The India-UK Financial Markets Dialogue’s second meeting took place in London with the aim of discussing the possibility of cooperation in financial regulation between the two countries. During the financial markets dialogue between India and the UK, there was a primary focus on six themes, which included banking, payments, insurance, capital markets, asset management, and sustainable finance. Delegates from India and the UK shared their views on the respective areas of responsibility and identified emerging areas for collaboration, including knowledge exchange on regulatory frameworks for pension funds and the development of ecosystems for Social Stock Exchange.
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After the discussion between the two governments, the private sector partners were welcomed to participate in the dialogue, which was chaired by the co-chairs of the India-UK Financial Partnership (IUKFP). The participants discussed recent developments in their respective banking sectors, including the trends and emerging risks in the sector, and explored the scope for augmenting knowledge on Central Banking Digital Currency (CBDC) through mutual learning. The governments also welcomed the appointment of new UK and India chairs of the IUKFP and presented their recommendations on the UK-India financial services relationship.
The meeting emphasized the continuation of cooperation to explore the possibilities presented by GIFT-IFSC in various areas, including sustainable finance, fund management, capital markets for dual listing, and re-insurance. During the meeting, the participants discussed the potential for utilizing the asset management sector to facilitate greater cross-border trade and investment. Additionally, participants exchanged views on the appropriate regulation of ESG rating providers and decided to work together in the upcoming months, including participating in the Sustainable Finance Forum and the Economic and Financial Dialogue (EFD) to promote green cooperation.
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