TLGS services & expertise · Curated intelligence

Financial Services, Capital Markets & Insurance

India's financial services sector encompasses banking, capital markets, insurance, and pension funds, contributing approximately 7.5% to GDP and serving as the backbone of economic intermediation. Key regulators and ministries include the Ministry of Finance, RBI, SEBI, IRDAI, and PFRDA, each overseeing distinct sub-segments. Current policy direction focuses on deepening financial inclusion, expanding insurance penetration, developing bond markets, and positioning GIFT City as a global financial hub.

banking-creditcapital-marketsinsurance-penetrationgift-ifscfinancial-inclusionbond-market-developmentpension-fundsfintech-regulation
16Curated research notes
7Relevant TLGS professionals

Bharat Pulse · Enterprise intelligence · 17 September 2026

Executive Agenda

Policy developments translated into commercial implications, decisions and practical next steps.

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Bharat Pulse · TLGS Research · 2026-09-15

Research for this sector

Official-source facts and TLGS perspectives, separated by status. An announced project is not an open bid; consultancy fees are distinct from the value of the underlying project.

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Prepared research edition. Advertised notices require current issuer, corrigendum and award-status checks. This is not an exhaustive live procurement feed or a statement that TLGS is retained on these projects.

Policy update

Space-sector capital and partnerships: IN-SPACe watch

Established initiative · current call to verify₹1,000 crore · fund corpus

IN-SPACe’s official announcements record operationalisation of a ₹1,000 crore space-sector venture-capital fund with SIDBI in November 2025.

Defence, Aerospace & Homeland Security · Digital, Telecom & Electronics · Manufacturing, MSME & Industrial Policy · Financial Services, Capital Markets & Insurance

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TLGS insight

GCC setup: confirm the operative policy before modelling incentives

Implementation-document review

Invest UP’s GCC page provides policy and implementation documents, but its page labelling also retains a draft reference. The operative instrument therefore needs to be identified before detailed benefits are stated.

Digital, Telecom & Electronics · AI, Cybersecurity & Data Governance · Financial Services, Capital Markets & Insurance · Manufacturing, MSME & Industrial Policy · Education & Skills

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Trade & treaties

UK–India CETA: preference planning after entry into force

In force · product-specific conditions apply

UK guidance published on 4 September 2026 records that CETA entered into force on 15 July 2026. It also sets India’s graduation from the UK’s DCTS for 15 July 2028.

Trade, Customs & Strategic Supply Chains · Manufacturing, MSME & Industrial Policy · Healthcare, Pharma & Life Sciences · Agriculture, Food Processing & Rural Economy · Financial Services, Capital Markets & Insurance

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Selected mandate · National policy

GST, digital mobility & the platform economy

A major TLGS policy mandate addressing the GST treatment of electronic commerce operators in passenger mobility: statutory research, a conduct-based clarification proposal, fiscal safeguards and coordinated Union–State policy engagement.

Ongoing policy engagement — clarification sought

Our Work · Securities & regulatory appeals

Technical evidence. Procedural safeguards.

An anonymised account of TLGS’s representation of securities-market intermediaries in SAT appeals: technical-record analysis, statutory challenges and interim-stage protection.

Jurisdiction · Evidence · Fair process

An appellate-stage account of a complex market-infrastructure matter, with the represented companies unnamed.

SAT appealsInterim phaseLegal strategy

Sector experience · TLGS Our Work

From sector knowledge to practical action.

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TLGS expertise

Our people in this sector

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Shri Navneet Goel, IRS (C&IT) (Retd.)

Former Principal Chief Commissioner, Customs & CGSTIRS (C&IT), 1989 batch · Former Technical Member, National Anti-Profiteering Authority

Principal GST Technical Advisor

GST, Indirect Tax & Fiscal Policy

Former Principal Chief Commissioner, Customs & CGST; IRS (C&IT), 1989 batch. His experience spans tax administration, GST intelligence, anti-profiteering and capacity building.

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Shri P. Udayakumar

Former CMD, NSIC & NSIC Venture Capital Fund

Regional President — Chennai / South India

Chair, South India Enterprise Desk

Former CMD and board-level leader of NSIC and NSIC Venture Capital Fund, bringing MSME, enterprise-development and growth-finance experience.

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Ms. Somya Satsangi

Former Senior Director, Tata Consultancy ServicesIndependent-director and Risk Management Committee chair experience, Dr Lal PathLabs

Director & Practice Chair

Corporate Governance, Risk, Digital Strategy & Board Advisory

Board and strategy professional with experience in corporate governance, risk oversight, technology commercialisation and healthcare.

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Dr. Karan Garg

Former Judge

Director & Group Principal

Collaborations & Strategic Growth

Former Judge with multidisciplinary experience across international trade, infrastructure and EPC, public procurement, regulatory strategy and enterprise growth. Leads TLGS’s collaborations and strategic-growth remit.

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CA Rajat Banga

Principal

Finance, Accounts & Engagement Coordination

Chartered Accountant supporting finance, accounts, compliance documentation and engagement coordination at TLGS.

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CA Vinod Godara

Practice Principal

Tax, Finance, Regulatory & Strategic Advisory

New Delhi-based Chartered Accountant and Practice Principal, connecting tax and financial review with regulatory analysis, policy coordination and practical support for client mandates.

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CS Sonal Jain

Board Affairs & Strategic Communication Lead

MD Office

Company Secretary with experience in corporate law, board affairs, FEMA, secretarial compliance and strategic communication.

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Bharat Pulse Dialogues

The sector in conversation.

Explore related interactions, institutional experience and our wider editorial perspective.

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Bharat Pulse · TLGS policy perspective

Section 9(5): digital facilitation or economic intermediation?

Why the proposed assessment focuses on actual platform functions, not a business label—and why passenger mobility must be analysed on its own facts.

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Published 13 September 2026 · Explains an ongoing TLGS proposal. Not a notification, tax exemption or report of government acceptance.

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