Three key projects show how far India’s financial sector has come
- Recent announcements on direct overseas listings, instant settlement of stock-market transactions, and creating an alternative to Swift represent baby steps towards taking the rupee global
A set of announcements over the past few days have fuelled hopes of some sort of policy convergence in the Indian financial sector. First, finance minister Nirmala Sitharaman announced that the government would soon unveil rules on allowing Indian firms to list directly on overseas exchanges and at the International Gift City exchange in Gujarat. Next, the securities market regulator Sebi said it was working on introducing a T+zero settlement cycle, meaning instantaneous settlement of stock market transactions. There was also a media report that the government and the RBI are working on an alternative to the global payment messaging system Swift.