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

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

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

The dialogue was led by senior officials from the Treasury and the UK Treasury with the participation of financial services regulators from India and the UK.

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

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

Discussions covered capital markets, insurance and pensions, asset management and fintech.

In capital markets

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

The participants discussed the growing role of GIFT IFSC in mobilizing international capital to 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 be explored for future cooperation in capital markets ahead of the next economic and financial dialogue, the joint statement said.

About insurance and pensions

The Treasury said the UK had outlined recent updates to its insurance regulatory framework as part of its strategy for growth and competitiveness in financial services, as well as developments in its pensions and annuities markets.

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

The two sides agreed on the importance of a work plan for insurance and pension supplementary insurance created in 2023 to promote market development, bilateral trade and investment.

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According to the Treasury, participants recognized the value of competitive and resilient markets, access to specialized expertise, diverse sources of capital and reinsurance capacity in managing complex risks and supporting long-term domestic development.

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

About pensions and property management

The participants exchanged experiences in the field of regulation, administration, coverage and reform of long-term savings. They discussed measures to increase participation and promote productive long-term investment and agreed to explore knowledge sharing in areas that align with their domestic priorities, the ministry said.

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

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

Both sides also welcomed the further internationalization of the Indian rupee and recognized London’s role as a leading offshore trading center for the rupee, the ministry said.

About sustainable finance

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

The Treasury said participants also reviewed progress on the India-UK Financial Partnership asset management workflow and recognized the value of industry evidence in identifying practical opportunities for deeper participation by UK and Indian asset managers in mutual markets.

On fintech and innovation, India shared its experiences in 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.

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

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

Both sides also highlighted the risks posed by the criminal adoption of new technologies in 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 cyber security, data protection and operational resilience.

Participants shared their experiences in using technological and regulatory innovations to detect and prevent financial fraud and agreed to continue cooperation between relevant authorities, according to the ministry.

Support for the G20 Roadmap

On cross-border payments, both sides reaffirmed their support for the G20 plan to strengthen cross-border payments. They discussed practical priorities for reducing friction, improving transparency and facilitating greater efficiency in cross-border payments in line with the G20 agenda.

The two sides also updated each other on developments in their retail payment infrastructures and appreciated the G20’s work to continue promoting interoperability and connectivity between electronic payment infrastructures.

The Treasury said that 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.

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

Participants also reflected on strengthened relations, particularly in relation to the launch of Vision 2035, and the importance of supporting the implementation of the UK-India Comprehensive Economic and Trade Agreement, which entered into force on 15 July 2026, the joint statement said.

Both sides agreed to manage progress across work streams, with updates reviewed through relevant bilateral mechanisms and at the next UK-India Economic and Financial Dialogue, the Treasury said.