The City of London has long
recognised the critical importance of India to the UK-based
financial services industry, and is committed to making the
best possible use of existing cultural, linguistic, political
and trade relationships. In order to strengthen direct links
with India, one of the world’s largest and most vibrant
emerging markets, the City of London has established a City
Office in Mumbai.
City Office in Mumbai
The overall aim of the City Office in Mumbai (COIM) is to
strengthen trading and investment links in both directions between
India and the UK through the provision of world class financial
services and products. Based in India’s leading financial and
commercial centre, the COIM works to promote “the City” as a brand,
covering financial services as a whole (including those under
non-UK ownership) throughout the UK. The COIM works to promote the
services of the City - including the raising of capital, insurance,
asset management, legal, accounting and other advisory services,
emission trading, London’s exchanges, financial education, training
and qualifications - to the government and private sector in
India.
The City Office in Mumbai is provided on behalf of the City by
the City of London Corporation, and the work of the Office is
steered by the City of London Advisory Council for India.
Specifically, the COIM seeks to:
- Facilitate the business development of City firms by providing
support for their visits to India – through making introductions,
providing briefing material, recommending elements of their
programmes and introducing potential Indian partners.
- Gain and disseminate information and analysis on market
opportunities for City firms.
- Organise financial services related workshops, roundtables and
seminars with eminent finance professionals from India and the
UK.
- Provide the secretariat for and organise India-based meetings
of the City of London Advisory Council for India.
- Promote the City of London – and more broadly the UK - as a
physical location for representation and investment by Indian
financial services companies.
- Identify barriers to market access for financial and related
business services.
- Support appropriate visits by Indian decision-makers and
financial services firms and encourage a well-informed City
response to such visitors.
- Assist in planning and arranging
visits by the Lord Mayor.
City of London Advisory Council for India
The Advisory Council steers the work
of the City Office in Mumbai and provides guidance on the City
of London’s engagement with India.
The Council is chaired by Alan Rosling, Executive Director of
Tata Sons. The other members of the Council are:
- Mukesh Ambani (Chairman of Reliance)
- KV Kamath (CEO of ICICI Bank)
- Naina Lal Kidwai (Group General Manager and Country Head of
HSBC India)
- Zia Mody (Senior Partner of AZB & Partners)
- Nasser Munjee (Chairman of Development Credit Bank)
- Deepak Parekh (Chairman of the HDFC Group)
- Jairaj Purandare (Executive Director of Price Waterhouse
Coopers India)
- Ajay Shah (Senior Fellow of the National Institute of Public
Finance and Policy, New Delhi)
The Chairman of the Policy and Resources committee attends on
behalf of the City of London.
The Advisory Council meets
biannually in Mumbai and in London to review progress in
financial services reform in India, discuss work on the City’s
priority areas over the preceding six months and establish new
areas of focus for the City of London. The Advisory Council
met in London on 23 June, and will hold its next Mumbai
meeting in February 2009.
The Council and the City Office have been working on the
following priority areas:
Development of an Indian corporate debt market
- The City of London commissioned the ICMA Centre, University of
Reading to produce a report on
The Development of India’s Corporate Debt Market launched in
February 2008.
- Following a roundtable discussion on the Indian corporate debt
market, the City Office has established a Corporate Debt Forum,
engaging senior practitioners from the Indian financial services
sector. The forum has developed a Corporate Debt Position Paper on
how to enhance the expansion of the corporate debt market in India,
highlighting the key issues and proposed solutions.
Infrastructure financing and Public Private Partnerships
- The City Office organised a conference entitled ‘Visioning Goa
over the next decade: Work in Progress’ with the Confederation of
Indian Industry on 1 February 2008. The chief guest for the
conference was Mr Digambar Kamat, Chief Minister of Goa. The
conference explored how to harness the UK’s expertise in PPP to
assist Goa’s development.
- The City of London has developed a PPP Resource Guide for India
(request a copy via e-mail to
india@cityoflondon.gov.uk)
aimed at civil servants administrating PPP projects. The report was
launched in Goa on 1 February 2008 at the ‘Visioning Goa’
conference.
- The City Office has also engaged with the Indian Institute of
Management Ahmedabad’s Public & Policy Management programme for
senior Indian civil servants, bringing UK speakers to address
students on the use of PPP in developing London’s
infrastructure.
The skills gap in financial services
- The City of London will run a pilot programme to bring
representatives from the Indian financial services sector to London
for briefing and meetings in October 2008. This follows the
success of the
City of London Programme for new EU Member States and Accession
Countries.
- The City Office has conducted a survey to map technical skills
gap in the financial services sector in India across the following
sectors: banking, insurance, asset management, and investment
banking and capital markets. A ‘Guide to UK Financial Services
Qualifications’ has been developed to match the identified
technical gaps in skills in the Indian financial sector to UK
qualifications and training institutions.
Contact
For more information on the City
of London in India, please contact:
Eva George
China and India Business Development Officer
Economic Development Office
City of London
PO Box 270, Guildhall
London
Tel 020 7332 1565
Email
Anita Nandi
City Representative - Mumbai
City Office in Mumbai
Ground floor , DBS House
Prescott Road , Fort
Mumbai, 400001
India
Tel +91 22 64527244 / +91 22 66364717
Mob +91 9819660101
Email
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