial Areas
The International Financial Services Centres Authority (IFSCA) and the Indian Institute of Management Ahmedabad (IIMA) have signed a Memorandum of Understanding (MoU) to strengthen and collaborate in conducting evidence-based research to aid policy formulation and encourage research in emerging financial areas. As per the official press release issued recently, the MoU was signed on Feb 10th.
IFSCA is a unified regulator with a responsibility to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centers. It is based at GIFT City in Gandhinagar and is governed by the IFSCA Act 2019. The city is situated on the banks of the Sabarmati River, which connects the state capital (Ahmedabad) with the political capital (Gandhinagar) of Gujarat, India’s Growth Engine.
Earlier, IFSCA and IIM-A had signed a Memorandum of Understanding (MoU) at GIFT City in Gandhinagar in September, 2020 to provide consultation for the establishment of the International Bullion Exchange (IBE) in India.
Finance Minister Nirmala Sitharaman announced the establishment of an international arbitration centre in the GIFT City — a planned economic centre in Gujarat — in the first week of this month while presenting Budget.
“It will provide an ideal platform for a two-way collaboration between IFSCA and IIMA, especially in the areas of policy research, economic impact analysis, strategy management and emerging areas such as FinTech, Climate Finance, etc,” stated Injeti Srinivas, Chairperson, IFSCA.
IIMA director Professor Errol D’Souza said, “IIMA is excited to strengthen evidence-based policy making and regulation to build a globally competitive financial centre in India. This MoU will help create the foundation and provide impetus for a focused research and policy-making related to financial markets within the overall economic framework”.
According to the Ministry of Economic Affairs’ budget paper, IFSCA had approved three firms under the Regulatory Sandbox Framework, including NSE IFSC for trading in selected US stocks in the form of depository receipts. According to the announcement, IFSCA has also resolved to sign a Memorandum of Understanding with T-Hub (Hyderabad) and Fin-Blue Hub (Chennai) for the purpose of fostering start-ups.
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