Financial sector regulators to carry out a comprehensive review of existing regulations in consultation with public and regulated entities. Time limits to decide the applications under various regulations would also be laid down.
To enhance business activities in GIFT IFSC, the following measures to be taken.
Delegating powers under the SEZ Act to IFSCA to avoid dual regulation.
Setting up a single window IT system for registration and approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI and IRDAI.
Permitting acquisition financing by IFSC Banking Units of foreign bank.
Establishing a subsidiary of EXIM Bank for trade re-financing.
Amending IFSCA Act for statutory provisions for arbitration, ancillary Services, and avoiding dual regulation under SEZ Act
Recognizing offshore derivative instruments as valid contracts.
Amendments proposed to the Banking Regulation Act, the Banking Companies Act and the Reserve of India Act to improve bank Governance and enhance investors protection.
Countries looking for digital continuity solutions would be facilitated for setting up of their Data Embassies in GIFT IFSC.
SEBI to be empowered to develop, regulate, maintain and enforce norms and standards for Education in the National Institute of Securities Markets and to recognize award of degrees, diplomas and certificates.
Integrated IT portal to be established to enable investors to easily reclaim the unclaimed and unpaid dividends from the Investor Education and Protection Fund Authority.