Making India a hub of global financial services: So close, yet so far

The dynamic nature of business in IFSCs necessitates a high degree of inter-regulatory coordination, say experts

The recent appointment of former Corporate Affairs Secretary Injeti Srinivas as the first chairman of the newly established regulator, International Financial Services Centres Authority, and the political slugfest in Hong Kong — an established financial centre in Asia — have put the spotlight on India’s aspirations to be a hub of international financial services (IFS).

The regulatory landscape to govern such financial centres, however, is still in the making, and the efforts, so far, have generated mixed results, say experts.  The International Financial Services Centres Authority (IFSCA) will have to do most of the heavy lifting, along with other sectoral