C K MIshra “Committee of Experts on Sustainable Finance” submits its report to IFSCA

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A ‘Committee of Experts on Sustainable Finance’, constituted by International Financial Services Centers Authority (IFSCA) submitted its final report to the Chairperson, IFSCA on October 03, 2022. The committee was chaired by C.K. Mishra, Former Secretary to Government of India, Ministry of Environment, and Forest & Climate Change.

The main focus areas of the committee were directed towards aligning the IFSC regulations with the international best practices, exploring ways in which capital flows through IFSC can be enhanced and also supporting development of innovative financial products in the area of green and sustainable finance.

Some important recommendations include developing a voluntary carbon market, framework for transition bonds, enabling de-risking mechanisms, promoting regulatory sandbox for green fintech and facilitating the creation of a global climate alliance among others. 

IFSC (International Financial Service Center) 

• India’s first International Financial Service Center (IFSC) has been set up at GIFT city.
• It deals with customers who are outside India. It provides financial products and services like banking, insurance, etc to foreign customers.
•  It has a well developed Capital market including stock exchanges.
•  It is regulated by the International Financial Service Centers Authority (IFSCA).

Chairman of IFSCA: Injeti Srinivas