You may be aware that Government of India has already announced setting up of an IFSC in Gujarat namely Gujarat International Finance Tec-City (GIFT) in Gandhinagar, Gujarat. Since the 2015 launch of International Financial Services Centre (IFSC) in Gujarat’s GIFT City, several initiatives at policy, regulatory and operational levels have helped India’s IFSC dream take shape and gain attention from far and wide. Finance Minister Arun Jaitley, had announced in the Union Budget 2015 that India's first IFSC's would be set up in GIFT City in Gujarat. Liquidity-Enhancement-Scheme. Get all the latest news and updates on Gift City Ifsc only on News18.com. GIFT City Co Ltd, which is implementing the GIFT City project in Gandhinagar, is a 50:50 joint venture between Infrastructure Leasing and Financial Services Ltd (IL&FS) and state government-owned Gujarat Urban Development Company Ltd. The formation of most of these funds however have been concentrated to the well-known financial hubs such as Hong Kong, … <>/Metadata 2450 0 R/ViewerPreferences 2451 0 R>> \r�J9.P^�c��Dc=�E��Q����8X[r��@�h��@S���*x�hx.�PK��@mi&r�j�a���a�N�*�d�߂x�*�p��Y�P'�Y��B�y����)�O SSIL has received SEBI registration as a Clearing member. The GIFT City was India's first International Financial Services Centre (IFSC) and was set up through the SEZ (Special Economic Zone) Act of 2005. Types of IFSCs. It is supported by state-of-the-art infrastructure encompassing all basic urban infrastructure elements along with an excellent external connectivity. IFSC has the potential to become an investment gateway for India as apart from providing a global financial platform, … The presence in IFSC GIFT City gives the Bank an opportunity to expand its business in trade, IFSC has the potential to become an investment gateway for India as apart from providing a global financial platform, it also provides an easy access to the fast … “GIFT City is meant for getting dollars from the rest of the world, not from India,” a central banking source said. Committee says IFSC should aim at providing Indian diaspora and individuals from Asia and Africa with full range of financial services, serve residents availing liberalised remittance scheme Need For Unified Regulator Currently, the banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators, i.e. MUMBAI: Hong Kong-headquartered HSBC is setting up an international financial services center (IFSC) banking unit at GIFT City. 5 3 Operational 3.1 What products are available for FPIs/ EFIs to trade on the stock exchange in the IFSC? Since the 2015 launch of International Financial Services Centre (IFSC) in Gujarat’s GIFT City, several initiatives at policy, regulatory and operational levels have helped India’s IFSC dream take shape and gain attention from far and wide. The Hongkong and Shanghai Banking Corporation Ltd (HSBC) has got in-principle approval from the GIFT SEZ Authority to set up an IFSC Banking Unit (IBU) at GIFT City, HSBC & GIFT City … �#\P��}ۛ�� L~�|�(_�=�H����ow�}��z#�4��I-�.&5g!�v��Sf ����!H@�1mΣ3 d�JG �DC��5����� ����rA��&��"���{4Y�&�_ According to The Hindu Business line, Global banking major Hongkong and Shanghai Banking Corporation Limited (HSBC) has received an in-principle approval from the GIFT SEZ Authority to set up an IFSC Banking Unit (IBU) at GIFT- International Financial Services Centre (IFSC). IFSC. The BSE will invest Rs150 crore in Gujarat’s GIFT City to develop India’s first international financial services centre (IFSC). Gujarat International Finance Tec-City (GIFT City) is a business district promoted by the Gujarat government through a joint venture company. ANI | Updated: Dec 09, 2020 13:42 IST. %���� IFSC in GIFT City is conceptualized and designed on par with other global financial centers in Hong Kong, Dubai, Singapore etc. This announcement is in line with Prime Minister Narendra Modi's vision that GIFT City would become a price setter in some of the world's largest traded instruments in the next 10 years. GIFT is being developed as a global financial and IT Services hub, a first of its kind in India, designed to be at or above par with globally benchmarked financial centres. Since the 2015 launch of International Financial Services Centre (IFSC) in Gujarat's GIFT City, several initiatives at policy, regulatory and operational levels have helped India’s IFSC dream take shape and gain attention from far and wide. Standard Chartered is the first foreign bank to commence operations in IFSC. GIFT’s Master Plan facilitates Multi Services SEZ with International Financial Services Centre (IFSC) status, Domestic Finance Centre and the associated Social infrastructure. India’s first operational smart city and international financial services centre The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. India’s first International Financial Services Centre (IFSC) at the Gujarat International Finance Tech City (GIFT City) made its global mark, being … F����0n���r+�rN��u�����xP�^\�yX�������>R� �LՅ0�,-�:�]����O�2@��ɗ�sL+ڦ!��ӐxQ��%�/�L����w}�B�;F�g�?�]�������R��B碟�6;�g���. 1 0 obj GIFT City is central business hub with state-of-the-art infrastructure and a first of its kind development in India. 1. Indian Rupee Derivative Contracts. GIFT City is a planned business district in Gujarat, India. The Government of India has established IFSC in Gujarat namely Gujarat International Finance Tec-City (GIFT) in Gandhinagar, Gujarat. The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. Real Estate Investment Trusts in International Financial Services Centres . By. the Reserve Bank of India (RBI), the Securities Exchange Board of India (SEBI), and the Insurance Regulatory and Development Authority of India (IRDA). No. ���4ƙ�q�R���JX.��@xj� �Z���� �@uR:��AL�:QP&hEpB�-��&{BaM�bP��r����nF� It is supported by state-of-the-art infrastructure encompassing all basic urban infrastructure elements along with an … It has 19 insurance entities and 40 banking entities. Introduction to IFSC and GIFT City. Services of IBU . 2 0 obj RBI, SEBI and IRDAI. IFSC has the potential to become a centre of international finance and high-end data processing, the minister added. Under the IFSC guidelines, stocks exchanges established within IFSC in GIFT City may permit dealing in equity shares of companies incorporated outside India. Firstly, it defeats the purpose of setting up an IFSC — attracting foreign investment, and not investments by Indians.