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DFSA Seeks To Improve Ties With India

by Lorys Charalambous, Lowtax.net, Cyprus
27 April, 2015

A delegation from the Dubai Financial Services Authority (DFSA), a free zone regulator in the United Arab Emirates (UAE), visited Mumbai, India, on April 23, 2015, to explore ways to enhance financial cooperation between the two territories.

The delegation, led by DFSA Chairman Saeb Eigner, met with the Governor of the Reserve Bank of India (RBI), Raghuram Rajan, and other prominent dignitaries from the financial services and other leading industries in India.

This visit was said to reflect the increasing ties between Dubai and India as "important partners in supporting the growing investment and trade flows between the UAE and India," the DFSA said in a statement.

The DFSA has in place MoUs with the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India. The DFSA was the second regulator, after the China Banking Regulatory Commission, to sign an MoU with the RBI.

There are currently eight of India's largest banks in the Dubai International Financial Centre (DIFC), the free zone regulated by the DFSA. According to the regulator, the combined assets of Indian banks in the DIFC have almost tripled since 2011, the year in which the DFSA entered into regulatory agreements with the RBI.

Earlier this month a high-profile delegation from the DIFC visited Mumbai to explore and identify new investment opportunities for businesses and organizations that can support and encourage the economic growth of both India and the UAE.

The DIFC offers firms zero percent income tax guaranteed for 50 years, 100 percent foreign ownership, no exchange controls, and a legal system based on English common law.

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