GIFT-IFSC

Industry body requests removal of 25 per cent limit for IFSC-based retail funds' investment in unlisted assets

The Reserve Bank has significantly enhanced the attractiveness and utility of GIFT IFSC by clarifying the use of LRS for investments and enabling transactions like insurance and education loan payments in foreign currency, said GIFT City MD and group CEO Tapan Ray on Thursday. GIFT city (Gujarat International Finance Tec-City) located in Gandhinagar has been envisaged as an integrated hub for financial and technology services not just for India but for the world. India's maiden International Financial Services Centre (IFSC) has been set up in GIFT City. The Reserve Bank of India (RBI) on Wednesday issued a circular expanding the scope of norms related to remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS). RBI said it has been decided that "authorised persons" may facilitate remittances for all permissible purposes under LRS to IFSCs for availing financial services or financial products as per the International Financial ...

Latest changes, announced by RBI in a circular late allow Indian investors to use GIFT City as a route for more overseas spending and investments

The service which will cut down on times and delays, and it would be available for financial firms in Gujarat International Finance Tec-City

Framework for listing of domestically listed stocks also expected soon, says Ifsca chairperson

Financial Planning Standards Board India on Monday announced that it has signed a pact with the International Financial Services Centres Authority (IFSCA), GIFT City, Gandhinagar, to promote GIFT IFSC as a 'Global Finance Hub'. FPSB India and IFSCA aim to enhance the financial market ecosystem and nurture skilled professionals for GIFT City's expanding financial workforce, the company said in a statement. Both organisations will jointly organise international and domestic events to raise awareness and establish GIFT IFSC as a 'Global Finance Hub', the statement added. Some key highlights of the Memorandum of Understanding (MoU) include talent pipeline support, ecosystem development, promotional activities and research collaboration. FPSB India is the leading financial planning body in India and is dedicated to establishing, upholding, and promoting professional standards in financial planning across the country.

The Reserve Bank on Friday announced that it will allow investment and trading of Sovereign Green Bonds (SGrBs) at the International Financial Services Centre (IFSC), Gandhinagar. Based on an announcement in the Union Budget for 2022-23, the government issued Sovereign Green Bonds (SGrBs) in January 2023. Subsequently, SGrBs were issued as part of the government borrowing calendar in 2023-24. At present, foreign portfolio investors (FPIs) registered with SEBI are permitted to invest in SGrBs under the different routes available for investment by FPIs in government securities. "With a view to facilitating wider non-resident participation in SGrBs, it has been decided to permit eligible foreign investors in the International Financial Services Centre (IFSC) to also invest in such bonds," RBI Governor Shaktikanta Das said, while announcing the first bi-monthly policy for FY'25. A scheme for investment and trading in SGrBs by eligible foreign investors in IFSC is being notified separat

Could today's Budget be not-so-interim? How will direct listing on GIFT City exchanges benefit India Inc? What all can disappoint markets in the interim Budget? What is an interim Budget? Answers here

Issuers will wait for ecosystem to develop further before firming up listing plans

The move will enable startups and other domestic companies to access the global market and raise capital in foreign currency through GIFT IFSC

The rules lay out how companies can list their shares in the International Financial Services Centre (IFSC) housed in the Gujarat International Financial Tech City (GIFT)

The International Financial Services Centre (IFSC) at GIFT City in Gandhinagar on Tuesday announced a strategic collaboration with the Indian Gas Exchange (IGX) and state-owned Gujarat State Petroleum Corporation (GSPC) to set up a global hydrogen trading mechanism. "A key aspect of this collaboration is the subsequent launch of the Global Hydrogen Price Index, a benchmark that will play a pivotal role in price discovery and market information on the burgeoning green hydrogen market in India," the Gujarat International Finance Tec-City (GIFT City) said in a release. The mechanism is expected to enhance transparency, boost investor confidence, and facilitate the growth of the green hydrogen market on a global scale, it said. GSPC jointly with IGX will develop a mechanism to create an index for hydrogen and attract global institutions to trade in GIFT IFSC, the release said. GIFT City SEZ is a notified IFSC in India with banking, insurance, capital markets, asset management, and FinT

Finance Minister Nirmala Sitharaman on Thursday said India has a USD 10.1 trillion funding gap to meet its net zero commitment and asked IFSC to set up a platform where green credits can be traded. Speaking at a session 'An aspiration of modern India' at the GIFT City, the minister said companies in India will be able to access global funds soon with direct listing on IFSC exchanges. "The much awaited direct listing of stock in Gift IFSC was announced earlier. We are going through the process in a systematic manner and I'm confident that it will happen at the earliest. With that Indian companies should be able to access global funds easily being listed in India," she said. Last year the government had decided to allow listed and unlisted companies to directly list themselves on the IFSC (International Financial Services Centre) exchanges at GIFT City. Currently, Indian companies can access foreign equity markets only through issuing depository receipts or by listing their debt ...

Global computing major Nvidia on Wednesday said its partner Yotta is set to commission an "artificial intelligence data centre" in the GIFT City here before end of March. Speaking at the biennial Vibrant Gujarat Global Summit, Shankar Trivedi, senior vice president at Nvidia Global Field Operations, said the American company is partnering with Tata Group and Reliance Industries for setting up data centres. The data centre being set up by Yotta, a Hiranandani Group company, will go live before March, he said. "I'm very happy to inform you that our partner Yotta is setting up a state of the art AI data centre here in GIFT city and it will be available and go live before the end of March," Trivedi said. The Ahmedabad-educated Trivedi said sovereign generative AI requires scalable data centres and added that generative AI will impact everybody in the future.

The group also suggested that Indian mutual funds may be permitted to participate in direct listings at the IFSC up to a limit of 1% of their assets under management

At present, the combined holdings of NRIs and OCIs in a global fund have to be less than 50 per cent, while that of a single NRI or OCI is capped at 25 per cent

Under current regulations, Indian firms are not allowed to list directly on overseas exchanges. They can only list on foreign exchanges through instruments such as depository receipts

Allow to raise capital through SPACs and listing on offshore exchanges

Union Finance Minister Nirmala Sitharaman on Saturday said a comprehensive legal framework will soon be in place to enable accounting, auditing and taxation professionals to provide services from GIFT City, turning it into a global hub for accounting and financial back-office functions. Chairing a review meeting on the growth and development of GIFT-IFSC at Gujarat International Finance Tec-City (GIFT City), Sitharaman also emphasised using the maximum potential of the Indian International Bullion Exchange IFSC (IIBX) -- launched here in 2022 -- in ensuring disintermediation and efficient price discovery. She asked the Reserve Bank of India to pilot the import of tariff rate quota (TRQ) gold under the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates through IIBX to pave the way for Indian banks efficiently using the IIBX platform, an official release stated. The Union minister exhorted both the International Financial Services Centres Authority (IFSC

Experts say move will make investments more lucrative