 "IFSCA committee to explore ways to bring home Indian start-ups")
The International Financial Services Centres Authority (IFSCA) has formed a committee to design a road-map to attract Indian start-ups to set up base in GIFT City and not have their domicile in other nations.
The committee will be headed by former RBI Executive Director G Padmanabhan and tasked with better understanding the nuances from regulatory, tax, legal, and other perspectives, and identifying measures required to make GIFT City the preferred location for start-ups.
“Indian start-ups raised $44 billion in 2021... Many Indian start-ups are domiciled outside India, despite having the majority of their market, personnel, and founders here. These ‘externalised’ or ‘flipped’ start-ups constitute a large number of India’s unicorns,” said a statement from the Finance Ministry on Tuesday.
The terms of reference for the committee include measures required to encourage the Indian fintech firms and start-ups domiciled abroad to relocate to GIFT IFSC. Further, the panel would also identify issues that are critical to the development of GIFT IFSC as a global fintech hub, besides suggesting measures to encourage new fintech firms to have a global outlook to set up their commercial presence in GIFT IFSC.
“Additionally, the committee would also identify challenges and recommend measures for the development of the International Innovation Hub at GIFT IFSC. The committee is expected to submit its recommendations to the IFSCA within three months,” the statement said.
Other members of the committee include Zerodha Co-founder Nikhil Kamath, IFSCA Executive Director Dipesh Shah, Avaana Capital Founding Partner Anjali Bansal, and Groww CEO Lalit Kshere, among others.
This panel is being formed at a time when the financial crisis in the US has added to the funding winter woes of start-ups. Both Silicon Valley Bank and Signature Bank provided banking services to tech companies, start-ups, and venture capital and hedge funds.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%