New Delhi [India], October 7 : India and the United Kingdom have agreed to explore measures to deepen cross-border investment and strengthen capital market connectivity, including through equity and bond listings via Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), according to a joint statement issued after the fourth India-UK Financial Markets Dialogue.
The dialogue, held in London on September 29, brought together senior officials from the Ministry of Finance and HM Treasury, along with financial sector regulators from both countries. Discussions covered capital markets, insurance and pensions, asset management, sustainable finance, fintech and innovation.
On capital markets, the two sides discussed opportunities to increase cross-border investment and improve Indian firms' access to international capital. They agreed to identify priority areas for future cooperation ahead of the next Economic and Financial Dialogue.
India highlighted reforms undertaken by the Securities and Exchange Board of India (SEBI) to streamline global investor participation, while the Reserve Bank of India (RBI) highlighted measures that have eased overseas access to Indian sovereign and corporate debt.
The two countries also agreed to continue regulatory cooperation and knowledge-sharing to support the development of GIFT IFSC as an international financial centre, with the dialogue noting its growing role in mobilising international capital into India.
In insurance and pensions, both sides discussed opportunities arising from India's evolving reinsurance regulatory framework and deeper cooperation between the London Market and Indian insurers and reinsurers. They also agreed to continue work under the Insurance and Pensions Workplan established in 2023.
The dialogue further recognised London's role as the leading offshore rupee trading hub and welcomed the continued internationalisation of the Indian rupee. India and the UK also agreed to maintain regulatory cooperation in asset management and sustainable finance, including on disclosures, global standards and investor confidence.
On fintech, the countries exchanged views on artificial intelligence and its opportunities and risks in financial services. They also discussed risks from the criminal use of emerging technologies, including AI-enabled fraud, cybersecurity threats and operational risks.
Both sides reaffirmed support for the G20 Roadmap for Enhancing Cross-Border Payments and discussed measures to reduce friction, improve transparency and strengthen interoperability between electronic payment infrastructures.
The two countries said the Financial Markets Dialogue would continue to support deeper financial services links, particularly following the launch of Vision 2035 and the implementation of the India-UK Comprehensive Economic and Trade Agreement.