India-UK Financial Markets Dialogue 2026 Joint Statement
The fourth UK-India Financial Markets Dialogue took place on September 29, 2026, in London, led by senior officials from India's Ministry of Finance and HM Treasury, with participation from SEBI, RBI, IFSCA, PFRDA, IRDAI, Bank of England, and Financial Conduct Authority. The dialogue focused on enhancing bilateral financial cooperation across multiple sectors.
In capital markets, SEBI highlighted India's transformation of global investor participation through streamlined market entry and operations, while RBI emphasized eased overseas access to sovereign and corporate debt. Participants recognized Gujarat International Finance Tec-City (GIFT IFSC) as crucial for mobilizing international capital into India and agreed to continue regulatory cooperation to support its development as an international financial center. Discussions covered opportunities for cross-border equity and bond listings via GIFT-IFSC and stronger capital market connectivity, with both sides committing to identify priority areas for future cooperation ahead of the next Economic and Financial Dialogue.
Regarding insurance and pensions, the UK outlined recent updates to its insurance regulatory framework under the Financial Services Growth and Competitiveness Strategy and developments in pensions and annuity markets. India shared its ambitions to expand coverage, investment, and market capacity. Both sides emphasized the importance of the Insurance and Pensions Workplan established in 2023 to support market development and bilateral trade. Participants recognized the value of competitive markets, specialist expertise, diverse capital pools, and reinsurance capacity for managing complex risks, particularly noting opportunities arising from India's evolving regulatory framework and deeper cooperation between the London Market and Indian insurers.
In asset management and sustainable finance, the UK presented work on alternative investment fund managers' regulatory framework, while India overviewed key reforms by SEBI and IFSCA. Both sides welcomed London's role as the leading offshore rupee trading hub and discussed the importance of credible sustainable finance frameworks, high-quality disclosures, and global standards for mobilizing private capital toward low-carbon transition. They reviewed progress under the India-UK Financial Partnership asset management workstream and recognized industry evidence in identifying practical opportunities for cross-border participation.
On fintech and innovation, India shared its experience scaling fintech adoption through digital public infrastructure including digital identity, payments, CBDCs, and data exchange frameworks. Both sides agreed on supporting responsible innovation without compromising regulatory oversight and exchanged perspectives on AI opportunities and risks in financial services. India committed to sharing its digital onboarding process for retail financial services. Participants addressed risks from criminal adoption of new technologies, including AI-enabled fraud in 'scam compounds' and cybersecurity threats, sharing experiences in using technology to detect and prevent financial fraud.
Both sides reaffirmed support for the G20 Roadmap for Enhancing Cross-Border Payments, discussing practical priorities for reducing frictions, improving transparency, and facilitating efficiency. They updated on developments in retail payment infrastructures and recognized G20 work promoting interoperability of electronic payment systems.
The dialogue concluded with both sides welcoming constructive discussions and reaffirming the FMD's role in supporting sustainable growth, deeper trade and investment, and resilient financial markets. Participants emphasized implementation of the UK-India Comprehensive Economic and Trade Agreement (CETA) that entered into force on July 15, 2026, and Vision 2035, agreeing to drive progress across workstreams through bilateral mechanisms and the next Economic and Financial Dialogue.