Sebi chief takes stock of Gift City progress

Ajay Tyagi, chairman, Securities and Exchange Board of India (Sebi) on Friday took stock of operations at Gift City, India’s first international financial service centre (IFSC) set up at Gandhinagar in Gujarat. The meeting held at Gift City was attended by senior officials of stock exchanges, clearing corporations and of the facility itself.

While BSE started its operation at Gift City in January this year, the National Stock Exchange (NSE) followed suit five months later. Despite several regulatory initiatives and relaxations, volumes at Gift City are yet to pick up in a big way. 

Gift IFSCI, being a pet project of Prime Minister Narendra Modi, has put a lot of pressure on regulatory authorities and market participants to make it a success. 

Tyagi in Friday discussed the progress of made by exchanges, their growth plans and ways to attract more market participants.

Gift IFSC is modeled on the lines of global financial markets in London, Dubai, New York and Singapore. It is establish with objective of preventing the export of India’s financial market and pushing India as a global financial services destination.