Regulation for the International Financial Services Centres will be issued by the month end and the first such centre will be developed in the GIFT City in Gujarat, government said today.
"The first IFSC is proposed to be set up in the Gujarat International Finance Tec-City (GIFT City), which is located in the notified Special Economic Zone. Appropriate regulations in this regard will be issued in March 2015," Minister of State for Finance Jayant Sinha said in a written reply in the Lok Sabha.
Government and financial sector regulators including RBI and Sebi have been mulling over a new set of norms to be applicable to IFSCs, which can be set up in different parts of the country, for domestic and international investors.
"IFSCs are envisaged to be set up to provide avenues to finest financial minds in India to fully exhibit and exploit their strength to the country's advantage and enable India to become a producer and exporter of international financial services," Sinha said.
GIFT City was conceptualised as a pet project of the Gujarat government when Prime Minister Narendra Modi was the state's chief minister.
According to its website, "GIFT city aspires to cater to India's large financial services potential by offering global firms a world-class infrastructure and facilities.
The city is 12 km away from the Ahmedabad International Airport and 8 km from Gandhinagar.
