Page 3 - Gift City

Investments from Indian diaspora in GIFT City funds surpass $7 bn: IFSCA

Investments by the Indian diaspora in GIFT City-based funds have crossed USD 7 billion, a top official from the International Financial Services Centres Authority said on Tuesday. Over USD 129 billion were remitted by the non-resident Indians (NRIs) and people of Indian origin to the homeland in 2024, and it is fair to assume that they have investments of similar quantum in the global markets, chairman of the financial regulator K Rajaraman said here. "...as of now, about 5,000 NRIs have invested about nearly a billion and a half... in various banking products. They have also invested close to USD 7 billion in the fund ecosystem," he said at an event organised by the Institute of Internal Auditors here. Dedicated facilities for attracting the diaspora money into the GIFT City in Gujarat were started in 2024. Rajaraman said the over 19 million-strong diaspora is a big catchment of funds, and explained the idea behind it. "The thought process is how do we create a platform which can

IFSCA eases compliance for fund managers in GIFT City to boost investment

The minimum corpus requirement for retail investment schemes has been slashed from $5 million to $3 million, while the threshold for Portfolio Management Services (PMS) is halved to $75,000

Ireda arm gets provisional registration as finance co at Gujarat GIFT City

State-owned IREDA on Tuesday said its wholly-owned arm has been granted provisional registration as a finance company at Gift City in Gujarat. IREDA Global Green Energy Finance IFSC Limited has received the Certificate of Registration dated February 18 from International Financial Services Centre Authority (IFSCA) to undertake the activities as a finance company, IREDA said in an exchange filing. "IFSCA in its letter dated September 4, 2024 has granted the provisional registration to IREDA Global Green Energy Finance IFSC, (a wholly-owned subsidiary of IREDA) as a finance company at Gift City," it said. Indian Renewable Energy Development Agency Limited (IREDA), under the Ministry of New & Renewable Energy, is engaged in providing finance to mainly renewable energy projects.

GIFT City spillover boosts Ahmedabad's rise as a trading hub, shows data

Share of stock market activity of A'bad up 10x since FY20

Bank of Maharashtra receives RBI's approval for opening GIFT City branch

State-owned Bank of Maharashtra (BoM) on Sunday said it has received approval from the Reserve Bank of India to set up an International Financial Services Centre (IFSC) Banking Unit at GIFT City. The branch will function as Bank of Maharashtra's first international branch carrying out offshore banking operations from India. Speaking on the development, BoM MD & CEO Nidhu Saxena said," This is a significant opportunity for our bank as we continue to expand our operations across geographies. The opening of IBU in GIFT City will be yet another milestone in the bank's growth story." This development will help expand international banking business and also enable the bank provide specialised banking services to its customers, he added. Aligned with the government's vision of making India an international financial hub, the GIFT City, located in Gandhinagar, Gujarat is India's first IFSC, aimed at revolutionizing India's financial ecosystem by providing world-class banking services ...

BSE launches Sensex derivative contracts at IFSC in GIFT City, Gujarat

The new contracts offer a 22-hour trading window, enabling global traders to access the Indian market in a tax-efficient manner

Budget 2025: P-notes from Gift City set to rise with new relaxations

Relaxations announced in Budget could prompt FPIs issue P-notes from Gujarat over Mauritius, Singapore

Maharashtra to establish Innovation City similar to GIFT City: CM Fadnavis

He added that the state is planning to finalise a new startup policy in the next two months, which would be opened to the public for consultation and comments

Maharashtra to set up Innovation City on lines of GIFT City: CM Fadnavis

Chief Minister Devendra Fadnavis on Thursday announced plans to establish an Innovation City in Maharashtra on the lines of Gujarat's GIFT City, underscoring the need for efforts to maintain the state's leadership in India's start-up ecosystem. Speaking at a forum on startups and technology here, he said this initiative would create a hub for technology and innovation, providing fertile ground for start-ups, particularly in emerging areas such as artificial intelligence (AI). The way GIFT City has been created, we aim to develop an Innovation City in Maharashtra at an even faster pace, Fadnavis said. The Gujarat International Finance Tec-City (GIFT City) is India's first International Financial Services Centre under the Special Economic Zone Act. The financial and technology hub between Ahmedabad and Gandhinagar is designed to attract businesses from India and abroad. Highlighting Maharashtra's achievements, Fadnavis said the state is home to over 25,000 start-ups and continues to

IFSCA considers greater flexibility for co-investment opportunities

Proposes allowing creation of special purpose vehicles by fund management entities

Western Sydney University planning to open new campus in Greater Noida

Leading Australian University, Western Sydney University is set to open its campus in India, making it the third Australian university to have a campus in the country.In a post on X, Australian High Commissioner to India, Philip Green shared the announcement.He said, "Another Australian University is coming to India! Excited to see this announcement of @westernsydneyau planning to set up a campus in Greater Noida - this will be the third university campus in India & first in the state of #UttarPradesh."On its official website, Western Sydney University noted that it has been recognised as the world's best higher education institution in 2024 according to Times Higher Education Impact Rankings from 2,152 universities across 125 countries.Notably, the other two Australian universities in India are the University of Wollongong and Deakin which established campuses in the GIFT City, Gujarat.As per the official website of Deakin University, it was noted that it is the first ...

Standard Chartered leads as dollar settlement bank in India's GIFT city

A settlement bank is traditionally responsible for processing trades, dealing with everything from the exchange of payment from buyer to seller and the transfer of securities.

Domestic mutual funds hold the match to GIFT IFSC's listing fire

Mkt players aim to stoke flames of direct listing in financial hub

SBI seeks $1.25 bn in country's largest dollar-denominated loan of 2024

India's top lender is raising the facility for general corporate purposes through its branch at the Gujarat International Finance Tec-City

JPMorgan sets up unit in GIFT city to develop derivative products

The US bank will pitch the products to clients in Asia-Pacific and Europe, in addition to providing support for the offerings developed from the Gujarat International Finance Tec-City, or GIFT City

BS BFSI Summit: 'Investors flock to GIFT City as opportunities open up'

List of banks, asset managers, insurers swells amid growing business opportunities

Panel Discussion: What Gift City offers to banks, insurance firms and asset managers | BFSI Summit

Business Standard BFSI Insight Summit brings together thought leaders from India’s financial landscape, including regulators, leading banks, NBFCs, mutual funds, and insurance companies.

BS BFSI Summit: Why go to Mauritius, come to GIFT City, say fund managers

BS BFSI Summit: As GIFT City gains traction, panellists agreed it is well-positioned to become a key player in international finance, transforming India's role in the global financial landscape

Northern Arc secures $65 mn commitment from global firms for climate fund

NBFC firm Northern Arc on Thursday said it has secured USD 65 million from global development banks for maiden climate fund through its fund management arm, Northern Arc Investments IFSC Trust. The climate fund gets commitment of USD 50 million from the United States International Development Finance Corporation (DFC) and USD 15 million from OeEB, the official Development Bank of the Republic of Austria, Northern Arc said in a statement. Located in Gujarat International Finance Tec-City (GIFT City), the climate fund will extend debt financing to growth-stage companies operating in sectors such as commercial, industrial, and residential solar energy, energy efficiency, green buildings and materials, e-mobility, and sustainable agriculture, it said. Additionally, it will focus on businesses innovating in the circular economy, water segment and adaptation technologies that seek to reduce environmental impact and promote long-term resilience, it said. The fund aligns with India's broad

Irish tax perks under I-T lens: What it means for aircraft leasing?

The I-T department's scrutiny stems from notices issued to the offshore firms, asserting that their primary motivation for operating from Ireland is to evade taxation on operating lease rentals