India on Sunday moved a step closer to having a Singapore- or Dubai-like financial hub, with the Securities and Exchange Board of India (Sebi) approving a framework for international financial centres (IFCs).
After its board meeting in New Delhi, the market regulator issued broad guidelines for IFCs, aimed primarily at reversing the export of India’s financial markets. And, for the first time, the Sebi board allowed listing and trading of municipal bonds, also referred to as ‘muni’ bonds, to aid the government’s smart-city initiatives.