FSDC discusses ways to ease inter-regulatory issues at IFSC-GIFT City

Council held meeting in Mumbai on Thursday, chaired by Union Finance Minister Sitharaman

The Financial Stability and Development Council (FSDC) on Thursday discussed ways to ease clearances, pending matters, and inter-regulatory communication at the International Financial Services Centre-GIFT City (IFSC-GIFT City) in Gujarat, Business Standard has learnt.

The IFSC-GIFT City is a regulatory sandbox, regulated by IFSC Authority (IFSCA).

An official aware of the deliberations at the meeting held in Mumbai said that while all financial institutions operating in GIFT City come under the ambit of IFSCA, in certain cases other regulators such as the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi) also have oversight.

“If a foreign-regulated bank,