Officials from India's Ministry of Finance and the UK Treasury have set out what they discussed at their latest round of financial talks, and much of it is about making it easier for money to move between the two countries. HM Treasury published the joint statement of the fourth India-UK Financial Markets Dialogue on 7 October 2026. The meeting took place in London on 29 September.
Regulators were at the table too. On the Indian side, SEBI, the Reserve Bank of India, the International Financial Services Centres Authority, the PFRDA and IRDAI took part. The UK side included the Bank of England and the Financial Conduct Authority. The previous round was held in December 2024.
Capital markets and GIFT City
SEBI explained how India is simplifying market entry and day-to-day operations for foreign investors, and the RBI pointed to easier overseas access to Indian government and corporate debt. Both sides discussed the growing role of GIFT IFSC in Gujarat in bringing international money into India, and agreed to keep cooperating on its growth as an international financial centre.
They also talked about Indian companies raising capital abroad, including cross-border equity and bond listings through GIFT IFSC, and about closer links between the two markets. The two sides will pick priority areas for future capital markets work before the next UK-India Economic and Financial Dialogue.
Insurance, reinsurance and pensions
The UK described recent changes to its insurance rules under its Financial Services Growth and Competitiveness Strategy, along with developments in pensions and annuities. India set out its aims to widen insurance coverage, investment and market capacity. Both sides reaffirmed an insurance and pensions workplan first agreed in 2023.
Reinsurance got particular attention. The statement says both sides discussed opportunities arising from India's changing regulatory framework and from deeper ties between the London Market and Indian insurers and reinsurers. On pensions, they agreed to explore sharing knowledge on coverage, participation and long-term saving.
Asset management was a separate strand. The UK set out its work on rules for alternative investment fund managers, while India gave an overview of reforms by SEBI and IFSCA. Both sides said a better understanding of each other's rules, investor requirements and market conditions could support more cross-border investment, and they reviewed work by the India-UK Financial Partnership, an industry-led group, on deeper participation by fund managers in each other's markets. On sustainable finance, they stressed credible frameworks, good disclosures and global standards.
The rupee, payments and fraud
The statement welcomed further internationalisation of the Indian rupee and described London as the leading offshore rupee trading hub. Both governments backed the G20 roadmap for cheaper, faster and more transparent cross-border payments, which matters to the many families who send money between the UK and India.
India shared its experience with digital public infrastructure, including digital identity, digital payments, central bank digital currencies and data exchange, as well as its digital onboarding process for retail financial services. Both sides discussed the opportunities and risks of AI in financial services.
They also flagged criminals using new technology, including AI, to run fraud at industrial scale from so-called scam compounds abroad, along with cyber security and data protection risks. The relevant authorities in both countries agreed to keep working together on detecting and preventing fraud. Regulators in India and the US issued similar warnings during World Investor Week this month.
What the statement does not do
This is a record of a dialogue, not a new rule. It does not change taxes, fees or eligibility for any financial product, and it sets no dates for specific measures. Its use is as a guide to where policy is heading: GIFT City as a gateway for listings, a wider opening for London reinsurers in India and closer work on payments and fraud.
Both governments linked the dialogue to the India-UK Comprehensive Economic and Trade Agreement, which entered into force on 15 July 2026, and to their Vision 2035 roadmap. The trade side of that relationship already comes with dated obligations for Indian exporters, such as the UK carbon border levy from 1 January 2027. Progress on the financial workstreams will be reviewed at the next Economic and Financial Dialogue. This is information, not advice.
