The International Financial Services Centres Authority (IFSCA) has taken a significant step towards promoting the development of Non-Resident Individual (NRI) businesses and facilitating easier registration processes. In this press release, we will delve into the details of this newly formed Working Group, its objectives, and the key experts who will be steering this initiative.
Detailed Analysis
Working Group Objectives:
1. Global Benchmarking: The Working Group is tasked with conducting global benchmarking of three financial centers with significant NRI businesses. This benchmarking will provide insights into best practices and strategies employed in these centers.
2. Development of NRI Businesses: One of the primary objectives is to provide recommendations for the development of NRI businesses in the Gujarat International Finance Tec-City (GIFT) International Financial Service Centre (IFSC).
3. Ease of Registration: The Group will study the ease of registration processes in the identified global centers, including digital onboarding methods and risk mitigation measures. This research aims to streamline the registration process for NRIs in GIFT IFSC.
4. Simplifying Onboarding: Recommendations will be made to simplify the registration of Non-Resident Individuals, both through physical and digital onboarding methods. These recommendations will facilitate ease of investment through IFSC in India and overseas.
5. Comprehensive Scope: The Working Group is open to any other suggestions or measures directly or indirectly linked to its mandate. This ensures a holistic approach to enhancing NRI business and registration processes.
Key Members:
The Working Group comprises experts with diverse domain knowledge, including capital markets, asset management, banking, insurance, fintech, and law. Some key members include:
- Mr. Dipesh Shah, Executive Director, IFSCA
- Mr. Kumar Raghuraman, Chief General Manager, IFSCA
- Mr. Nilesh Shah, MD, Kotak Mahindra AMC
- Mr. Nikhil Kamath, Co-founder, Zerodha
- Ms. Vibha Padalkar, MD & CEO, HDFC Life Insurance
- Mr. V. Balasubramaniam, MD & CEO, NSE IFSC
- Mr. Siddarth Pai, Founding Partner & CFO, 3one4 Capital
Conclusion:
IFSCA’s establishment of a Working Group focused on the development of Non-Resident Individual businesses and the simplification of registration processes demonstrates a commitment to fostering investment and business growth in the GIFT IFSC. With the participation of industry experts and a comprehensive scope, this initiative is poised to enhance the appeal and ease of doing business for NRIs within the IFSC. The Group’s report and recommendations, expected in three months, hold the potential to shape the future landscape of NRI investments in India and overseas.
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INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
PRESS RELEASE
IFSCA constitutes a Working Group for the development of Non-Resident Individual Business and Ease of Registration
A Working Group led by IFSCA has been constituted for the development of Non-Resident Individual (both Indian as well as Foreign) Business and Ease of Registration. The Working Group comprises of industry experts having domain knowledge in the areas of capital market, asset management, banking, insurance, law, fintech, etc.
GIFT IFSC being a non-resident zone under Foreign Exchange Management Law, is uniquely positioned to act as an inbound & outbound gateway for investments into and outside of India.
The Working Group shall comprise of the following members:
| S. No. | Name | Organization |
| 1 | Mr. Dipesh Shah | Executive Director, IFSCA |
| 2 | Mr. Kumar Raghuraman | Chief General Manager, IFSCA |
| 3 | Mr. Nilesh Shah | MD, Kotak Mahindra AMC |
| 4 | Mr. Nikhil Kamath | Co-founder, Zerodha |
| 5 | Mr. Nishith Desai | Founder, Nishith Desai Associates |
| 6 | Ms. Vibha Padalkar | MD & CEO, HDFC Life Insurance |
| 7 | Mr. V. Balasubramaniam | MD & CEO, NSE IFSC |
| 8 | Mr. Siddarth Pai | Founding Partner & CFO, 3one4 Capital |
| 9 | Mr. Sachin Kumar | Head – NRI Ecosystem & Remittances, ICICI |
| 10 | Ms. Mitali Joshi | Head, Offshore Products, HDFC |
| 11 | Mr. Anupam Guha | Business Head – Private Wealth Management & NRI Services, ICICI Securities |
| 12 | Mr. Dinesh Venkataraman | MD & Head of Strategy, Develop Bank of Singapore (DBS) India |
| 13 | Mr. David Perez | Head of Allfunds Asia |
| 14 | Ms. Shanti Mohan | Co-founder, LetsVenture |
| 15 | Mr. Jayesh Khaitan | India Head, Ascent Fund Services |
| 16 | Mr. Lalit Khanna | Head, AIECTA |
| 17 | Mr. Shaan Zaveri | Designated Partner, Terazo Fintech |
| 18 | Mr. Supriyo Bhattacharjee | Chief General Manager, IFSCA |
| 19 | Mr. Himanshu Jain | AGM, IFSCA (Member Secretary) |
General Terms of Reference of the Working Group are as follows: –
(i) To undertake Global benchmarking of 3 financial centres with larger Non-Resident Individual businesses.
(ii) To provide suggestions to develop Non-Resident Individual (both Indian and Foreign) Businesses in GIFT IFSC.
(iii)To study the ease of registration in the identified global centres including digital onboarding processes along with risk mitigation measures.
(iv) To suggest measures for the Ease of Registration of Non-Resident Individuals, including physical and digital onboarding, and related processes from the ease of investing through IFSC in India and Overseas.
(v) Any other suggestions directly/indirectly linked to the mandate of the Working Group.
The Working Group shall submit its report along with the recommendations to IFSCA in three months’ time.
Gandhinagar
October 06, 2023
