The International Financial Services Centres Authority (IFSCA) has announced the formation of an expert committee to create a roadmap for onshoring Indian innovation to the Gujarat International Finance Tec-City (GIFT) IFSC. The committee will be chaired by G. Padmanabhan, former Executive Director of the Reserve Bank of India.

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The committee will consist of representatives from leading Venture Capital funds, Startups, Fintechs, Law firms, Tax firms and other domain experts. Their objective is to identify critical issues that are necessary for the development of GIFT IFSC as a global Fintech hub. Additionally, the committee will suggest measures that will encourage new Fintechs having a global outlook to establish their commercial presence in GIFT IFSC.

The committee is expected to submit its recommendations to IFSCA within three months. The recommendations are anticipated to include measures to improve the infrastructure and regulatory framework of the IFSC, incentivize innovation and investment in the IFSC, and enhance the IFSC's competitive positioning on a global scale.

The establishment of the committee and its objectives signify IFSCA's commitment to making GIFT IFSC a global leader in the Fintech industry. The recommendations will play a crucial role in shaping the future of the IFSC as an innovation hub and attracting foreign investment to the Indian financial services sector.

(Edited by : Pradeep John)