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Research publications

​The City of London regularly commissions or produces research reports regarding India, a selection of which can be seen below. For more information on the City of London's research programme, please see our economic research and information webpages.

A framework for developing a reinsurance hub in India (2014)

Prepared by the Indian Merchants’ Chamber and the City of London, this report highlights the framework required for creating a reinsurance hub in India. The report highlights changes required in the areas of regulation, taxation and dispute resolution framework.

Download the report 'A framework for developing a reinsurance hub in India'.​ (905 KB)

Examining the causes of recent emerging market currency volatility (2014) 

Prepared by CME Group on behalf of the City of London, this paper will examine the causes and mechanics of the recent market contagion regarding Emerging Markets (EM) countries. The paper draws several conclusions from the overall EM analysis as well as the three case studies on Brazil China and India. The key conclusion of the paper is that relative out-performance by the US equity market in 2013, economic growth deceleration in many EM countries, rising political risks, and the mechanics of asset allocation shifts in these less liquid markets were the four primary causes of the contagion episodes in the spring of 2013 and winter of 2013/14. 

Download the 'Examining the causes of recent emergency market currency volatility' paper (560 KB)​

Fostering investments between United Kingdom and India through conducive tax & regulatory regimes 

This paper - prepared by Jairaj Purandare, a member of the City of London's Advisory Council for India, with assistance from PricewaterhouseCoopers Private Limited, India - identifies tax and regulatory initiatives in the financial services sector that could make investments between India and the UK more attractive and promote measures to provide equal treatment to investors in India and the UK.  The paper includes consideration of the Qualified Foreign Investor regime, mutual funds and Foreign Institutional Investors, certainty of tax treatment, capitals gains taxation, General Anti-Avoidance Rules, the Alternative Investment Market, service tax and stamp duty. 

Download the 'Fostering investments' paper (245 KB)

BRIC currencies trading in London (2012)

The City of London has published a research report, by the London School of Economics, which  explores the trading of four BRIC currencies in the London FX market: the Brazilian real, the Russian ruble, the Indian rupee and the Chinese renminbi. This shows that:  

  • NDF volume in BRICs has increased by almost 70% between April 2008 and April 2012, thus dwarfing the overall growth in FX volume in London of 13% during the same period.
  • From 2007 to 2010, global volume in BRIC currency forwards increased by over 150%. Growth in the Indian rupee has been 134%.
  • The London share of the NDF market has fared very impressively in the last three years, with the biggest growth seen in the volumes for the Indian rupee. NDF trading volume in the Indian rupee has increased from USD 1.5bn to USD 5.2bn, which corresponds to an increase of almost 250%.
  • For all BRIC currencies, the NDF and deliverable forward rates are almost perfectly correlated with correlation coefficients generally exceeding 99.5%.

Download 'BRIC currencies trading in London' (885 KB)

Arbitration for Indian companies – the London connection (2012) 

This research paper was created for the City of London by Bird & Bird and AZB & Partners. It examines locations used for international arbitration cases involving Indian firms and the key factors that influence their choices behind the locations.  

Download 'Arbitration for Indian companies - the London connection' (100 KB)

Indian Infrastructure 2010-2012: Review 

This report compares and reviews the status of the infrastructure development recommendations made by the 2010 'Indian infrastructure: going beyond the soundbytes' report with the status of infrastructure financing in India in 2012. 

Download 'Indian Infrastructure 2010-2012: Review' (1.5 MB)

Download the India infrastructure financing update', December 2013 (144 KB)​ 

Financial Services Sector Outlook-Perspectives from experts (2012) 

This publication compiled by the City of London Advisory Council for India provides a snapshot of the key developments and issues facing the financial services sector in India in 2012, from the viewpoint of leading experts in the field.  

Download 'Financial Services Sector Outlook' (995 KB)

A position paper on credit default swaps and interest rate futures (2011) 

This paper produced by Brickworks Ratings in partnership with the City of London, provides an overview of CDS and IRF in India and gives international comparisons, before providing feedback from market participants on the efficacy of these products. 

Download 'A position paper on credit default swaps' (1.5 MB)

A discussion paper evaluating the structure of the Infrastructure Debt Fund guidelines (2011) 

This paper is an outcome of roundtable discussions organised by the City of London in August and September 2011 in Mumbai with senior market participants and financial experts and evaluate the Infrastructure Debt Fund (IDF) guidelines issued by the Indian government and provide suggestions and recommendations to enable IDFs to become effective in attracting long term debt financing for infrastructure.

Download 'A discussion paper evaluating the structure of the Infrastructure Debt Fund guidelines' (53KB) (2011)

A position paper on the inimical cost of debt capital in India (2011)

This paper examines the issues which result in a high cost of capital for Indian corporates, such as the dependency on bank loans for funding requirements, the Indian government’s massive borrowing programme driving up the risk free rate, and lack of alternate sources of finance such as a well developed corporate bond market.

Download 'A position paper on the inimical cost of debt capital in India' (385 KB)

Insurance companies and pension funds as institutional investors: global investment patterns (2011)

This Special Interest Paper, produced for the City of London by Trusted Sources, explores and compares the investment patterns of long term institutional investors across a range of developed and emerging markets, and the potential these investments offer for the high-growth markets of China and India. It finds that in India, the pension and insurance sectors are still relatively underdeveloped, with assets at 7% and 16% of GDP respectively. The report identifies measures which could facilitate rapid development of these markets including: lifting restrictions on equity investments; allowing investments in lower-rated corporate debt and derivatives; allowing the Employees’ Provident Fund Organisation to invest in equities; removing tax and regulatory constraints and increasing incentives to buy corporate bonds.

Download 'Insurance companies and pension funds as institutional investors: global investment patterns' (1 MB)

Indian infrastructure: going beyond the soundbytes (2010)

This City of London and Execution Noble position paper outlines challenges and issues faced by foreign and domestic participants in Indian infrastructure development, based upon interviews with equity and debt investors, developers, consultants and the government.

Download 'Indian infrastructure' (2 MB)

Guide to UK financial services qualifications (2010)

The 'Guide to UK financial services qualifications' matches technical skills gaps in the Indian financial sector to UK qualifications and training institutions.

Download the 'Guide to UK financial services qualifications' (650 KB)

Emerging markets: international capital raising trends (2010)

This special interest paper, produced for the City of London by Trusted Sources, assesses trends in international capital raising by emerging market companies, specifically those from Russia, Brazil, Mexico, South Africa and India. The report highlights the opportunities and threats that such trends present to the City of London and other international financial centres in the short to medium term.

Download 'Emerging markets: international capital raising trends' (2 MB)

An update on: recommendations for developing the Indian corporate bond market (2009)

The City of London commissioned this short study from Brickwork Ratings, which tabulates and tracks the progress of recommendations and actions suggested by the RH Patil Committee report, the Committee on Infrastructure Finance Report, the Mumbai as an International Financial Centre report, the Committee on Financial Sector Reforms report and the 2008 City of London report. 

Download the update on 'Recommendations for developing the Indian corporate bond market' (2 MB) 

View update sheet (November 2011) (20 KB)

Life after the Great Escape: how India needs to use the global crisis as a platform for reform (2009)

This paper, produced by Noble for the City of London, examines Indian policy responses to the global financial crisis, the need for financial liberalisation in India and the ‘opportunity cost’ of not undertaking the necessary financial reforms. 

Download 'Life after the Great Escape' (2 MB)

PPP resource guide (2008)

This City of London guide produced by Research Republic is aimed at civil servants administrating PPP projects.

Download the 'PPP resource guide' (1.5 MB)

The development of India’s corporate debt market (2008)

This City of London commissioned report by the ICMA Centre, University of Reading, looks at the potential for development of the corporate debt market in India, and the conditions that might promote this. It examines both market-specific issues and economy-wide factors, leading it to make a number of practicable recommendations, which have the potential for swift implementation.

Download 'The development of India’s corporate debt market' (1 MB)​​​​


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