| Financial
Services
Chairman
Dr. R.H. Patil
Chairman
The Clearing Corporation of India Ltd.
Convenor
Mr. Nandan Maluste
Sr. Vice President
Kotak Mahindra Capital Company
|
Members |
|
Mr. M.G.
Bhide
Former Chairman
Bank of India |
Mr. N.V.
Iyer
Senior Partner
C.C. Chokshi & Company |
Mr. Anil
Kumar Lakhina
Vice Chairman & Managing Director
CIDCO |
Mr. Y. H.
Malegam
Senior Partner
S.B. Billimoria & Co. |
Mr. Vijay
V. Meghani
Managing Director & Head
Corporate Financial Services - India
ING Bank N.V |
Dr. N.
Nagarajan
Chief Economist
Indian Bank's Association |
Mr. Shekar
Sathe
Chief Executive Officer
Kotak Mahindra Asset Management Co. Ltd. |
Mr. A.
Seshan
Economic Consultant |
Mr. Kiran
Umrootkar
Executive Director
Tata TD Waterhouse Securities Pvt. Ltd. |
Ms. G.
Upadhyaya
Vice President - BFSI
Tata Consultancy Services |
Mr. T. C.
Venkatsubramaniam
Managing Director
EXIM Bank of India |
|
Mission:
To position Mumbai as an International Financial Centre to
mobilise public, government and institutional support for this concept and
advocate policy changes to bring this about.
Activities:
This Committee under the chairmanship of Dr. R.H. Patil has completed a
project study on "Mumbai as an International Financial Centre" with the
help of CRISIL and financial support from HDFC and Exim Bank.
Although MUMBAI is best positioned among
other cities to be developed into a regional financial centre, it has been
proposed that areas which need prompt and adequate attention to achieve
this objective are
Action by Government of Maharashtra:
(a) to provide cost effective
infrastructure
(b) to rationalise the Stamp Duty
(c) to encourage the Pension and Insurance regulators to set up in
Mumbai
Ministry of Finance and RBI:
To rationalise legislation related to the
Banking Services.
Securities & Exchange Board of India: To rationalise capital market
legislation.
MTNL/DoT/VSNL:
(a) to improve telecom infrastructure
(b) to set up broad band network
The findings of this study alongwith
recommendations have been presented to the Chief Minister of Maharashtra,
the Chief Secretary and other government officials.
The Chief Secretary of Government of
Maharashtra, Mr. V Ranganathan had called a meeting of Principal
Secretaries of concerned departments to discuss the recommendations
enumerated in the report on "Mumbai as an International Financial Centre -
A Roadmap" on May 11,2001. The Government of Maharashtra has already
initiated action on important recommendations like Urban Land Ceiling
Regulation Act (ULCRA), Transport and offered to the Pension and Insurance
Regulators to set up in Mumbai.
The published report has been sent to RBI,
nationalised banks, foreign banks, important consulates, mutual
funds and institutional investors.
The Reserve Bank of India has appreciated the study and has initiated the
process of exploring options to make Mumbai as an offshore banking centre.
Three Financial Core Groups have been set up to chalk out detailed
recommendations and develop concept papers on specific issues relating to:
(a) Taxation and State level laws
(b) Offshore banking
(c) SEBI
Significant advantages will accrue to
Mumbai and the State of Maharashtra if the recommendations are seriously
implemented. |