Urjit Patel calls for unified financial regulator for Gujarat's GIFT City-The Total Investment & Insurance Solutions

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11 January 2017

Reserve Bank of India (RBI) Governor Urjit patel called for a unified regulator for the successful execution at India's first International Financial Services Centre (IFSC) coming up at Gujarat International Finance Tec-City (GIFT). The Total Investment & Insurance Solutions

"A unified financial regulatory framework providing for a single regulator for GIFT City could contribute to better regulation and supervision of the financial entities," Patel said here at the ongoing Vibrant Gujarat Global Summit 2017. The Total Investment & Insurance Solutions

"While individual regulators can supervise the entities initially when the size of the business is small, a unified regulator would be necessary to pay undivided attention to the IFSC. Work on the design of such a framework should begin soon so as to be able to implement this in time," he added. The Total Investment & Insurance Solutions

He also said that the existing laws governing financial contracts in India should be reviewed and gaps addressed. The Total Investment & Insurance Solutions

"Based on the review, a world class legal framework for financial contracts in GIFT could be enabled, either by appropriately amending the existing laws governing financial contracts or enacting a fresh law," Patel said. The Total Investment & Insurance Solutions

"Either way, this should be expedited, may be by constituting a high level working group to address this gap in mission mode," he added.The Total Investment & Insurance Solutions