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Broking, insurance and banking transactions cross $4 bn at GIFT City's IFSC

With 13 more approved, number of units with financial SEZ cross the 100 mark

Vinay Umarji  |  Ahmedabad 

Broking, insurance and banking transactions cross $4 billion at GIFT City's IFSC

With 13 more being approved by the special economic zone (SEZ) development commissioner, the number of units within the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) has risen to 103.

Units within the finance of around 13 broking, IT, reinsurance and banking firms such as HDFC Bank Limited, Karvy Ltd, Prabhudas Lilladher IFSC Pvt. Ltd, JM Global Wealth IFSC Pvt. Ltd, Softpulse Technology, Airan Global Pvt. Ltd, Lucent Innovation, and J.B. Boda Reinsurance Brokers Pvt. Ltd, among others have been approved.

According to Ajay Pandey, MD & Group CEO, GIFT City, the IFSC at GIFT City now has 87 capital market units, 10 banks and six Of these, while banks have crossed transactions worth $3 billion through international banking units (IBUs) within the IFSC, have touched $1 billion worth of sum insured while stock exchanges have seen single day trading of around $100 million.

"Two more entities like Axis Bank are also applying shortly and we expect NSE to start by first week of June, which will result in a flurry of entities coming to GIFT City's IFSC," said Pandey.

Commenting on the approval of units within the SEZ, Upendra Vasishth, development commissioner, Kandla (KASEZ) stated that with more number of and firms expected to set up shop within the IFSC, exports from Gujarat would also get a boost.

"For three years including 2013-14. 2014-15, and 2015-16, we had seen a fall in exports from SEZs in Gujarat. However, last year there was a turnaround with exports growing at 4 per cent. GIFT City's IFSC will contribute further in exports growth and this is just a beginning. Last year, exports from GIFT's IFSC was Rs 270 crore and this year it could go beyond Rs 1000 crore," said Vasishth.

According to the development commissioner, with banks finding it easy to set up units in IFSC with least infrastructural cost, more business could be expected from GIFT City. "Stock exchanges are right now doing limited trading of proprietary and derivatives, once they are allowed more, they are set to grow faster," Vasishth added.

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Broking, insurance and banking transactions cross $4 bn at GIFT City's IFSC

With 13 more approved, number of units with financial SEZ cross the 100 mark

With 13 more being approved by the special economic zone (SEZ) development commissioner, the number of units within the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) has risen to 103.Units within the finance SEZ of around 13 broking, IT, reinsurance and banking firms such as HDFC Bank Limited, Karvy Broking Ltd, Pabhudas Lilladher IFSC Pvt. Ltd, JM Global Wealth IFSC Pvt. Ltd, Softpulse Technology, Airan Global Pvt. Ltd, Lucent Innovation, and J.B. Boda Reinsurance Brokers Pvt. Ltd, among others have been approved. According to Ajay Pandey, MD & Group CEO, GIFT City, the IFSC at GIFT City now has 87 capital market units, 10 banks and six insurance companies. Of these, while banks have crossed transactions worth $3 billion through international banking units (IBUs) within the IFSC, insurance companies have touched $1 billion worth of sum insured while stock exchanges have seen single day trading of around $100 million."Two ... With 13 more being approved by the special economic zone (SEZ) development commissioner, the number of units within the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) has risen to 103.

Units within the finance of around 13 broking, IT, reinsurance and banking firms such as HDFC Bank Limited, Karvy Ltd, Prabhudas Lilladher IFSC Pvt. Ltd, JM Global Wealth IFSC Pvt. Ltd, Softpulse Technology, Airan Global Pvt. Ltd, Lucent Innovation, and J.B. Boda Reinsurance Brokers Pvt. Ltd, among others have been approved.

According to Ajay Pandey, MD & Group CEO, GIFT City, the IFSC at GIFT City now has 87 capital market units, 10 banks and six Of these, while banks have crossed transactions worth $3 billion through international banking units (IBUs) within the IFSC, have touched $1 billion worth of sum insured while stock exchanges have seen single day trading of around $100 million.

"Two more entities like Axis Bank are also applying shortly and we expect NSE to start by first week of June, which will result in a flurry of entities coming to GIFT City's IFSC," said Pandey.

Commenting on the approval of units within the SEZ, Upendra Vasishth, development commissioner, Kandla (KASEZ) stated that with more number of and firms expected to set up shop within the IFSC, exports from Gujarat would also get a boost.

"For three years including 2013-14. 2014-15, and 2015-16, we had seen a fall in exports from SEZs in Gujarat. However, last year there was a turnaround with exports growing at 4 per cent. GIFT City's IFSC will contribute further in exports growth and this is just a beginning. Last year, exports from GIFT's IFSC was Rs 270 crore and this year it could go beyond Rs 1000 crore," said Vasishth.

According to the development commissioner, with banks finding it easy to set up units in IFSC with least infrastructural cost, more business could be expected from GIFT City. "Stock exchanges are right now doing limited trading of proprietary and derivatives, once they are allowed more, they are set to grow faster," Vasishth added.

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Business Standard
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Broking, insurance and banking transactions cross $4 bn at GIFT City's IFSC

With 13 more approved, number of units with financial SEZ cross the 100 mark

With 13 more being approved by the special economic zone (SEZ) development commissioner, the number of units within the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) has risen to 103.

Units within the finance of around 13 broking, IT, reinsurance and banking firms such as HDFC Bank Limited, Karvy Ltd, Prabhudas Lilladher IFSC Pvt. Ltd, JM Global Wealth IFSC Pvt. Ltd, Softpulse Technology, Airan Global Pvt. Ltd, Lucent Innovation, and J.B. Boda Reinsurance Brokers Pvt. Ltd, among others have been approved.

According to Ajay Pandey, MD & Group CEO, GIFT City, the IFSC at GIFT City now has 87 capital market units, 10 banks and six Of these, while banks have crossed transactions worth $3 billion through international banking units (IBUs) within the IFSC, have touched $1 billion worth of sum insured while stock exchanges have seen single day trading of around $100 million.

"Two more entities like Axis Bank are also applying shortly and we expect NSE to start by first week of June, which will result in a flurry of entities coming to GIFT City's IFSC," said Pandey.

Commenting on the approval of units within the SEZ, Upendra Vasishth, development commissioner, Kandla (KASEZ) stated that with more number of and firms expected to set up shop within the IFSC, exports from Gujarat would also get a boost.

"For three years including 2013-14. 2014-15, and 2015-16, we had seen a fall in exports from SEZs in Gujarat. However, last year there was a turnaround with exports growing at 4 per cent. GIFT City's IFSC will contribute further in exports growth and this is just a beginning. Last year, exports from GIFT's IFSC was Rs 270 crore and this year it could go beyond Rs 1000 crore," said Vasishth.

According to the development commissioner, with banks finding it easy to set up units in IFSC with least infrastructural cost, more business could be expected from GIFT City. "Stock exchanges are right now doing limited trading of proprietary and derivatives, once they are allowed more, they are set to grow faster," Vasishth added.

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Business Standard
177 22