3rd India -UK Financial Market Dialogue held in Gift City, Gujarat

The third India -United Kingdom (UK) Financial Market Dialogue was held at the GIFT (Gujarat International Financial Tech) City on 12 December 2024. The annual dialogue between the representatives of the financial sector regulators of both countries discussed ways to collaborate in financial regulations and increase trade and investments between the two countries.

The Dialogue supported business-to-business links between the two countries and agreed to create the right environment to realise the significant commercial opportunities between these two countries’ markets. 

Participants of the 3rd India -UK Financial Market Dialogue 

The 3rd India -UK Financial Market Dialogue was attended by the senior officials of the Union Ministry of Finance and the His Majesty Treasury (Ministry of Finance of the UK).

It was also attended by the financial regulatory agencies of India-Reserve Bank of India (RBI), the International Financial Services Centre Authority (IFSCA), the Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA) अँड the Insurance Regulatory and Development Authority of India (IRDAI),

From the United Kingdom, the representatives of the Bank of England (Central Bank of the UK) and the Financial Conduct Authority attended the meeting.

About Financial Regulators of India 

All the financial sector regulators in India are statutory bodies. This means that they have been set up under a law made by the Indian parliament.

The Indian financial regulators are:

Reserve Bank of India (RBI)

Under the  Reserve Bank of India Act 1934 provision, the Reserve Bank of India (RBI) was established on 1 April 1935.

RBI regulates banks, NBFC, All India Financial Institutions and the Money Market.

Headquarters: Mumbai

Governor: Sanjay Malhotra 

Securities and Exchange Board of India (SEBI)

Securities and Exchange Board of India (SEBI) was established as a non-statutory body on April 12, 1988.

It was made a statutory body in 1992 under the Securities and Exchange Board of India Act 1992 provisions.

It is the regulator of the capital market and commodities market.

Headquarters: Mumbai

Chairpersons: Madhabi Puri Buch

Insurance Regulatory and Development Authority of India (IRDAI)

The Insurance Regulatory and Development Authority of India (IRDAI) was established in April 2000 under the provisions of the Insurance Regulatory and Development Authority of India Act 1999.

It is the regulator of India's insurance sector.

Headquarters: Hyderabad 

Chairman: Debasish Panda

Pension Fund Regulatory and Development Authority (PFRDA)

The government of India established the interim Pension Fund Regulatory and Development Authority (PFRDA) on 23rd August 2003.

The PFRDA Act 2013 made PFRDA a statutory body.

It is the regulator of the pension market in India.

Headquarters: New Delhi

Chairperson: Dr Deepak Mohanty   

International Financial Services Centre Authority (IFSCA)

The International Financial Services Centre Authority (IFSCA) was established on April 27, 2020, under the International Financial Services Centres Authority Act, 2019.

It is the regulator of the International Financial Service Centre (IFSC) situated in GIFT City, Gujarat.

Headquarters: GIFT City, Gujarat.

Chairperson: K Rajaraman

About the GIFT City 

The Gujarat Financial Tech (GIFT) City is a multi-service special economic zone situated between Ahmedabad and Gandhinagar in Gujarat.

The Gujarat Government has developed GIFT City.

India’s first and only International Financial Service Center is in GIFT City.

GIFT City has been developed as a Smart City and aims to be a Global Financial hub like Singapore in Asia.

India’s first international stock exchange, India International Exchange (IFSC) Limited (India INX), has been set up in GIFT City.

Chairman of GIFT City: Hasmukh Adhia

Utkarsh Classes Scholarship & Admission Test (UCSAT) 2024

Are you ready to take a step closer to your dreams? 

Register now for the Utkarsh Classes Scholarship & Admission Test (UCSAT) 2024, and get the opportunity to enroll in upcoming Utkarsh Classes’ Offline Batches with a 100% scholarship! UCSAT scheduled for 22 December 2024, offers a chance for all aspirants—whether preparing for government exams, NEET, or JEE—to receive full or partial scholarships based on their performance. 

With registration open from 5 to 20 December 2024 you can be part of this groundbreaking initiative by Utkarsh Classes. Don't miss out on this amazing opportunity to study with the best at no cost. Register today and let your future unfold!