The Financial Services Executive Committee serves as a primary interlocutor between the world's leading financial services providers and policymakers. The Committee is dedicated to furthering a policy framework that will create a robust capital markets and financial services sector in India. Business leaders convene under the Council’s banner, working towards universal access to affordable and high-quality financial services that will spur economic growth and job creation in India.
Asset Management and Capital Markets
The Government of India aims to modernize India’s capital markets to mobilize investment in India’s infrastructure.These reforms include further development of the corporate debt market, improved infrastructure trusts and debt fund structures, long-term rupee-denominated government securities, risk management trading mechanisms, and an updated external commercial borrowing regime.
Around 90% of transactions in India involve cash payments. The Government of India aims to gradually wean the economy from cash to digital payments by opening up enablers such as facilitating all government services to accept electronic payments from consumers. The early success of India’s national nancial inclusion plan (Pradhan Mantri Jan Dhan Yojna) introduced in 2014 is as an important step toward the next stage of India’s social and economic development.
The Government of India is committed to providing universal access to nancial services. Proposed reforms in this direction include the issuance of new foreign branch licenses and allowing global investors to participate in India’s nancial inclusion objectives through new payment banks.
The passage of the Insurance Laws (Amendment) Act, including a key provision lifting the FDI cap from 26% to 49% sent a clear signal to investors that India is open for business.
Increase in Insurance Foreign Direct Investment (FDI) Limits
The Council was instrumental in advocating the passage of the Insurance Laws (Amendment) Act, including a provision lifting the foreign direct investment (FDI) cap from26% to 49%, with hopes to raise the foreign investment cap from 49% to 51%, signaling greater investment opportunity in the insurance sector.
New Foreign Portfolio Investor (FPI) Regime
The Council played a pivotal role in advocating for the creation of the Securities and Exchange Board of India’s new Foreign Portfolio Investor (FPI) regime. This regime is a step in the right direction for streamlining the foreign investment process, including registration, clearance, and administration of portfolio investment.
Cross-Sector Tax Initiative
The Council’s Tax Initiative provides an effcient,streamlined tax structure through which member companies can leverage the Council’s existing platform on key tax concerns. These include retrospective taxation, the Minimum Alternative Tax on Foreign Portfolio Investors, and the anticipation of the Goods and Services Tax Regime.
Nileema Pargaonker serves as the Senior Director for the Council’s financial services portfolio works with both financial service providers and policy makers to build a dynamic financial services sector in India.
Nileema previously served at the Financial Industry Regulatory Authority (formerly NASD) (FINRA) where she spent more than 16 years as a regulator in a number of divisions including, Corporate Finance and Enforcement. For ten of those years, she was as a Director in FINRA’s International Department where she led FINRA’s relationships with foreign regulators in Europe and Asia. In this role, she delivered technical assistance to emerging markets on regulatory rule reform, oversight programs, and policy development.
Nileema earned her Bachelor’s degree from University of Chicago, a Master’s in South Asian Studies from University of Wisconsin-Madison, and a JD/MA (International Law) from American University -- Washington College of Law.