The Union Cabinet has approved a multilateral MoU between International Financial Services Centres Authority (IFSCA), the International Organisation of Securities Commissions (IOSCO), and the International Association of Insurance Supervisors (IAIS).
Addressing the media, post the Cabinet meeting, Finance Minister Nirmala Sitharaman the pact will enable ease of doing business for companies in GIFT city.
“This is one of the biggest multilateral forum which has several regulators coming into it. It has 124 signatories. India joining this will enable all kinds of exchange of information and ease of doing business for those who are registering themselves in the gift city,” she said.
Noting that there is single window for all regulators in GIFT City, Sitharaman said that in many of these international benchmark setting agencies cross-border cooperation is one of the biggest aspects, and India will be gain from that.