How to make India a financial services hub, stop huge amounts flowing as fees to foreign AMCs

For too long, India has exported its financial markets due to its uncertain, unstable, confusing and convoluted tax policies that eventually result in creation of India-focused offshore funds. Today, the rupee is impacted by trades in the non-deliverable forward (NDF) markets of Singapore and Dubai, the Nifty indices by trade in Singapore and gold prices by Dubai and London. Almost all fund managers of overseas capital invested in India are located outside due to perverse tax rules. It is time we get the financial markets back and develop the skills associated with the global financial markets in India.

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