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The International Financial Services Centres Authority (IFSCA) has constituted an Expert Committee on Investment Funds under the chairmanship of Kotak Mahindra Asset Management Co Ltd MD Nilesh Shah.

The committee will recommend the authority on the roadmap for the funds industry in the International Financial Services Centres (IFSCs).

It comprises of leaders from the entire fund management ecosystem including from areas such as technology, distribution, legal, compliance, and operations, said a Finance Ministry statement.

The committee has been constituted to holistically review the global best practices and make recommendations to IFSCA on the roadmap for the industry.

The terms of reference of the committee include recommending to IFSCA on a long-term vision for operations of Investment Funds in the IFSCs and to make suggestions with respect to structure of investment funds in them.

It would also identify issues that may be critical for development of the investment funds industry at IFSCs including inter-regulatory issues, among other responsibilities.