LS passes bill to set up unified regulator for IFSCs

The Lok Sabha on Wednesday passed a

bill to set up a unified authority for regulating all financial services in international financial services centres (IFSCs) in the country.

The first IFSC in India was set up at Gujarat International Finance Tec (GIFT) City in Gandhinagar, Gujarat.

"The bill has two things one we are bringing several regulators together as one unit to the limited extent of dealing with various institutions which are present in the IFSC," Finance Minister Nirmala Sitharaman said.

The unified authority will act as single window for regulating various financial activities in the IFSC, she said.