India, UK agree to explore cross-border equity, bond listings through GIFT IFSC

New Delhi: India and the UK have agreed to explore ways to boost cross-border investment and Indian firms’ access to international capital, including through equity and bond listings via Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC), according to a finance ministry statement.

The agreement was part of the joint statement adopted after the fourth UK-India Financial Markets Dialogue, held in London on 29 September.

The dialogue was led by senior officials from the finance ministry and HM Treasury, with participation from financial services regulatory authorities from India and the UK.

The Indian participants included the Securities and Exchange Board of India (Sebi), Reserve Bank of India (RBI), International Financial Services Centres Authority (IFSCA), Pension Fund Regulatory and Development Authority (PFRDA), and the Insurance Regulatory and Development Authority of India (Irdai). The UK side included the Bank of England (BoE) and Financial Conduct Authority (FCA).

The finance ministry said participants exchanged updates on reforms in their respective jurisdictions and reaffirmed their shared ambition for sustainable economic growth, resilient and open financial markets, and increased bilateral trade and investment.

The discussions covered capital markets, insurance and pensions, asset management and fintech.

On capital markets

The finance ministry said Sebi shared how India is transforming global investor participation by streamlining market entry and operations, while RBI highlighted the significant ease of overseas access to sovereign and corporate debt.

The participants discussed the growing role of GIFT IFSC in mobilizing international capital into India and agreed to continue regulatory cooperation and knowledge-sharing to support its development as an international financial centre, the ministry said.

The two sides also agreed to identify priority areas to explore for future capital markets cooperation ahead of the next Economic and Financial Dialogue, according to the joint statement.

On insurance and pensions

The finance ministry said the UK outlined recent updates to its insurance regulatory framework as part of its Financial Services Growth and Competitiveness Strategy, as well as developments in its pensions and annuity markets.

India outlined its ambitions to expand coverage, investment and market capacity, the ministry said.

Both sides agreed on the importance of the Insurance and Pensions Workplan established in 2023 to support market development, bilateral trade and investment.

The participants recognized the value of competitive and resilient markets, access to specialist expertise, diverse pools of capital and reinsurance capacity in managing complex risks and supporting long-term domestic development, according to the finance ministry.

The two sides also discussed opportunities in reinsurance arising from India's evolving regulatory framework and from deeper cooperation between the London market and Indian insurers and reinsurers.

On pensions and asset management

Participants exchanged experiences on regulation, governance, coverage and long-term savings reform. They discussed measures to increase participation and support productive long-term investment and agreed to explore knowledge sharing in areas aligned with their domestic priorities, the ministry said.

The UK set out work on its regulatory framework for alternative investment fund managers, while India provided an overview of key reforms undertaken by Sebi and the IFSCA.

Both sides welcomed continued regulatory cooperation on asset management and discussed how mutual understanding of reforms, investor requirements and market conditions could support increased cross-border investment.

The two sides also welcomed further internationalization of the Indian rupee and recognized London’s role as the leading offshore rupee trading hub, the ministry said.

On sustainable finance

Participants discussed the importance of credible sustainable finance frameworks, high-quality disclosures, global standards and investor confidence in mobilizing private capital for the low-carbon and climate-resilient transition.

The finance ministry said participants also reviewed progress under the India-UK Financial Partnership asset management workstream and recognized the value of industry evidence in identifying practical opportunities for deeper participation by the UK and Indian asset managers in each other’s markets.

On fintech and innovation, India shared its experience on scaling fintech adoption and financial inclusion through digital public infrastructure, including digital identity, digital payments, central bank digital currencies and data exchange frameworks, according to the joint statement.

Both sides agreed on the importance of supporting responsible innovation and competition without compromising regulatory oversight. They also exchanged perspectives on the potential opportunities and the risks of artificial intelligence in financial services and agreed on the value of continued bilateral exchange and coordination through relevant international fora.

India shared its digital onboarding process for retail financial services and committed to further sharing its experiences, the finance ministry said.

The two sides also noted risks posed by the criminal adoption of new technologies to financial crime, including the use of artificial intelligence to commit fraud on an industrial scale in so-called “scam compounds” operating in foreign countries, as well as risks to cybersecurity, data protection and operational resilience.

Participants shared their experiences using technology and regulatory innovation to detect and prevent financial fraud and agreed to continue cooperation among the relevant authorities, according to the ministry.

Support for G20 Roadmap

On cross-border payments, both sides reaffirmed their support for the G20 Roadmap for Enhancing Cross-Border Payments. They discussed practical priorities for reducing frictions, improving transparency and facilitating greater efficiency in cross-border payments aligned to the G20 Roadmap.

The two sides also updated each other on developments in their retail payment infrastructures and recognised the work at the G20 to continue promoting interoperability and interlinkages among electronic payment infrastructures.

The finance ministry said India and the UK welcomed the constructive discussions and reaffirmed the important role of the Financial Markets Dialogue in supporting their shared ambitions for sustainable growth, deeper trade and investment, and resilient financial markets.

Both sides welcomed the contribution of the India-UK Financial Partnership in identifying practical and potential solutions to deepen financial services links.

The participants also reflected on a strengthened relationship, particularly in the context of the launch of Vision 2035, and the importance of driving implementation of the UK-India Comprehensive Economic and Trade Agreement, which entered into force on 15 July 2026, according to the joint statement.

The two sides agreed to drive progress across the workstreams, with updates to be reviewed through the relevant bilateral mechanisms and at the next UK-India Economic and Financial Dialogue, the Ministry of Finance said.