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Mumbai likely to become an International Financial Centre

04
Apr '07
CII welcomed the comprehensive suggestions of the High Powered Expert Committee on promoting Mumbai as an International Financial Centre.

While recognising this as a great opportunity for economic makeover, CII acknowledged that realizing this vision would be a challenging task.

Mumbai is the hub of major financial and economic activities in India and a large number of financial market players such as banks, insurance companies, stock exchanges, capital market intermediaries functioning in Mumbai have an extensive national, regional, global network of corporate and government clients.

Availability of a high level of human capital specialized in finance, supported by a numerate labour force also renders Mumbai as a contestable option amongst other financial centres strategically located between London and Tokyo.

CII welcomed the Committee's recommendation of regulatory and architectural rearrangement sector by legislation a new statute – Financial Services Modernisation Act - to meet the market's needs rather than the 'demands of regulatory convenience'.

The Committee chaired by Mr. Percy Mistry has assessed the feasibility of India's entry into the global market for financial services and has recommended that 'policy makers revisit carefully the nature of financial regime governance so as to make it more competitive, less fragmented and more innovative'.

CII recognized the need to address issues like world competitive tax and regulatory regimes, accessibility of deep, liquid and sophisticated capital markets.


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