Nilesh Shah (Kotak Bank) Committee Set up for Investment Fund to Help IFSCA SEZ Gift City

The International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services and financial institutions in the International Financial Service Centres (IFSCs) in India.

The Fund Industry has been playing an increasingly important role in intermediating between seekers of capital and investors. IFSC has been actively engaging with stakeholders to enhance the Global reach of GIFT-IFSC. The regulatory approach has been to benchmark with Global Standards and adopt a facilitative framework to provide ease of operations for seeker as well as provider of capital.

IFSCA, in its endeavour to develop a comprehensive and consistent regulatory framework based on global best practices with a special focus on ease of doing business, has constituted an Expert Committee on Investment Funds to recommend to IFSCA on the road map for the funds industry in the IFSCs. The Committee has been constituted under the Chairmanship of Mr. Nilesh Shah, MD, Kotak Mahindra Asset Management Co. Ltd. The Committee comprises of leaders from the entire Fund Management ecosystem including from areas such as technology, distribution, legal, compliance, and operations.

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

https://ifsca.gov.in/IFSCACommittees

While the committee has been constituted to holistically review the Global best practices and make recommendations to IFSCA on the roadmap for the industry, the following shall be the specific terms of reference of the Expert Committee:

a. To recommend IFSCA on long term vision for operations of Investment Funds in IFSC.

b. To make recommendations with respect to structure of Investment Funds in IFSC. The recommendations may be two-fold:

i. Short term in nature that can be implemented by IFSCA immediately (i.e. less than 3 months). Such suggestions may fall under the exclusive regulatory purview of IFSCA.

ii. Recommendations that may be implemented in mid-term (6 months to 1 year). Such suggestions may also pertain to regulatory purview of other regulators.

c. To identify issues that may be critical for development of the Investment Funds industry at IFSCs including inter-regulatory issues.

d. Any other relevant item on building the ecosystem inter-alia on asset managers, hedge funds, PE, VC, sovereign funds, family offices, and the accompanying professional services.

 

Committee of Experts on Investment Funds

Sr. No.

Name

Designation

Capacity

1

Mr. Nilesh Shah

Group President & MD, Kotak Mahindra Asset Management Co. Ltd, Chairman, AMFI & Member, PMEAC

Chairperson

2

Mr. Leo Puri

Former MD, UTI AMC Ltd, Chairman of J P Morgan, South Asia & South East

Member

3

Mr. N S Venkatesh

CEO, AMFI

Member

4

Mr. Neeraj Choksi

Co-Founder, NJ Group

Member

5

Mr. Nithin Kamath

Co-founder & CEO, Zerodha

Member

6

Mr. Ramamoorthy Rajagopal

Chief Operating Officer, DSP Investment Managers Pvt. Limited.

Member

7

Mr. Sachin Bansal

Founder-Navi AMC Ltd, Co-Founder-Flipkart

Member

8

Ms. Shagoofa Khan

Partner (Head – Funds), Cyril Amarchand Mangaldas

Member

9

Mr. Sundeep Sikka

CEO, Nippon Life India Asset Management Ltd

Member

10

Mr. V Balasubramaniam

MD & CEO, India International Exchange (IFSC) Limited- India INX

Member

11

Ms. Vinaya Datar

Chief Compliance Officer, SBI Funds Management Pvt. Ltd.

Member

12

Mr. Pavan Shah

Deputy General Manager, IFSCA

Member Secretary

Terms of Reference

I.     To recommend IFSCA on long term vision for operations of Investment Funds in IFSC.

II.   To make recommendations with respect to structure of Investment Funds in IFSC. The recommendations may be two-fold:

o     Short term in nature that can be implemented by IFSCA immediately (i.e. less than 3 months). Such suggestions may fall under the exclusive regulatory purview of IFSCA.

o     Recommendations that may be implemented in mid-term (6 months to 1 year). Such suggestions may also pertain to regulatory purview of other regulators.

III. To identify issues that may be critical for development of the Investment Funds industry at IFSCs including inter-regulatory issues.

IV.  Any other relevant item on building the ecosystem inter-alia on asset managers, hedge funds, PE, VC, sovereign funds, family offices, and the accompanying professional services.