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The International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City) was established to facilitate global financial services in India. The Gujarat International Finance Tec-City, or GIFT City, is a testament to India’s economic ambitions and aims to transform the country into an international financial hub. IFSC was established in 2015 and presently, it stands as the cornerstone of India’s financial prowess.
IFSC functions as a central hub for diverse financial activities including banking, insurance, capital markets etc. It aims to promote India as a global financial hub and attract foreign investments. IFSC offers advantages such as a favourable regulatory environment, tax incentives, streamlined business processes and access to a skilled workforce.
The IFSC Authority (IFSCA) was notified as the unified regulator in 2020. The IFSCA possesses the combined powers of four domestic regulators viz. the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), and Pension Fund Regulatory and Development Authority with a mandate to develop and regulate financial institutions, services and products within IFSCs in India.
IFSC is poised to serve as a gateway for entities to access Indian markets or to expand globally.
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