10 Member Expert Committee to ‘Onshore the Indian Innovation to GIFT IFSC’ Constituted

The Indian startup ecosystem is the third largest startup ecosystem in the world, boasting an impressive 115 unicorns (billion-dollar enterprises). Indian startups raised $44 billion in 2021, with over $ 33 billion going towards deals worth more than $5 million. Many Indian startups are domiciled outside India – despite having the majority of their market, personnel and founders in India. These “externalized” or “flipped” startups constitute a large number of India’s unicorns.

In order to better understand the nuances from regulatory, tax, legal and other perspectives and identify measures required to make India (GIFT IFSC) the preferred location, IFSCA has constituted an expert committee to formulate a roadmap to onshore the Indian innovation to GIFT IFSC. This committee will be chaired by Shri G. Padmanabhan, former Executive Director, Reserve Bank of India. The committee includes representatives from leading Venture Capital funds, Startups, Fintechs, Law firms, Tax firms and other domain experts.

The terms of reference for the committee include measures required to encourage the Indian  Fintech / Startups domiciled abroad to relocate to GIFT IFSC. Further, the committee would also identify issues that are critical to the development of GIFT IFSC as a global Fintech Hub, besides suggesting measures to encourage new Fintechs having global outlook to setup their commercial presence in GIFT IFSC. Additionally, the committee would also identify challenges and recommend measures for the development of International Innovation Hub at GIFT IFSC. The committee is expected to submit its recommendations to IFSCA within three months.

The constitution of the committee may be accessed through the following weblink:

https://ifsca.gov.in/IFSCACommittees

 

Constitution of Expert Committee to onshore the Indian Innovation to GIFT IFSC

Sr.No.

Details of Committee Member

Capacity

1

Shri G. Padmanabhan, Ex. Executive Director, RBI

Chairman

2

Shri Dipesh Shah, Executive Director, IFSCA

Member

3

Shri Nishith Desai, Founder, Nishith Desai Associates

Member

4

Smt. Anjali Bansal, Founding Partner, Avaana Capital

Member

5

Shri Siddharth Pai, Founding Partner & CFO, 3one4 Capital

Member

6

Shri Lalit Keshre, Co-founder & CEO, Groww

Member

7

Shri Nikhil Kamath, Co-Founder, Zerodha

Member

8

Shri Anjani Sharma, Partner, Financial Services, BSR & Co LLP

Member

9

Shri Sandip Shah, General Manager, GIFT City Ltd.

Member

10

Shri Ankit Bhansali, Dy. General Manager, IFSCA

Member Secretary

Terms of reference of the Committee

·         To suggest how to develop international retail business in IFSC along with potential strategies for making IFSC attractive for international financial services.

·         To provide road map for the future growth of international retail business in IFSC.

·         The committee may also examine and recommend other issues which are important though not specifically mentioned in the above terms of reference.