Reforms in Financial Sectors Praised at 'India-UK Financial Markets Dialogue'
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Ahmedabad, Dec 13 (NationPress) Senior officials from India and the UK convened on Friday to discuss advancements in their respective financial services sectors, encompassing capital markets, insurance and reinsurance, pensions, fintech, sustainable finance, and the International Financial Services Centre.
The third session of the ‘India-UK Financial Markets Dialogue’ was held by the Department of Economic Affairs, Ministry of Finance, in GIFT City, Gujarat. Delegates from both nations exchanged views on priorities and reforms currently underway in their financial systems.
The discussion emphasized cooperation in emerging areas of financial regulation, highlighting shared interests that could bolster bilateral trade and investment in the financial sectors.
This dialogue was spearheaded by senior officials from the Indian Ministry of Finance and HM Treasury, with contributions from regulatory agencies including the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), International Financial Services Centre Authority (IFSCA), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA), the Bank of England (BoE), and the Financial Conduct Authority (FCA).
Delegates also examined the development of capital markets, noting recent reforms in the UK’s primary and wholesale frameworks, as well as new and innovative products emerging in India’s capital markets.
Ongoing reforms in the pensions sector were also on the agenda, with Indian representatives outlining initiatives aimed at boosting workplace pension participation and enhancing payout strategies.
Both parties recognized the potential that these reforms present for exploring mutual interests and supporting the shared objective of fostering economic growth.
The UK expressed its approval of the recent designation of pension schemes as financial products under IFSCA regulation. It also acknowledged that insurance firms within GIFT-IFSC are permitted to invest internationally, and that a proposal to allow pension firms in GIFT IFSC to invest abroad is currently under review.
Participants further discussed relevant priorities, such as the G20 payments roadmap, digital payment connectivity, collaboration in regulatory sandboxes, partnerships on Central Bank Digital Currencies, and future cooperation in emerging technologies, including AI and Quantum computing.
