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| About IFSC GIFT |
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India’s maiden International Financial Services Centre (IFSC) is located in GIFT City, Gujarat, which is a green field Smart City. GIFT IFSC has been developed as a major gateway for inbound and outbound investments into India. The centre provides wide spectrum of opportunities across various business segments such as Banking, Capital Markets, Fund Management, Aircraft Leasing, Insurance, etc.
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“My vision is that in ten years from now, GIFT city should become the price setter for at least a few of the largest traded instruments in the world, whether in commodities, currencies, equities, interest rates or any other financial instrument. The concept of IFSC is simple but powerful. It aims to provide on-shore talent with an offshore technological and regulatory framework. This is to enable Indian firms to compete on an equal footing with offshore financial centres.“
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| Shri Narendra Modi, Hon’ble Prime Minister of India |
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Global In-House Centres at IFSC GIFT |
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The IFSC at Gujarat’s GIFT City is the product of the realisation and endeavour to position India at the heart of international financial transactions, regionally as well as globally. Towards this end, the role of global in-house centres (GICs) in accelerating digitisation and economic development, cannot be understated. |
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IFSCA notified the IFSCA (Global In-House Centres) Regulation, 2020 to provide an institutional framework for recognising and operationalising the GICs situated at GIFT City IFSC. GIC’s have an inherent advantage in operating from GIFT IFSC on account of world class infrastructure, lower cost of operations and competitive tax regime. |
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| Key Permissions/Licenses Granted |
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| Capital Market |
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| Aircraft Leasing and Finance |
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| Ancillary Services |
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Business Highlights
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Entities Licensed
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Key Highlights
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16 Banks Licensed Domestic Banks- 12 Banks Foreign Banks- 4 Banks
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Total Banking Transaction crossed USD 67 Bn (upto April 2021)
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Total derivatives trade by IBU’s: USD 67 Bn+ (May 2020 to April 2021)
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Two Stock Exchanges: India INX NSE IFSC International 45+ Brokers |
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IFSC Exchanges average daily trading value of Index Derivatives is USD 11.7 Bn (May 2021)
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IFSC Exchanges average daily trade value of Currency Derivatives is around USD 23.6 Mn+ (May 2021) |
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IFSC Exchange Average daily trade of Commodity Derivatives is around USD 141 Mn+ (May 2021)
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Key updates on development
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Committee on Variable Capital Companies in IFSC submitted its report to IFSCA
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The committee chaired by Dr. K. P. Krishnan recommended the adoption of a VCC-like legal structure for the purpose of conducting fund management activity in IFSCs.
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Committee on positioning IFSC as a hub for offshore trading in INR submitted its report to IFSCA
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The committee chaired by Shri G. Padmanabhan submitted its report to IFSCA on 21st June 2021 and recommended inter alia that IFSCA should implement the globally accepted regulatory regime for trading and clearing OTC derivatives.
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IFSCA constitutes Expert Committee on Investment Funds
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IFSCA constituted an Expert Committee on Investment Funds on 25th May, 2021 under the Chairmanship of Mr. Nilesh Shah. The committee would make recommendations for development of Fund Industry in IFSCs.
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IFSCA constitutes a committee for the development of avenues for Ship Financing and Leasing in IFSC
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IFSCA constituted a committee to examine global best practices in ship financing and leasing, identify opportunities and devise a roadmap to enable such activities from GIFT IFSC. This committee will be chaired by Ms. Vandana Aggarwal.
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IFSCA Amends AIF Regulations for Sponsor Commitment and Capital Norms
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IFSCA made the continuing interest requirement by the Manager or Sponsor in the AIF to be voluntary and allowed AIFs to invest in units of schemes launched by mutual fund regulated in FATF compliant jurisdiction
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“The emergence of the International Financial Services Center at GIFT City is a matter of pride for India. In 2021, Bank of America was the first Global In-House Center (GIC) to become a part of the newly established GIFT IFSC and we are very happy with our decision. Given the impressive strides made by GIFT IFSC in a short span, we believe global banks and financial services companies will find it strategically attractive to expand their operations here. We cherish our long-term partnership with GIFT IFSC.”
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| Kaku Nakhate |
| President & Country Head, Bank of America, India |
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| Invest India, Vigyan Bhawan Annexe, Maulana Azad Road, New Delhi – 110011 |
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