- Shri T. V. Mohandas Pai, Chairman of Aarin Capital Partners and former CFO and Board Member at Infosys
- Shri J. V.N. Subramanyam, IAS, Director, Department of Economic Affairs, Ministry of Finance (Ex Officio capacity)
- Shri Amitabh Malhotra, Head of Global Banking, HSBC
- Shri Bahram Vakil, Founder & Senior Partner, AZB & Partners
- Ms. Gesu Kaushal, Managing Director – Equity Corporate Finance, Kotak Investment Banking
- Shri Haigreve Khaitan, Senior Partner, Khaitan & Co
- Shri J. Ranganayakulu, Former Executive Director, SEBI
- Shri Kaushal Sampat, MD & CEO, India International Depository IFSC Ltd.
- Shri Keki Mistry, former CEO, HDFC
- Shri Mahavir Lunawat, Chairman AIBI (Ex Officio capacity)
- Shri Navneet Munot, Chairman, AMFI (Ex Officio capacity)
- Shri Neeraj Kulshreshtha, MD & CEO, NSE IFSC Clearing Corporation
- Ms. Parminder Chopra, CMD, Power Finance Corporation Ltd.
- Shri S. Ramamoorthy Iyer, Senior Vice President, SBI Capital Markets
- Shri Samarth Jagnani, Managing Director, Global Capital Markets, Morgan Stanley
- Shri Sanjeev Krishnan, Chairperson, PwC, India
- Shri Sunil Sanghai, Chairman, Capital Markets, FICCI (Ex Officio capacity)
- Shri V. Balasubramaniam, MD and CEO, NSE IFSC Limited
- Shri Pradeep Ramakrishnan, Executive Director, IFSCA
- Shri Abhilash Mulakala, General Manager, IFSCA Member
- Shri Arjun Prasad, General Manager, IFSCA
CONCLUSION:
The Indian government’s introduction of the Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2024, and the Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024 marks a significant step towards transforming the Indian capital market landscape.
By enabling public Indian companies to directly list equity shares on International Exchanges in GIFT IFSC, this initiative opens up new avenues for accessing global capital, particularly benefiting start-ups and technology companies.
Additionally, the opportunities presented by the GIFT IFSC stock exchanges for raising capital in foreign currency through debt securities further enhances the attractiveness of this platform. To support and nurture this development, IFSCA’s establishment of the Standing Committee on Primary Markets underscores the commitment to fostering a vibrant and robust ecosystem within the GIFT IFSC. The committee’s Terms of Reference reflect a comprehensive approach aimed at providing strategic guidance, facilitating innovation, and ensuring regulatory effectiveness in the primary markets of the IFSC.
With the collaboration of market experts and stakeholders, this initiative is poised to drive sustainable growth and enhance the global competitiveness of India’s financial services sector within the GIFT IFSC.