GIFT City wants regulatory tweaks to bring IFSC on par with global centres

Strategy head at Gift City said govt, regulators should make the derivative trade more attractive for FPIs

Gujarat International Finance Tec-City Company Limited (Gift) said on Wednesday that a host of regulatory changes will bring India’s first international financial services centre on a par with such well-established centres in Singapore and Hong Kong.

The measures include waiving short-term capital gains tax on derivatives trade, allowing retail investors to trade and removing regulatory hurdles to make it attractive for foreign portfolio investors (FPIs). 

The Gift City management, however, downplayed a slowdown in its revenue due to the present set of regulations. “Out of the first phase of the project, which was to the tune of Rs 20 billion,