Deepak Parekh, chairman of HDFC Life and HDFC AMC, at the inauguration called for a ‘principle-based’ inter-regulatory framework for the international finance centre at Gift City, which is the hallmark of an IFSC, along with governance. A principle-based network requires high-level principles and guidelines rather than prescriptive rules governing financial markets, institutions, and activities.
“Getting the right financial incentives, enabling the ease of doing business, and facilitating the opening up of financial markets is what IFSCA has successfully done,” said Parekh. “Globally, international financial centres have demonstrated that they contribute to increased investments, employment and help raise the bar on the efficiency and competitiveness of financial markets in the regions in which they operate,” said Parekh.