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Making Mumbai an International Financial Centre Report of the High Powered Expert Committee on Making Mumbai an International Financial Centre Report of the High Powered Expert Committee on Making Mumbai an International Financial Centre Ministry of Finance Government of India New Delhi Report of the High Powered Expert Committee on Making Mumbai an International Financial Centre Ministry of Finance, Government of India, New Delhi This work consists of a printed book and release of its contents in PDF format in the world wide web, and are subject to copyright. All rights are reserved, whether whole or in part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on CDROM or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the Indian Copyright Act in its current version, and permission for use must always be obtained from Ministry of Finance, Government of India, New Delhi. Published by Sage India, B-1/I-1, Mohan Cooperative Industrial Area, Mathura Road, New Delhi 110044, India. Ministry of Finance or Sage India make no warranty of representation, either express or implied with respect to this work, including their quality, merchantability, or fitness for a particular purpose. In no event will Min. of Finance or Sage India be liable for direct, indirect, special, incidental, or conseqential damages arising out of the use or inability to use the work, even if Min. of Finance or Sage India have been advised of the possibility of such damages. The use of general descriptive names, registered names, trademarks, etc., in this publication does not imply, even in the absence of specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. c Ministry of Finance, Government of India, 2007. Printed in India by Typeset using PDFTEX and GNU/Linux operating system by River Valley Technologies, Trivandrum, India, http://www.river-valley.com. The main text font used is Minion and Frutiger for floats and headings. The TEX packages used for typesetting this book have been released under General Public Licence for free usage, modification and redistribution and are available at http://sarovar.org/projects/goi-book. The High Powered Expert Committee (HPEC) on Making Mumbai an International Financial Centre The Hon. P. Chidambaram th February Minister of Finance, Ministry of Finance Government of India, North Block New Delhi Dear Honourable Minister: We submit herewith the ’s Report on Making Mumbai an International Financial Centre. Our choice of the term ‘International’ instead of ‘Regional’ has been explained in our report. Yours sincerely, M. Balachandran O. P. Bhatt C. B. Bhave Bharat Doshi K. V. Kamath Nimesh Kampani K. P. Krishnan (Convenor) Subodh Kumar Ravi Narain Ms. Usha Narayanan P. J. Nayak Aditya Puri N. Mohan Raj T. T. Srinivasaraghavan Acknowledgements HPEC would like to place on record its grateful thanks to Ajay Shah, Kshama Fernandes, Saugata Bhattacharya, Ritu Anand, and S. Ravindranath who constituted the Research Team that supported the Committee. The also wishes to express its appreciation to Mr. M. Balachandran who put the facilities of the Bank of India at the disposal of the Committee. The and the Government of India would like to acknowledge their appreciation to the Bank of India for meeting the administrative expenditure for the production of this report. Contents Executive Summary xiii . International Financial Services () and Centres (s) in Perspective, xiii.—. Implications for India and Mumbai, xiv.—. The difference between and , xv.—. What are International Financial Centres (s) and Services ()?, xvi.—. Growth and globalisation drive India’s demand for , xviii.—. India’s competitive advantages in creating an , xix.—. Financial regime governance: policy and regulation, xx.—. Reorienting the financial system towards provision: A temporal roadmap for reform, xxiv.—. Urban infrastructure and governance in Mumbai, xxviii.—. The choice, xxx. The Emergence of IFCs: A brief history . Meeting cross-border trade, investment and other needs, .—. Evolution of international financial services () and centres (s), .—. The first round of globalisation: circa –, .—. An interregnum, the second round of globalisation (–), and beyond, .—. The ‘take-off’ of second round globalisation after , .—. Classification of s, .—. Why did Tokyo and Frankfurt not emerge as credible s?, .—. The Race to establish more s around the world, .—. Implications for India and need for Mumbai to emerge as an , . st Century IFS provided by IFCs . Fund Raising in s: What is involved? Who does it and how?, .—. Asset management and global portfolio diversification, .—. Personal wealth management, .—. Global transfer pricing, .—. Global tax management and cross-border tax optimization, .—. Global/regional corporate treasury management, .—. Global and regional risk management and insurance/re- insurance operations, .—. Global/Regional exchange trading of securities, commodities and derivatives in financial instruments and indices in commodities, .—. Financial engineering and architecture for large complex projects, .—. Cross-border mergers and acquisitions (M&A), .—. Financing for public-private partnerships (), . Case studies: London, New York, Singapore, Dubai . Summary overview, .—. A closer look at the City of London, .—. New York/Chicago as the GFC for the Americas and the World, .—. Singapore as the /Asian GFC, .—. Dubai as a RFC for the Middle East and South Asia, . Domestic and Offshore demand for International Financial Services (IFS) in India . Implications of a large, rapidly growing home market for IFS, .—. India’s growing integration with the world, .—. The impact of globalisation on demand and on s, .—. Estimates for consumption by India, .—. Projections for consumption by India, .—. Implications for India’s aspirations to create an in Mumbai, .—. customers outside India as a market for an in Mumbai, .—. International comparisons, . Augmenting IFS provision via BPO . How does an produce ?, .—. An outsourcing approach to provision and IFC development: Possibilities, opportunities and pitfalls, .—.A opportunity: Asset management in Mumbai based on algorithmic trading, .—. IFS subcomponents amenable to outsourcing, .—. Making progress along two paths: Evolution and , .—. Conclusion, . Market deficiencies in Mumbai that inhibit the provision of IFS . The context in which Mumbai must develop and evolve as an , .—. Inadequate currency and bond markets ( Nexus), .—. Missing currency & derivatives markets: An illustration, .—. The market weakness of institutional investors, .—. A cross-country comparison, . x R M I F C . The macroeconomic fallout of an IFC . Introduction, .—. Implications for fiscal policy & deficit reduction, .—. Financing public debt differently, .—. The mutuality of interests in modernising debt management and having an , .—. Implications for monetary policy, .—. Outlook for the current account deficit, .—. Macro-stability for an , .—. The incompatibility of capital controls in a st century , .—. Full capital convertibility and an in Mumbai, . Financial Regime Governance: Its role in an IFC and a comparative perspective . The intrinsic value of regulation for production, .—. Three levels of international competition on regulation and law, .—. Where does India stand? An illustrative bird’s eye view, .—. The overall legal regime governing finance, .—. Summary of cross-country comparisons, . What are the limitations of financial regime governance? . Where do we stand? An – Market Players matrix, .—. A pragmatic view of key areas × for progress, .—. Lessons from applying competition policy in the real economy, .—. Artificial segmentation of the financial services industry, .—. Barriers to financial innovation, . Why does financial regime governance have these limitations? . Why is the pace of financial innovation slow?, .—. Proximate underlying reasons that are not as transparent, .—. Deeper sources of dysfunction, .—. What impedes Mumbai from becoming an ? A summary, . Reforming financial regime governance . A shift toward principles-based regulation, .—. Reducing the artificial segmentation of financial firms, products, services and markets, .—. Creating an environment conducive to exit, .—. Retail vs. wholesale markets, .—. The role of exchange-traded vs. OTC derivatives in the BCD nexus, .—. Regulatory impact assessments, .—. Strengthening the legal system supporting an , . Tax policy for an IFC in Mumbai . Does India need an IFC or a Tax Haven?, .—. Tax policy for Mumbai as an : and, by implication, for India, .—. A modern income tax, .—. Taxation of financial transactions, .—. A Goods and Services Tax (GST) in Finance, .—. Mumbai as an IFC: Tax Implications for Maharashtra and Mumbai, .—. Interfacing tax policy and administration with the financial industry, .—. Stability of tax policy, .—. Where India Stands on taxes: An international comparison, . A perspective on Mumbai’s strengths . Human capital needs for , .—. Democracy, Rule-of-Law and the Legal System, . Urban infrastructure and governance . The importance of high quality urban infrastructure for an IFC, .—. Problems of cost, .—. Cross-country comparison, .—. Difficulties in Mumbai from an perspective, .—. Improving urban governance in Mumbai, . The HPEC’s recommendations . The general macroeconomic environment, .—. Further Financial System Liberalisation and Reform,
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