Gujarat International Finance Tech-city (GIFT) SEZ is India’s first International Financial Services Centre (IFSC) under Special Economic Zone Act, 2005 (“SEZ Act 2005”). It is being developed as a global financial services hub. GIFT IFSC is a Multi Services Special Economic Zone with 105 hectors of land and commenced its business in April 2015.
Government of India operationalized International Financial Services Centre (IFSC) at GIFT Multi Services SEZ in April 2015. The Union Budget 2016 provided competitive tax regime for the IFSC at GIFT SEZ. It is the vision of the Hon’ble Prime Minister that GIFT IFSC emerges as a hub for international financial services activities.
Ministry of Finance, Government of India provided new initiative for undertaking international financial services business in India. The Indian Regulators namely Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority (IRDAI) has also issued guidelines for Capital Markets Intermediaries, Banks and Insurance companies/Insurance Brokers respectively. Thus, allowing financial institutions to set up IFSC Units under various areas of business at GIFT City.
The new Regulatory approvals at GIFT IFSC is poised to attract foreign investments and particularly financial institutions and intermediaries to its precinct. Therefore, In a short span of 3 years of its operations, it is already host to more than 125 financial entities licensed by financial services regulators namely RBI, SEBI and IRDAI.
GIFT IFSC provides very competitive cost of operations with very competitive tax regime, single window clearance, relax company law provisions, international arbitration centre with overall facilitation of doing business. GIFT IFSC is now moving toward unified regulatory mechanism.
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