10-Oct-2022: Commerce Minister reviews the functioning of the GIFT Special Economic Zone
Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal reviewed the functioning of the GIFT Special Economic Zone and issues with respect to regulatory aspects of operation of SEZ and the office of the DC GIFT in Gujarat.
The Minister interacted with industry representatives at GIFT City.
“Held a fruitful interaction with industry representatives at GIFT City. Discussed benefits of setting up units here. Received excellent suggestions including those on exports promotion and 'Make in India' in manufacturing”, Shri Goyal tweeted on the meeting.
The Minister had interactions at the International Bullion Exchange (IIBX) in GIFT City to understand issues with respect to trading of Gold; operationalising the Gold Spot exchange and reducing the cost of gold metal loans for jewellery exporters through Gift IFSC.
“India International Bullion Exchange (IIBX), GIFT City is one of its kind globally. Urged representatives of Jewellery sector to discover competitive prices for gold through IIBX. Also explained how India-UAE CEPA is a huge window of opportunity for them”, he tweeted.
He also issued directions to improve the trading of Gold on the IIBX, including enabling the utilisation of the TRQ on gold obtained in UAE FTA be operated from IIBX.
Shri Goyal met representatives of International Financial Services Centres Authority (IFSCA) at GIFT City and resolved various administrative issues with the office of the DC GIFT SEZ and IFSCA.
IFSCA is to participate in periodic review of exports with EPC and exporters done by the Minister to check as to how the IFSC financial infrastructure can be leveraged to increase exports.
“IFSC will be a key driver of economic growth with enhanced Ease Of Doing Business for global investors who will gain from the India growth story”, the Minister tweeted on the meeting.
Shri Goyal interacted with various heads of units in GIFT city comprising Bankers, fund managers, derivative exchange management, aviation industry representatives among others and heard their issues with allied offices of C&I, DGFT and SEZ among others.
The Minister also gave directions to Department for Promotion of Industry and Internal Trade (DPIIT) to explore whether the Start up ecosystem can benefit from the facilities available at GIFT city.
Earlier in the day, the Minister had interacted with young innovators and startups at i-Hub.
“Spirit of innovation integral to Gujarat and its people. Delighted to interact with young innovators and startups at i-Hub. Shared with them how PM Narendra Modi ji's out-of-box thinking is paving the road for India's future growth”, he tweeted.
28-Oct-2020: GIFT IFSC prescribes framework for listing of Depository Receipts
The International Financial Services Centres Authority (IFSCA), with an objective to develop the financial products and financial services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has prescribed the regulatory framework for listing of Depository Receipts (DRs).
The framework provides for listing of DRs by companies that are listed in FATF compliant jurisdictions (including India). The framework enables the eligible listed companies to raise capital through issuance and listing of DRs on the stock exchanges in GIFT IFSC.
Additionally, the framework enables eligible companies having DRs listed on any exchange in a FATF compliant jurisdiction to list and trade such DRs on the stock exchange(s) in GIFT IFSC as an additional venue for trading, without any fresh public offering.
While IFSCA has prescribed the framework for essential disclosure requirements such as financial statements, material or price sensitive information, shareholding pattern, change of depository and corporate actions, the listed companies shall continue to comply with the applicable requirements of their respective home jurisdictions with respect to corporate governance norms and several other disclosure requirements, without additional regulatory burden. The listed companies will be required to release all the disclosures made in the home jurisdiction to the stock exchange(s) in GIFT IFSC.
Further details on the framework for listing of DRs on the stock exchanges in IFSC are available on the IFSCA website at the URL: https://www.ifsca.gov.in/Circular
21-Oct-2020: IFSCA prescribes regulatory framework for REITs and InvITs in IFSC
The International Financial Services Centres Authority (IFSCA), with an objective to develop the financial products and services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has prescribed the regulatory framework for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) in IFSC.
IFSCA has permitted global participants i.e. REITs and InvITs incorporated in FATF compliant jurisdictions to list on the stock exchanges in GIFT IFSC. Additionally, InvITs have been permitted to raise funds through private placements also.
The REITs and InvITs registered in IFSC have been permitted to invest in real estate assets and infrastructure projects respectively in IFSC, India and other foreign jurisdictions, which is in line with the framework provided in the global financial centres.
Additionally, the REITs and InvITs that are already listed in any of the permissible jurisdictions other than IFSC (currently USA, Japan, South Korea, United Kingdom excluding British Overseas Territories, France, Germany, Canada and India) or India have been permitted to list and trade on the recognised stock exchanges in IFSC, subject to compliance with their respective laws of home jurisdiction.
The listing of REITs and InvITs in IFSC shall be in accordance with the requirements of the stock exchanges in IFSC.
The entities in IFSC can participate and benefit from the growth of real estate and infrastructure sector in international jurisdictions.
31-Jan-2018: Unified regulator for GIFT City
The International Financial Service Centre (IFSC) at Gift City, Gujarat has received a major boost with the Finance Minister proposing a unified regulator for the special finance zone along with tax benefits for non-residents and non-corporate entities operating there. This assumes significance as various government agencies and regulators, including the Reserve Bank of India and Securities and Exchange Board of India (SEBI), have oversight on entities that operate in the zone.
The announcement of setting up of unified regulator for IFSC in India would help India achieve its full potential in the global financial markets. Globally, most of the financial centres host unified regulator in the same centre. This decision would help in establishing GIFT IFSC as a global financial hub.
10-Oct-2022: Commerce Minister reviews the functioning of the GIFT Special Economic Zone
Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal reviewed the functioning of the GIFT Special Economic Zone and issues with respect to regulatory aspects of operation of SEZ and the office of the DC GIFT in Gujarat.
The Minister interacted with industry representatives at GIFT City.
“Held a fruitful interaction with industry representatives at GIFT City. Discussed benefits of setting up units here. Received excellent suggestions including those on exports promotion and 'Make in India' in manufacturing”, Shri Goyal tweeted on the meeting.
The Minister had interactions at the International Bullion Exchange (IIBX) in GIFT City to understand issues with respect to trading of Gold; operationalising the Gold Spot exchange and reducing the cost of gold metal loans for jewellery exporters through Gift IFSC.
“India International Bullion Exchange (IIBX), GIFT City is one of its kind globally. Urged representatives of Jewellery sector to discover competitive prices for gold through IIBX. Also explained how India-UAE CEPA is a huge window of opportunity for them”, he tweeted.
He also issued directions to improve the trading of Gold on the IIBX, including enabling the utilisation of the TRQ on gold obtained in UAE FTA be operated from IIBX.
Shri Goyal met representatives of International Financial Services Centres Authority (IFSCA) at GIFT City and resolved various administrative issues with the office of the DC GIFT SEZ and IFSCA.
IFSCA is to participate in periodic review of exports with EPC and exporters done by the Minister to check as to how the IFSC financial infrastructure can be leveraged to increase exports.
“IFSC will be a key driver of economic growth with enhanced Ease Of Doing Business for global investors who will gain from the India growth story”, the Minister tweeted on the meeting.
Shri Goyal interacted with various heads of units in GIFT city comprising Bankers, fund managers, derivative exchange management, aviation industry representatives among others and heard their issues with allied offices of C&I, DGFT and SEZ among others.
The Minister also gave directions to Department for Promotion of Industry and Internal Trade (DPIIT) to explore whether the Start up ecosystem can benefit from the facilities available at GIFT city.
Earlier in the day, the Minister had interacted with young innovators and startups at i-Hub.
“Spirit of innovation integral to Gujarat and its people. Delighted to interact with young innovators and startups at i-Hub. Shared with them how PM Narendra Modi ji's out-of-box thinking is paving the road for India's future growth”, he tweeted.
28-Oct-2020: GIFT IFSC prescribes framework for listing of Depository Receipts
The International Financial Services Centres Authority (IFSCA), with an objective to develop the financial products and financial services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has prescribed the regulatory framework for listing of Depository Receipts (DRs).
The framework provides for listing of DRs by companies that are listed in FATF compliant jurisdictions (including India). The framework enables the eligible listed companies to raise capital through issuance and listing of DRs on the stock exchanges in GIFT IFSC.
Additionally, the framework enables eligible companies having DRs listed on any exchange in a FATF compliant jurisdiction to list and trade such DRs on the stock exchange(s) in GIFT IFSC as an additional venue for trading, without any fresh public offering.
While IFSCA has prescribed the framework for essential disclosure requirements such as financial statements, material or price sensitive information, shareholding pattern, change of depository and corporate actions, the listed companies shall continue to comply with the applicable requirements of their respective home jurisdictions with respect to corporate governance norms and several other disclosure requirements, without additional regulatory burden. The listed companies will be required to release all the disclosures made in the home jurisdiction to the stock exchange(s) in GIFT IFSC.
Further details on the framework for listing of DRs on the stock exchanges in IFSC are available on the IFSCA website at the URL: https://www.ifsca.gov.in/Circular
21-Oct-2020: IFSCA prescribes regulatory framework for REITs and InvITs in IFSC
The International Financial Services Centres Authority (IFSCA), with an objective to develop the financial products and services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has prescribed the regulatory framework for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) in IFSC.
IFSCA has permitted global participants i.e. REITs and InvITs incorporated in FATF compliant jurisdictions to list on the stock exchanges in GIFT IFSC. Additionally, InvITs have been permitted to raise funds through private placements also.
The REITs and InvITs registered in IFSC have been permitted to invest in real estate assets and infrastructure projects respectively in IFSC, India and other foreign jurisdictions, which is in line with the framework provided in the global financial centres.
Additionally, the REITs and InvITs that are already listed in any of the permissible jurisdictions other than IFSC (currently USA, Japan, South Korea, United Kingdom excluding British Overseas Territories, France, Germany, Canada and India) or India have been permitted to list and trade on the recognised stock exchanges in IFSC, subject to compliance with their respective laws of home jurisdiction.
The listing of REITs and InvITs in IFSC shall be in accordance with the requirements of the stock exchanges in IFSC.
The entities in IFSC can participate and benefit from the growth of real estate and infrastructure sector in international jurisdictions.
31-Jan-2018: Unified regulator for GIFT City
The International Financial Service Centre (IFSC) at Gift City, Gujarat has received a major boost with the Finance Minister proposing a unified regulator for the special finance zone along with tax benefits for non-residents and non-corporate entities operating there. This assumes significance as various government agencies and regulators, including the Reserve Bank of India and Securities and Exchange Board of India (SEBI), have oversight on entities that operate in the zone.
The announcement of setting up of unified regulator for IFSC in India would help India achieve its full potential in the global financial markets. Globally, most of the financial centres host unified regulator in the same centre. This decision would help in establishing GIFT IFSC as a global financial hub.
28-Feb-2017: GIFT-City partners with Dubai International Financial Centre
GIFT City has signed a pact with Dubai International Financial Centre for exchanging views and expertise in the fields of banking and financial services as well as regulatory practices.
The partnership will enable both organisations to share exchange of information on banking, financial service and securities, legislation and regulation, cooperation in the area of training, assistance in organising seminars and conferences on selected issues enhancing mutual development of the centres.
Also, it will help in exchange of information on trends in relevant international financial services activities and products, in particular within the FinTech field.
The terms of cooperation will also include intention to establish a programme of International Exchange for entities based in Dubai International Financial Centre (DIFC) and GIFT enabling them to set up entities in Gujarat/Dubai on mutually agreed terms.
DIFC, a leading financial hub in the USD 7.4 trillion Middle East, Africa and South Asia, has witnessed an exponential growth in the number of Indian firms operating from the centre - from hosting one Indian institution in 2007 to more than 25 Indian firms at present.
26-Apr-2017: Belgium opens honorary consulate in GIFT City
Belgium has become the first country to open an honorary consulate office in Gujarat International Finance Tec-City (GIFT City).
Besides the Belgian Embassy in New Delhi, two Consulates-General in Mumbai and Chennai, and an honorary consulate in Kolkata, Belgium has expanded its diplomatic representation in India with this new office in Gandhinagar.
Hari Sankaran was nominated as Honorary Consul of the Kingdom of Belgium to the state of Gujarat.
Sankaran, who is the Vice-Chairman and MD, IL&FS, said Gujarat and Belgium have had strong historic ties around the diamond industry. With Gujarat emerging as a pre-eminent centre for manufacturing, agriculture, and, now services through GIFT, the potential for increasing collaboration is manifold.
9-Jan-2017: PM Narendra Modi inaugurates India’s first international stock exchange at Gift city.
India’s first international exchange-India INX- was recently inaugurated by PM at International Financial Services Centre (IFSC) in Gujarat International Financial Tech City (GIFT) located in Gandhinagar.
India International Exchange (INX), the wholly-owned subsidiary of the Bombay Stock Exchange (BSE), through its global bourse, will start trading initially in equity derivatives, currency derivatives, commodity derivatives including Index and Stocks. Subsequently, depository receipts and bonds would be offered once the required infrastructure for the same is in place.
India INX is one of the world’s most advanced technology platforms with a turn-around time of 4 micro seconds. It will operate for 22 hours a day to allow international investors and Non Residents Indians to trade from anywhere across the globe. It will act as a gateway to raise capital for the country’s infrastructure and development needs. In parallel, it would provide cross-border opportunities of investment with a comparatively low cost of transaction in the world’s most technologically advanced platform.
