INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Opportunities and growth potential are enormous for investors in the Indian financial market
The need of the hour is to get support from financial regulators and people alike.
This was the informed view of panelists at ETMarkets
Global Summit in Mumbai today, comprising Priya Subbaraman, Chief Regulatory Officer at National Stock Exchange, J N Gupta, Founder and MD
at Stakeholders Empowerment Services, V Balasubramanian, MD and CEO at India International Exchange and Samar Banwat Executive Vice
President at NSDL.
They are of the opinion that more needs to be done in order to internationalise the domestic equity market.
Gupta, who
calls himself a born optimist, said creating Gift City is just one part of that ecosystem, adding that India is ahead of the curve in terms
of global competitiveness.
As for International Financial Services Centre (IFSC), Subbaraman called it as starting of a journey
She drove home the point that there is more to be done to take IFSC to a point where it can be a competitor to global exchanges, including
"But roles of our primary regulators such as RBI and Sebi are not going away anytime soon," she made it clear.
Gupta believes that calls for
a unified regulator for banks, equities and insurance spaces may not materialise anytime soon.
"No city can be built in a single day," said
Balasubramanian.
He underscored the need to make the rupee fully convertible in order to make (IFSC) a better financial centre
An IFSC caters to customers outside the jurisdiction of the domestic economy
Such centres deal in flows of finance, financial products and services across borders.
Balasubramanian noted that even Prime Minister
Narendra Modi's vision for IFSC is to make India a price setter in commodities on a global stage such as gold and sugar.
The market
regulator is working on a framework, where we can trade equity products at IFSC
This can be a good way to get people trade at IFSC, he said, adding that already a lot of global investors are interested in
IFSC.
Balasubramanian spoke about the criticality of making products better as there is no term as captive audience in financial
centres.
Banwat saw IFSC as a viable modern financial service centre
