Page 5 - Gift City Ifsc

StanChart to be first foreign bank to launch ops at GIFT IFSC; may open branch this yr

The GIFT City Thursday said US-based Standard Chartered will be the first foreign bank to launch operations at International Financial Services Centre (IFSC). Standard Chartered has received in-principle regulatory approvals to set up its IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City), it said in a release. The US-based lender is expected to start operations at IFSC by the end of this year, a GIFT City spokesperson said. The government had envisaged GIFT IFSC as a hub to bring offshore financial transactions, and with the presence of Standard Chartered, the IFSC ecosystem of India will become more formidable now, said Tapan Ray, MD & Group CEO, GIFT City. "In addition, the announcements made in the recent Union Budget have provided the much needed impetus to take GIFT on a fast track mode. This would definitely incentivise more international financial intuitions to set up their base in GIFT City," he said. The recent Budget has laid a special ...

Cash-strapped IL&FS eyes Rs 480 crore from sale of two towers at Gift City

In a public notice Monday, IL&FS said it has put its two towers - Gift One and Gift Two - on the block and has invited expressions of interest from investors

Relief for GIFT City as Modi's election win allays relocation fears

A fourth of India-focused Singapore and Mauritius funds may potentially migrate to IFSC over time

Cabinet okays single regulator for international financial services centres

Need for a separate unified regulator arose after the existing regulators expressed concerns that transactions in GIFT City can have an impact on the domestic markets

GIFT City's IFSC bags 10th place in Global Financial Centres Index

Including GIFT City's IFSC, six of the top ten emerging centres are in Asia

Broking, insurance and banking transactions cross $4 bn 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 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 ...