Srinivas was speaking at the Global Securities Markets Conclave 2.0 held in Gandhinagar, Gujarat.Chairperson at NSE, Injeti Srinivas, on Thursday said GIFT IFSC and the domestic market are not competing with each other. He compared GIFT IFSC to a 'setu', or bridge, connecting India with global opportunities and linking global investors to opportunities in India.
“A bridge is only as strong as the trust one has in its design,” Srinivas said, adding that if the bridge is strong, commerce and capital will flow.
Srinivas was speaking at the Global Securities Markets Conclave 2.0 held in Gandhinagar, Gujarat. The former Chairperson at IFSCA said that if the bridge is credible, confidence will grow, and if it is sustainable, it will take India into the future.
“GIFT IFSC is a small engine, but the second engine for India to become a developed economy,” Srinivas said.
In 2019, the IFSCA Act was announced, taking the view that it was not yet time for full capital account convertibility in India, but that it could be introduced within an enclave, Srinivas noted. Thus, GIFT City got its new avatar, along with a unified regulator and a modern regulatory architecture that is globally aligned, he said.
Looking at the past five years, Srinivas said GIFT IFSC has embarked on a strong growth strategy. He noted that capital markets cannot survive in isolation, highlighting the need for banking, the funds sector and the aviation leasing sector, among others.
He said global investors were earlier more comfortable in jurisdictions they were more familiar with, such as Singapore or Hong Kong. At that time, NSE’s SGX Connect made a lot of sense. Explaining this, Srinivas said Nifty used to be widely traded in Singapore as many global investors traded there. The connect between SGX and NSE IX was established, which eventually helped liquidity start coming to GIFT IFSC. Similar connects are being considered with other centres.
India should be able to meet its own capital requirement and should be able to become a net exporter of financial services, Srinivas said.
"Gift story is not a question of survival and sustenance, its a question of playing a major role as a global player. Its an effort that our country occupies the position it deserves in the global economic order," he said.
“We have a very strong regulatory system, but we still do not have capital account convertibility. This gives GIFT that connection because of the convertibility,” Srinivas said.
He called trust, liquidity and compatibility as three magic words. Compatibility, first, is necessary. Only then trust will come, he said.
The conclave was organised by the International Financial Services Centres Authority (IFSCA), along with NSE International Exchange (NSEIX), India International Exchange (India INX), NSE International Clearing Corporation (NSEICC), India International Clearing Corporation (India ICC), India International Depository (IIDL), and India International Bullion Exchange (IIBX).
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