The International Financial Services Centers Authority (IFSCA) on Thursday set up an expert group led by former Environment and Forestry Secretary CK Mishra to suggest a framework for developing a class-leading sustainable finance center. world at IFSC.
India aspires to be a pioneer in climate action, which is evident in its commitment to its planned nationally determined contributions under the Paris Agreement, IFSCA said in a statement.
“The mobilization of financial resources for climate change adaptation and mitigation actions of this magnitude requires the active participation of international investors. The IFSCA envisions GIFT-IFSC as a global hub for sustainable finance, thus acting as a gateway to channel foreign capital to India, ”he said.
In its effort to develop the required ecosystem, IFSCA has established a 10-member expert committee to recommend the approach to developing the Sustainable Finance Hub and provide a roadmap for it.
In accordance with the terms of reference, the panel would identify existing and emerging opportunities in sustainable finance for GIFT-IFSC to serve as a gateway to meet India’s requirements and recommend a short, medium and long term vision / roadmap on sustainable finance.
The committee is made up of leaders from across the spectrum of sustainable finance, including international agencies, standards bodies, funds, universities and consultants. The committee would submit its report with recommendations within three months of the date of its first meeting.
The IFSCA was established in April of last year under the Authority of International Financial Services Centers Act, 2019. It is headquartered in GIFT City, Gandhinagar.
The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions within the International Financial Services Center (IFSC) in India. At present, GIFT IFSC is the leading international financial services center in India.
Prior to the establishment of the IFSCA, the national financial regulators, namely RBI, Sebi, PFRDA and IRDAI, regulated the activities of the IFSC.
The main objective of IFSCA is to develop a strong global connection and focus on the needs of the Indian economy, as well as serving as an international financial platform for the entire region and the global economy. in general.
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