Unified regulator for GIFT City on the cards

RBI also recommends full-fledged arbitration centre

The Union finance ministry is finalising norms for a unified regulator for the International Financial Services Centre (IFSC) situated at GIFT City in Gandhinagar, Gujarat, which has clocked $7 billion of business in banking, insurance, and capital markets so far.

The move is expected to provide a further push to the IFSC. The Reserve Bank of India (RBI) had written a detailed note to the finance ministry to consider one common regulator for banking, insurance, and capital markets with all powers to issue approvals required for doing business in the IFSC.

The finance ministry has taken the RBI’s proposal for