The second day of the IVCA Conclave witnessed a fireside session featuring Shri Pradeep Ramakrishnan, Executive Director of the International Financial Services Centres Authority (IFSCA), and Shri Sivasubramanian Ramann, CMD of the Small Industries Development Bank of India (SIDBI). The session, moderated by Vikram Gupta, Founder and Managing Partner of IvyCap Ventures, shed light on IFSCA’s role in India’s financial ecosystem.
Shri Pradeep Ramakrishnan highlighted the rapid growth of the Gujarat International Finance Tec-City (GIFT City), which has received $7 billion in commitments in a short span of time. He attributed this success to IFSCA’s advantage of learning from a 10-year growth period. He emphasized IFSCA’s commitment to attracting global investments and capital, citing the implementation of regulations tailored to ensure attractiveness on all fronts. One significant advantage he mentioned was the introduction of a single-window registration system, simplifying the process for entities to carry out various financial activities under one registration.
Regarding investor protection, Shri Ramakrishnan stressed IFSCA’s focus on disclosure granularity, ensuring that investors are well-informed and protected throughout the investment process. He noted that while attracting capital is crucial, ensuring a fair and transparent process for investors is equally important to IFSCA.
Highlighting the success of GIFT City, Shri Ramakrishnan mentioned that the Funds Management Wing has been a significant achievement, with over 100 funds listed and licensed, and more in the pipeline. He mentioned the recent decision by the Abu Dhabi Investment Authority to choose GIFT City as a hub for its funds, reflecting the growing confidence in India’s financial ecosystem.
Speaking about IFSCA’s ambitious vision for 2047, known as Viksit Bharat, Shri Ramakrishnan emphasized IFSCA’s role as one of the key drivers to help achieve this vision. He mentioned the need for almost US$18 trillion to transform India into a developed nation and expressed confidence that IFSCA would play a crucial role in mobilizing the required capital and investments.
On sustainability, Shri Ramakrishnan highlighted that a significant portion of the bonds raised in IFSCA, around 1/5th, has been for sustainable projects, surpassing the domestic figures. He reiterated IFSCA’s commitment to creating a sustainable finance hub, aligning with global trends towards responsible investing.
In conclusion, Shri Ramakrishnan emphasized IFSCA’s commitment to driving India’s economic growth and development, positioning it as a key player in the global financial landscape.
