International Financial Services Centres Authority (IFSCA) has issued advisories and warnings to FMEs that the unified regulator suspects could be operating
BS BFSI Summit: As GIFT City gains traction, panellists agreed it is well-positioned to become a key player in international finance, transforming India's role in the global financial landscape
Includes norms for already listed companies to explore the avenue, though subject to norms from other regulators
Experts believe these revised thresholds will enable Indian companies to access global capital and will be a step in cementing the country's position in the global financial landscape
The regulator for Gujarat International Finance Tec-City is halting approvals for family investment funds after feedback from the central bank
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 ...
Framework for listing of domestically listed stocks also expected soon, says Ifsca chairperson
Many fund managers are increasingly looking to redomicile their base to India's maiden International Financial Services Centre (IFSC), say legal experts
The committee will also advise on scaling global debt market in Gift City
With the inclusion, entities registered with the IFSC Authority will be able to provide these services to non-residents while operating from GIFT city
Finance Minister Nirmala Sitharaman on Friday met French President Diplomatic Advisor Emmanuel Bonne and sought greater participation from French financial institutions and operations in the International Financial Services Centre (IFSC) at GIFT City. "They discussed approaches for further enhancing collaborative positions on climate actions, strengthening international financial institutions and addressing the debt vulnerability in low-and-middle-income countries," the finance ministry said in a post on X. Recognising the synergy between Indian UPI and French Targeted Instant Payment Settlement (TIPS), they explored avenues for closer financial integration, it said. "Finance Minister Smt. @nsitharaman encouraged greater participation from French financial institutions and corporations in pathbreaking initiatives and operations in IFSC at @GIFTCity," it said. Bonne is in the national capital ahead of the upcoming visit of French President Emmanuel Macaron as the chief guest for the
Fintech firm One97 Communications, which owns Paytm brand, plans to invest Rs 100 crore in Gujarat International Finance Tec-City (GIFT City) to build a global financial ecosystem, the company said on Wednesday. The company will make the investment over a period of time and will seek requisite approvals for the same. "GIFT City is set to become a global financial hub, further putting India on the world map for innovation. The strategic investment in GIFT City represents a pivotal step towards building an Artificial Intelligence-driven cross-border remittance and payments technology landscape, presenting global opportunities. This will enable us to deliver fast, reliable, and cost-effective remittance solutions, reducing friction, at a global scale," One97 Communications Founder and CEO Vijay Shekhar Sharma said in a statement. With GIFT city as an ideal innovation hub for cross-border activity, Paytm will use its proven capability to innovate and build new tech for users across the
The committee has been tasked to assess the trends in the segment and identify the best practices for transition finance in India by 2047
Two more Japanese banks are set to join 10 foreign and 16 local banks in the tax-free GIFT City, where more than 550 businesses with assets worth USD 47 billion have registered and begun operations, an official said.. This marks a significant expansion of the GIFT City's financial sector, which is expected to play a key role in India's economic growth, International Financial Services Centres Authority (IFSCA) chairman K Rajaraman said here. We also want Indian origin funds and businesses that are located in tax-free jurisdictions to return home and be part of the growing GIFT City hub, said Rajaraman, giving this update on the Ahmedabad-based city free trade zone, where ease of doing business procedures, processes and laws have become a benchmark for international standards. IFSCA is the regulatory body for the Indian special economic zones such as the GIFT City. Rajaraman said his recent delegation to Tokyo has resulted in two Japanese banks registering in the GIFT City, and more
Rajaraman says norms to be notified soon; Regulator also mulling on a new payments system regulation
Insiders suggest the possibility of an all-share amalgamation of arch rivals
Mulls steps to ease setting up holdcos, Spacs
Total banking transactions at GIFT International Financial Services Centre (IFSC) here reached USD 508 billion till July 2023, an official said on Tuesday. GIFT IFSC Executive Director Dipesh Shah said that till July 2023, the total banking asset size at GIFT IFSC stood at USD 41.20 billion, and cumulative derivative transactions booked by banks were worth USD 632 billion. There were a total of over 545 IFSCA registered entities at GIFT IFSC till July 2023, including 25 aircraft and shipping entities, and monthly turnover on the IFSC international stock exchange in July 2023 was USD 60.33 billion. Total commitments made to alternative investment funds till July 2023 was at USD 17.8 billion, he said. Shah said that as of date, over 5,000 employees worked at GIFT IFSC zone, and a proposal was received from a single company interested to employ 5,000 people in its GIFT IFSC unit. "These are the types of proposals we are discussing in terms of financial centre growth in coming years,"
In its annual report for 2022-23, IFSCA says volumes of business in IBUs has doubled to $258.59 billion