 "GIFT City")
Market participants with plans to kickstart operations at the International Financial Services Centre (IFSC), set up at the Gujarat International Finance Tec-City (GIFT City) in Gujarat, may adopt a wait and watch approach ahead of the national elections next year.
While 50-75 domestic brokerages have shifted to IFSC, foreign brokerages and custodians are yet to set up shop, and are likely to wait it out till the elections before taking a decision, say experts.
A unified regulator specifically for IFSC, announced in this year’s Budget, is also unlikely to see the light of the day any time soon.
“Foreign brokers are unlikely to
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