A Working Group led by IFSCA has been constituted for the development of Non-Resident Individual (both Indian as well as Foreign) Business and Ease of Registration. The Working Group comprises of industry experts having domain knowledge in the areas of capital market, asset management, banking, insurance, law, fintech, etc.
General Terms of Reference of the Working Group are as follows: –
- To undertake Global benchmarking of 3 financial centres with larger Non-Resident Individual businesses.
- To provide suggestions to develop Non-Resident Individual (both Indian and Foreign) Businesses in GIFT IFSC.
- To study the ease of registration in the identified global centres including digital onboarding processes along with risk mitigation measures.
- To suggest measures for the Ease of Registration of Non-Resident Individuals, including physical and digital onboarding, and related processes from the ease of investing through IFSC in India and Overseas.
- Any other suggestions directly/indirectly linked to the mandate of the Working Group.