Mumbai as an IFC

Key recommendations of Mistry committee
-Full capital account convertibility by 2008-end
-Eliminate securities transaction tax by 2007 and stamp duties by 2008
-Open up purchase of rupee-denominated debt instruments issued by the government to all buyers
-Focus monetary authority exclusively on single task of managing key short-term 'base rate' by 2009-10
-Set up independent public debt management office by 2009
-hift financial regulatory regime from rules-based regulation to principles-based regulation by 2011
-Permit unrestricted entry of well-known global accounting firms operating in IFCs/GFCs by 2008
-Transfer all regulation/supervision of any type of organised financial trading to SEBI by 2008