Expert Committee submits report on regulatory regime for GIFT IFSC

NEW DELHI: The Expert Committee on developing the Gujarat International Finance Tech-City International Financial Services Centre (GIFT IFSC) as a Global Finance and Accounting Hub has recommended a comprehensive regulatory regime for undertaking bookkeeping, accounting, taxation and financial crimes compliance services from IFSC in India.

The committee has also made several recommendations for the promotion and development of GIFT IFSC, including measures for enhancing the skills and competencies of the workforce.

In its report, the Committee has highlighted the potential for GIFT IFSC to become a global hub for book-keeping, accounting, taxation and financial crime compliance services, which would create large employment opportunities for the talented workforce.

The report was submitted to the Chairperson, International Financial Services Centre Authority, (IFSCA) on March 26.

The expert committee was chaired by the president of the Institute of Chartered Accountants of India (ICAI) and comprised experts from industry, academia and the Government.

The expert committee was constituted after the notification issued by the Ministry of Finance on January 18 this year in which book-keeping, accounting, taxation and financial crime compliance were notified as ‘financial services’ under IFSCA Act.

The detailed report of the Expert Committee has been posted on the IFSCA website.