Introduction: The International Financial Services Centres Authority (IFSCA) has taken a significant step towards enhancing the development and regulation of the fund management industry within International Financial Services Centres (IFSCs). IFSCA recently constituted a “Fund Management Advisory Committee” (FMAC) to provide guidance and recommendations. This committee, led by Mr. N S Vishwanathan, Former Deputy Governor of the Reserve Bank of India, is tasked with laying out a comprehensive plan for the orderly growth and development of the fund management sector in IFSCs.
Members of the FMAC: The FMAC comprises esteemed professionals with vast experience and expertise in the financial sector:
1. Mr. Ananta Barua – Former Whole Time Member (WTM), SEBI
2. Mr. Manish Kejriwal – Founder and Managing Partner, Kedaara Capital Investment Managers Ltd.
3. Mr. Rajiv Dhar – MD & CEO, National Investment and Infrastructure Fund (NIIF)
4. Mr. Srini Sriniwasan – MD & CEO, Kotak Alternate Asset Managers
5. Mr. Nikhil Kamath – Co-Founder, True Beacon & Zerodha
6. Mr. Navneet Munot – MD & CEO, HDFC Asset Management Company Ltd.
7. Mr. A Balasubramanian – MD & CEO, Aditya Birla Sun Life AMC Limited
8. Mr. Ranganath M D – Chairman, Catamaran Ventures
9. Ms. Soumya Rajan – Founder & CEO, Waterfield Advisors
10. Mr. Kushal Agrawal – Partner & CFO, Lightrock India
11. Mr. Subramaniam Krishnan – Partner, E&Y
12. Mr. Siddharth Shah – Partner, Khaitan & Co.
13. Mr. Tushar Sachade – Partner, PwC & Co. LLP
14. Mr. Rajendra Chitale – Managing Partner, M. P. Chitale & Co.
15. Mr. Pavan Shah – General Manager, IFSCA (Member Secretary)
Terms of Reference: The Committee’s role encompasses various key areas:
i. Advising IFSCA on fund management industry development in IFSCs, including a long-term growth plan.
ii. Offering guidance on measures for the growth of IFSC funds industry and the development of new products and services.
iii. Providing recommendations on addressing market practices that may require regulatory attention.
iv. Advising on benchmarking IFSCA (Fund Management) Regulations, 2022, and policies with global financial centers.
v. Identifying and advising on issues that need cooperation with other regulators or government departments for the fund management industry’s development in IFSCs.
vi. Addressing any other matters that IFSCA deems relevant to the overall terms of reference or that impact the fund management industry in IFSCs.
Conclusion: The establishment of the Fund Management Advisory Committee (FMAC) by IFSCA, under the leadership of Mr. N S Vishwanathan, signifies a significant step in the development and regulation of the fund management industry within International Financial Services Centres. With its experienced and knowledgeable members, the FMAC is poised to provide valuable insights and recommendations to foster the orderly growth and development of this sector in IFSCs. This move reinforces IFSCA’s commitment to maintaining high standards and facilitating the growth of financial services in IFSCs.
International Financial Services Centres Authority
IFSCA Constitutes Fund Management Advisory Committee (FMAC)
In order to advise IFSCA on robust development and regulation of fund management industry in IFSC, IFSCA has constituted a standing “Fund Management Advisory Committee” under the Chairmanship of Mr. N S Vishwanathan, Former Deputy Governor, Reserve Bank of India. The Committee is expected to lay a long-term plan for the orderly growth and development of the fund management industry in IFSC. The Committee is also expected to advise IFSCA on new products or services, untoward market practices, etc. The other esteemed members of the Committee are:
Mr. Ananta Barua
|Former Whole Time Member (WTM), SEBI|
|2.||Mr. Manish Kejriwal||Founder and Managing Partner, Kedaara Capital Investment Managers Ltd.|
|3.||Mr. Rajiv Dhar||MD & CEO, National Investment and Infrastructure Fund (NIIF)|
|4.||Mr. Srini Sriniwasan||MD & CEO, Kotak Alternate Asset Managers|
|5.||Mr. Nikhil Kamath||Co-Founder, True Beacon & Zerodha|
|6.||Mr. Navneet Munot||MD & CEO, HDFC Asset Management Company Ltd.|
|7.||Mr. A Balasubramanian||MD & CEO, Aditya Birla Sun Life AMC Limited|
|8.||Mr. Ranganath M D||Chairman, Catamaran Ventures|
|9.||Ms. Soumya Rajan||Founder & CEO, Waterfield Advisors|
|10.||Mr. Kushal Agrawal||Partner & CFO, Lightrock India|
|11.||Mr. Subramaniam Krishnan||Partner, E&Y|
|12.||Mr. Siddharth Shah||Partner, Khaitan & Co.|
|13.||Mr. Tushar Sachade||Partner, PwC & Co. LLP|
|14.||Mr. Rajendra Chitale||Managing Partner, M. P. Chitale & Co.|
|15.||Mr. Pavan Shah||
General Manager, IFSCA (Member Secretary)
The Terms of Reference of the Committee include the following:
i. To advise IFSCA on matters relating to development and regulation of fund management industry in International Financial Services Centres (IFSCs) including a long-term plan for the orderly growth and development of the fund management industry in IFSCs.
ii. To advise IFSCA on measures of growth of IFSC funds industry and on matters relating to development of new products or services for fund management industry in IFSCs.
iii. To advice IFSCA on any market practice in the nature of malpractice, which requires regulatory intervention or attention.
iv. To advise IFSCA on benchmarking IFSCA (Fund Management) Regulations, 2022 and other policies with highly ranked global financial centres.
v. To advise IFSCA on any issues which need to be taken up with other regulators / government departments for development of the fund management industry in IFSCs.
vi. Any other matter that IFSCA considers relevant or incidental to the overall terms of reference of the Committee or which has a bearing on fund management industry in IFSCs.
September 27, 2023