Development of Mumbai as IFC

Lok Sabha

The report of the High Powered Expert Committee (HPEC) for developing Mumbai as an International Financial Centre (IFC) was submitted on 10th February 2007. The report was circulated among all major Central Ministries /Departments, Chief Secretaries of State Governments, the regulators viz. RBI, PFRDA, SEBI, IRDA, and certain other non-government agencies/organizations. The report was also posted on the Ministry's website seeking public comments through a dedicated e-mail-id. The feedback received on the report was processed by the government. The steps taken in the direction of implementing the recommendations of the report interalia include the launch of exchange traded currency futures on the NSE, BSE and MCX, setting up of an internal working group on debt management and establishing a National Treasury Management Agency, processing the report of the said internal working group, continuous interaction with various regulators and Ministries/Departments of the government in taking forward the HR and other initiatives as well as steps required to carry out proposed changes in India's regulatory and financial architecture.

This information was given by Minister of State for Finance, Shri Pawan Kumar Bansal in reply to a question raised by Shri Pratik P. Patil in Lok Sabha today.

BSC/BY/SS/GN- 71/09