IFSCA has issued a Framework for grant of funds for research studies. The implications of the framework is as follows:
Objectives: Unveiling the Vision
At the heart of this framework lies a set of well-defined objectives. IFSCA aims to foster quick and effective policy-oriented research, providing the authority with invaluable insights for designing and evaluating impactful policies. The framework also underscores the importance of domain expertise, encouraging research on topics directly relevant to IFSCA for policy formulation, implementation, monitoring, and evaluation. Moreover, it strives to stimulate research in emerging financial disciplines, ensuring that the regulatory framework keeps pace with innovation.
Scope of Research: Nurturing Financial Ecosystems
The scope of research studies encompasses the entire spectrum of financial services, products, and institutions within IFSC and related ancillary matters. IFSCA, through an annual call for proposals, invites eligible research institutions to contribute their expertise to key areas identified for study, thereby enriching the understanding and development of the financial services market.
Eligibility Criteria: Fostering Excellence
To ensure the caliber of research, eligibility criteria are set high. Only academic institutions ranking within the top echelons in Management, Research, or Law, as per NIRF India Rankings, are eligible. The lead researcher must boast a decade of experience in finance, economics, or related fields and a strong publication record in reputable journals.
Approval Process: Rigorous Evaluation
A dedicated Expert Committee (EC) is constituted by IFSCA to evaluate research proposals. The EC, comprising representatives from regulators, industry, and academia, ensures a comprehensive and balanced assessment. The approval process involves initial screening, recommendations, and periodic progress reports. The EC has the authority to call off a study if it deems it unviable.
Quantum of Assistance: Nurturing Research
Each approved research study receives an all-inclusive grant of INR 10,00,000, disbursed in milestones. The timeline for grant release is tied to the approval of the research proposal, acceptance of the interim report, and final report acceptance. Collaborations with other regulatory bodies are also encouraged, widening the scope and impact of the research.
Facilities: Supporting Researchers
IFSCA goes beyond financial support, offering researchers practical assistance. This includes domestic airfare, per diem allowances, accommodation, and local conveyance during visits related to the study. The emphasis is on a balanced approach, with virtual interactions encouraged alongside physical visits.
Data Privacy and Copyright: Safeguarding Intellectual Property
The framework places a strong emphasis on data privacy, with researchers and institutions held accountable for keeping shared data confidential. IFSCA retains copyright for completed research, allowing publication on its platform while acknowledging the author’s views.
