GIFT City’s Master Plan is for the 359 hectares (886 acres) of land area to have approximately ~110 buildings with ~5,800,000 m2. GIFT City, India’s IFSC poised to be a global financial services hub. 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. Read more about Is India getting bullied by Singapore in accepting Gift City truce? As the dynamic nature of business in the IFSCs requires a high degree of inter-regulatory coordination within the financial sector, the IFSCA has been established as a unified regulator with a holistic vision in order to promote ease of doing business in IFSC and provide world class regulatory environment. Need For Unified Regulator Currently, the banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators, i.e. GIFT’s Master Plan facilitates Multi Services SEZ with International Financial Services Centre (IFSC) status, Domestic Finance Centre and the associated Social infrastructure. Under the IFSC guidelines, stocks exchanges established within IFSC in GIFT City may permit dealing in equity shares of companies incorporated outside India. It is located on the banks of the Sabarmati River. The Bill will be applicable to all International Financial Services Centres (IFSCs) set up under the Special Economic Zones Act, 2005. India International Exchange (IFSC) Limited (India INX) - India’s first international exchange in International Financial Services Centre (IFSC) located at the Gujarat International Finance-Tec City (GIFT City). They were launched at the GIFT International Financial Service Centre (IFSC) in Gandhinagar, Gujarat through video conference. RBI, SEBI and IRDAI. 1. IT companies require approval from Development Commissioner, KASEZ only and can start operating post SEZ approval. Useful Links. What is an IFSC? By. Its main purpose is to provide high quality physical infrastructure (electricity, water, gas, district cooling, roads, telecoms and broadband), so that finance and tech firms can relocate their operations there from Mumbai, … About IFSCA ; Developments; Application Status; Careers; Tenders; Downloads; Contact Us. IFSCs are generally classified into four. GIFT City Business Club provides a great facility for various indoor and outdoor sports activities, ... (SEZ) of GIFT City? Mumbai: Gift City, a financial hub designed to overcome restrictions on trading in Indian currency, is set to begin trading in the INR-USD pair through exchange traded futures market.This will probably reduce the quantum of trading in the overseas market that makes monitoring of it difficult for the regulator. The bill seeks to setup an authority- The International Financial Services Centres Authority. London, New York and Singapore can be counted as global financial centres. It has been endowed with the responsibility of starting this exchange. The Government will establish a unified authority for regulating all financial services in IFSCs in India," said Jaitley while presenting the budget on Thursday. GIFT City is an emerging global financial and IT services hub, a first of its kind in India, designed to be at or above par with globally benchmarked business districts. UPSC Prelims 2020 Question Paper With Answer Key. In Chapter 3 of the report, the committee has also recommended that companies incorporated outside India should be permitted to list their equity shares on stock exchanges established within IFSC in GIFT City. It is done by offering business and regulatory environment that is comparable to other leading international financial centres in the world like London and Singapore. International Financial Services Centre; An IFSC enables bringing back to India the financial services and transactions that are currently carried out in offshore financial centres by Indian corporate entities and overseas branches/subsidiaries of … GIFT City. IFSC would also complement and promote further development of financial markets in India. Login with Gmail Login with Facebook. At the Union Budget 2020, Finance Minister Nirmala Sitharaman had announced that India will soon have an IBE at the IFSC in GIFT City in Gandhinagar. Twitter. The release issued by the government explained that currently, the banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators, i.e. Rupee derivatives in IFSC would help in creating a vibrant forex market in India. IFSC | GIFT City | Indian investors. The first IFSC in India has been set up at GIFT City, Gandhinagar, Gujarat. Quick Links Gallery FAQ. Need for and the benefits of a unified authority: Multiple regulators: Currently, the banking, capital markets and insurance sectors in IFSC are … It would provide Indian corporates easier access to global financial markets. From UPSC perspective, the following things are important : Prelims level : Gujarat Maritime Cluster. Facebook. At the Union Budget 2020, Finance Minister Nirmala Sitharaman had announced that India will soon have an IBE at the IFSC in GIFT City in Gandhinagar. Can an IFSC be set up in a special economic zone (SEZ)? under the respective Acts shall be solely exercised by the Authority in the IFSCs in so far as the regulation of financial products, financial services and FIs that are permitted in the IFSC are concerned. Most targeted RAW-GS Mains crash course with 800+ Q&A . ft. of Built Up area which includes Office spaces, Residential Apartments, Schools, Hospital, Hotels, Clubs, Retail and various Recreational facilities, which makes this City a truly “Walk to Work” City. The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. 11/07/2019 The Government of India has established IFSC in Gujarat namely Gujarat International Finance Tec-City (GIFT) in Gandhinagar, Gujarat. The IFSC in GIFT City (IFSC-GIFT)is being developed as a global financial and information technology services hub designed to be at or above par with globally benchmarked financial centres such as London, Hong Kong, Singapore, and Dubai. 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