In a significant move to enhance India’s financial services landscape, the Financial Planning Standards Board (FPSB) India has joined forces with the International Financial Services Centres Authority (IFSCA) at GIFT City, Gandhinagar. This collaboration, announced during the India Financial Planning Conclave 2024, aims to address the growing demand for qualified Certified Financial Planners (CFPs) in the region.
Strategic Goals and Impact
The partnership, formalized through a Memorandum of Understanding (MoU), focuses on several key objectives:
- Developing skilled financial planning professionals
- Promoting GIFT IFSC as a global finance hub
- Conducting collaborative research on emerging trends
- Enhancing the financial services ecosystem
Krishan Mishra, CEO of FPSB India, emphasized the significance of this initiative: “Our collaboration with IFSCA represents a crucial step toward building a robust talent pool with globally recognized expertise. We’re committed to making GIFT IFSC a premier destination for financial services in India.”
GIFT City’s Growing Prominence
IFSCA Executive Director Dipesh Shah highlighted the impressive progress of GIFT IFSC, noting that over 700 financial institutions are now registered there. “GIFT IFSC is rapidly emerging as a preferred new-age global financial centre,” Shah stated. He emphasized that the initiative aims to provide opportunities for talented young Indians to showcase their financial and technological capabilities.
Innovative Educational Initiative
A key announcement at the conclave was the introduction of the ‘Psychology of Practice’ course, specifically designed for financial sector practitioners. Set to launch in December, this innovative program will become an integral part of the CFP certification curriculum from April 2025. The course aims to:
- Enhance understanding of client behavior
- Improve advisory practices
- Strengthen client relationships
Course Impact
Mishra elaborated on the course’s significance: “By combining technical expertise with psychological insights, the ‘Psychology of Practice’ course will revolutionize how financial professionals approach client advisory services. This initiative reflects our dedication to elevating the standards of financial planning in India to meet international benchmarks.”
Looking Ahead
This collaboration marks a pivotal moment in India’s financial services sector, promising to:
- Create a world-class talent pool
- Strengthen GIFT City’s position as a financial hub
- Enhance the quality of financial planning services
- Foster innovation in financial education
The partnership between FPSB India and IFSCA represents a significant step toward establishing India as a global leader in financial services, with GIFT City at the forefront of this transformation.