India-UK Financial Markets Dialogue 2026 Outcomes
The fourth UK-India Financial Markets Dialogue (FMD) was held on 29th September 2026 in London, led by senior officials from India's Ministry of Finance and the UK's HM Treasury. The dialogue included participation from major financial regulatory authorities including the Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI), International Financial Services Centres Authority (IFSCA), Pension Fund Regulatory and Development Authority (PFRDA), Insurance Regulatory and Development Authority of India (IRDAI), Bank of England (BoE), and Financial Conduct Authority (FCA).
Participants reflected on developments since the previous meeting in December 2024 and exchanged updates on reforms in their respective jurisdictions, reaffirming their shared ambition for sustainable economic growth, resilient financial markets, and increased bilateral trade and investment. The discussions were structured across four key areas: capital markets, insurance and pensions, asset management and sustainable finance, and fintech and innovation.
In capital markets, SEBI shared how India is transforming global investor participation by streamlining market entry and operations, while RBI highlighted significant ease of overseas access to sovereign and corporate debt. Both sides discussed the growing role of Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) in mobilising international capital into India and agreed to continue regulatory cooperation and knowledge-sharing to support GIFT IFSC's development as an international financial center. They identified opportunities to increase cross-border investment and Indian firms' access to international capital through cross-border equity and bond listings via GIFT-IFSC, and stronger capital market connectivity.
Regarding insurance and pensions, the UK outlined recent updates to its insurance regulatory framework as part of the Financial Services Growth and Competitiveness Strategy and developments in its pensions and annuity markets. India outlined its ambitions to expand coverage, investment and market capacity. Both sides recognized the value of competitive and resilient markets, access to specialist expertise, diverse pools of capital and reinsurance capacity in managing complex risks. They discussed opportunities in reinsurance arising from India's evolving regulatory framework and deeper cooperation between the London Market and Indian insurers and reinsurers. Participants also exchanged experiences in pensions regulation, governance, coverage and long-term savings reform, agreeing to explore knowledge sharing in areas aligned with domestic priorities.
In asset management and sustainable finance, the UK set out work on the regulatory framework for alternative investment fund managers, while India provided an overview of key reforms undertaken by SEBI and IFSCA across their respective regulatory frameworks. Both sides welcomed further internationalization of the Indian rupee and recognized London's role as the leading offshore rupee trading hub. On sustainable finance, they discussed the importance of credible sustainable finance frameworks, high-quality disclosures, global standards and investor confidence in mobilizing private capital for the low-carbon and climate-resilient transition.
Regarding fintech and innovation, India shared its experience on scaling fintech adoption and financial inclusion through digital public infrastructure (DPI), including digital identity, digital payments, Central Bank Digital Currencies (CBDCs) and data exchange frameworks. Both sides agreed on the importance of supporting responsible innovation without compromising regulatory oversight and exchanged perspectives on the potential opportunities and risks of artificial intelligence (AI) in financial services. India shared its digital onboarding process for retail financial services and committed to further share its experiences. Both sides noted the risks posed by criminal adoption of new technologies to financial crime, including use of AI to commit fraud at industrial scale in 'scam compounds' operating in foreign countries, as well as risks to cyber security, data protection and operational resilience.
Participants reaffirmed their support for the G20 Roadmap for Enhancing Cross-Border Payments and discussed practical priorities for reducing frictions, improving transparency and facilitating greater efficiency in cross-border payments aligned to the G20 Roadmap. Both sides updated on developments relating to their retail payment infrastructures and recognized the work at the G20 to promote interoperability and interlinkages of electronic payment infrastructures.
The dialogue concluded with both sides welcoming the constructive discussions and reaffirming the important role of the FMD in supporting their shared ambitions for sustainable growth, deeper trade and investment, and resilient financial markets. They reflected on a strengthened relationship particularly in the context of the launch of Vision 2035, and the importance of driving the implementation of the UK-India Comprehensive Economic and Trade Agreement (CETA) which entered into force on 15 July 2026. Participants agreed to drive progress across the workstreams, with updates reviewed through relevant bilateral mechanisms and at the next UK-India Economic and Financial Dialogue.