Govt comes out with relaxed norms for IFSC companies

To attract more companies to set shop in the International Financial Services Centre (IFSC), a relaxed regulatory framework that exempts such entities from corporate social responsibility (CSR) norms for five years and various other requirements.

A first of its kind, IFSC is being set up in Gujarat as part of a Special Economic Zone (SEZ). Among others, any financial institution at the centre would be treated as a non-resident Indian entity located outside India.

The corporate affairs ministry has now come with notifications on exemptions to specified IFSC public and private companies. Separate notifications have been issued for private and public