IFSCA Official, through its circular issued under Section 12 of the IFSCA Act, 2019, aims to foster comprehensive research and development in financial services, products, and institutions within IFSCs. This initiative is set to bolster the policy-making process, ensuring effective implementation and evaluation.
1. Objectives
1.1. The primary objective of the framework is to facilitate swift and effective policy-oriented research, underpinned by robust analytical and empirical data. This will aid IFSCA in crafting impactful policies and evaluating their outcomes.
1.2. It seeks to incorporate domain expertise to conduct fundamental and original research relevant to IFSCA's policy formulation, implementation, and monitoring needs. This is crucial for developing the financial services market, including financial products, services, and institutions within IFSC.
1.3. Additionally, the framework aims to encourage research in emerging financial disciplines to address regulatory challenges and develop suitable policies efficiently.
2. Scope of Research Studies and Call for Proposals
2.1. The research studies will cover the development of financial services markets, products, services, and institutions in IFSCs, among other related topics.
2.2. IFSCA will issue an annual call for research proposals from eligible institutions, listing relevant topics. This call can be made yearly in January or multiple times as needed.
Call for Proposals-2024
“Impact of IFSC on International Financial Services Business (Empirical analysis utilizing data from 2015 to 2024)”
The research should also aim, wherever possible, in the development of emerging and promising financial discipline for IFSC and mitigating regulatory challenges faced by IFSCA. The scope of the Research Studies is provided at clause 2 of the Circular.
The research proposals shall be submitted as per clause 12 of the circular along with the declaration cum undertaking as per Annexure II of the circular, by email at dept-epa@ifsca.gov.in latest by July 28, 2024, with the subject line “Research Proposal under Call for Proposals - 2024”.
No deviation in terms & conditions of the framework is allowed except at the discretion of IFSCA.
3. Eligibility
3.1. Applicant institutions must be ranked within the top 20 in Management, top 10 in Research Institutions, or top 10 in Law categories per the latest NIRF India Rankings.
3.2. The lead researcher must have at least 10 years of experience in finance-related research and a strong publication record in high-impact journals.
3.3. Lead researchers are expected to involve senior researchers or experienced practitioners with significant expertise.
4. Time Period and Other Conditions
4.1. Research must be completed within four to six months, with possible extensions granted under special circumstances.
4.2. Applicants must disclose any commercial interest or conflicts of interest when applying.
5. Expert Committee
5.1. Research proposals will be reviewed by an Expert Committee (EC) constituted by IFSCA.
5.2. The EC will include representatives from regulators, industry, and academia.
5.3. Domain experts may be included in the committee as needed.
6. Approval Process
6.1. Proposals will undergo initial screening and then be reviewed by the EC.
6.2. IFSCA will decide to approve, reject, or suggest modifications to proposals based on EC recommendations.
6.3. Periodic progress reports will be required. 6.4. The EC can call off a research study if deemed non-viable.
7. Quantum of Assistance and Disbursal
7.1. Each research study will receive a grant of Rs. 10,00,000, disbursed upon achieving milestones like proposal approval, interim report acceptance, and final report acceptance.
7.2. If a study is called off, the grant release will align with completed milestones.
7.3. IFSCA may collaborate with other bodies for joint funding.
8. Facilities
8.1. In addition to the grant, IFSCA may provide domestic airfare and per diem allowances for research visits. 8.2. Accommodation and local conveyance may also be provided. 8.3. Virtual interactions will be encouraged, with limited physical visits.
9. Final Report
9.1. The final report will be submitted to IFSCA and evaluated by the EC.
9.2. The report should include the theoretical context, literature review, problem statement, methodology, data analysis, findings, conclusions, and policy recommendations.
10. Data Privacy
Researchers and institutions must keep any data shared by IFSCA confidential and use it solely for the research purpose. The data should be deleted after the research is completed.
11. Copyright and Publication
11.1. IFSCA will hold the copyright for completed research, which may be published on its website.
11.2. Researchers can publish their work with IFSCA's approval, acknowledging the support received.
12. Proposal Submission
12.1. Proposals must follow the guidelines in Annexure I.
12.2. Applicants should include researchers' CVs and a declaration of institutional responsibility.
12.3. Proposals can be submitted via email to dept-epa@ifsca.gov.in.
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