A special committee of the Financial Stability and Development Council (FSDC) is considering making changes in the regulatory framework relating to Alternative Investment Funds (AIFs) that would be set up in the GIFT City, Gujarat. GIFT City is an emerging global financial and IT services hub, a first of its kind in India, designed to be at or above par with globally benchmarked business districts.

The special panel held a meeting on Wednesday as members discussed a wide range of matters that could pose threat to financial stability. RBI governor Shaktikanta Das chaired the meeting.

“The Sub-Committee, inter-alia, discussed scope for improvements in insolvency resolution under IBC, utilisation of data with the Central KYC Records Registry and changes in the regulatory framework relating to Alternative Investment Funds (AIFs) set up in the International Financial Services Centre (IFSC), among others," the RBI said in a statement.

The members of the panel or sub-committee included bosses of different regulators and other government bodies including the SEBI, IRDAI, Insolvency and Bankruptcy Board of India, Department for Financial Services. The meeting was attended by the members of the Sub-Committee – Ajay Tyagi, Subhash Chandra Khuntia, Supratim Bandyopadhyay, M. S. Sahoo, Injeti Srinivas, Debasish Panda, Rajesh Verma, Ajay Prakash Sawhney, Krishnamurthy Subramanian, Shashank Saksena, B. P. Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao; and O. P. Mall.