Page 4 - Gift City

Not just foreign cos, Indian corporations also jumping on the GCC bandwagon

In the last four years, large Indian conglomerates like the Reliance Industries, the Adani Group, Dr Reddy's Laboratories (DRL), and Bank of Baroda have established GCCs locally

Cognizant announces plans to establish techfin centre at GIFT City in 2025

Global tech firm Cognizant on Monday announced its plans to establish a 'techfin centre' at Gujarat International Finance Tec-City (GIFT City), Gandhinagar. The new facility, set to launch in February 2025, will serve as a strategic hub for delivering advanced technology solutions for clients in the banking, financial services, and insurance (BFSI) industries, the company said in a statement. The centre will initially house 500 associates, with plans to scale up to 2,000 employees over the next three years, it said. Gujarat Chief Minister Bhupendra Patel said Cognizant's new centre in GIFT City reflects the state's ability to attract world-class enterprises and provide a robust environment for innovation and growth. "GIFT City's state-of-the-art infrastructure, business-friendly policies, and strategic location are key drivers in shaping it into a global financial and technology hub. We remain committed to further strengthening this ecosystem, ensuring that GIFT City continues to p

Australian university to start its courses at GIFT City from November

The University of Wollongong (UOW) will be one of the first Australian universities to start courses at GIFT City of Gujarat from November, it said on Tuesday. It will start post-graduate courses with intake of 50 students each in courses including Master of Computing (Data Analytics), Graduate Certificate in Computing, Master of Financial Technology, extended Master of Financial Technology, and Graduate Certificate in Financial Technology, said Executive Director, Global Student Recruitment, UOW, Kath McCollim. It has introduced "inaugural scholarship" offering financial benefits to students enrolling in Computing and Financial Technology programs, he said. UOW India has also partnered with IBM whereby students will gain access to IBM's Innovation Centre for Education (ICE). Gujarat International Finance Tec-City or GIFT City is a business district under development in Gandhinagar district.

Star Health to collaborate with foreign insurers for inward reinsurance

The agency force accounts for nearly 80 per cent of the health insurer's overall business

IFSCA releases final norms for Gift City listings, sets IPO eligibility

Includes norms for already listed companies to explore the avenue, though subject to norms from other regulators

IndiaFirst Life becomes 1st Indian life insurer to start ops in GIFT City

IndiaFirst Life has become the first Indian life insurer to commence operations in Gujarat International Finance Tec City (GIFT City), the company said in a release on Wednesday. The company inaugurated its IFSC Insurance Office (IIO) at the country's international financial gateway on Wednesday, it said. Speaking on the occasion, Managing Director and CEO, IndiaFirst Life, Rushabh Gandhi, said, "We are delighted to be the first Indian life insurance company to commence operations in GIFT City IFSC. Our IIO will offer foreign currency-denominated life insurance solutions to international customers of our partner banks and our preferred broker partners". IndiaFirst Life's IIO will have a dedicated team involving specialists who will cater to the needs of GIFT City's global audience, said the release, adding that the company offers a specially designed ULIP product for global Indians -- IndiaFirst Life Wealth Wise plan. This US dollar denominated plan is ideal for international ...

'Domestic family offices not stopped from setting up funds in GIFT City'

The clarification comes in the wake of a recent debate on social media claiming that Indian regulators have stopped allowing local family offices to set up investment funds in its new finance hub

Wealthy Indians' plan to invest abroad via GIFT city hits roadblock

The regulator for Gujarat International Finance ­Tec-­City is halting approvals for family investment funds after feedback from the central bank

Stricter F&O trading rules: NSE's loss likely to be GIFT City's gain

Stricter F&O rules could lead a shift in volumes, says NSE CEO

Budget 2024: Tax exemptions expanded to retail schemes, ETFs in Gift-IFSC

With the changes, these schemes will now enjoy tax exemptions similar to that of category III AIFs set up in the IFSC

RBI's decision on LRS enhances attractiveness of GIFT IFSC, says city MD

The Reserve Bank has significantly enhanced the attractiveness and utility of GIFT IFSC by clarifying the use of LRS for investments and enabling transactions like insurance and education loan payments in foreign currency, said GIFT City MD and group CEO Tapan Ray on Thursday. GIFT city (Gujarat International Finance Tec-City) located in Gandhinagar has been envisaged as an integrated hub for financial and technology services not just for India but for the world. India's maiden International Financial Services Centre (IFSC) has been set up in GIFT City. The Reserve Bank of India (RBI) on Wednesday issued a circular expanding the scope of norms related to remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS). RBI said it has been decided that "authorised persons" may facilitate remittances for all permissible purposes under LRS to IFSCs for availing financial services or financial products as per the International Financial ...

Foreign currency account usage widens at GIFT City, boosts biz prospects

Latest changes, announced by RBI in a circular late allow Indian investors to use GIFT City as a route for more overseas spending and investments

Eton Solutions launches ERP platform for family office wealth mgmt in India

Onboards the Infosys family office - Catamaran as its first customer in India

Sebi permits up to 100% NRI contribution for FPIs based out of GIFT IFSC

Markets regulator Sebi has allowed up to 100 per cent aggregate contribution by non-resident Indians, Overseas Citizens of India, Resident Indians in the corpus of FPIs that are based out of International Financial Services Centre (IFSC). The move is expected to enhance investment by Foreign Portfolio Investors (FPIs) in India. In a circular issued on Thursday, Sebi said it has amended FPI rules to "provide flexibility of having up to 100 per cent aggregate contribution by non-resident Indians (NRIs), Overseas Citizens of India (OCIs) and Resident Indians (RI) Individuals in the corpus of FPIs based in IFSCs in India and regulated by International Financial Services Centres Authority (IFSCA)". Over the years, there has been a consistent demand to channel more NRI and OCI investments into the Indian securities markets by enabling greater participation of NRIs and OCIs in FPI corpuses. In the July 2019 budget speech, Finance Minister Nirmala Sitharaman had also recognized that despit

Gujarat's new financial hub aims for real-time dollar settlement by 2025

The service which will cut down on times and delays, and it would be available for financial firms in Gujarat International Finance Tec-City

SCI share price up 4% after in-principle nod for GIFT City subsidiary

The surge in stock price came after Shipping Corporation of India said that it has been granted in-principle approval to form a wholly-owned subsidiary at GIFT City

State Bank of India to scale up global operations through GIFT City

Diversify in trade finance through supply chain funding to MNCs

Stock exchange BSE calls off merger of Gift City unit with rival NSE

Talks fall through over disagreements over the swap ratio

Leading refiner, that brings in up to 20% gold, starts trading on India INX

BSE's arm India International Exchange (India INX) on Wednesday said India's leading gold refiner, which brings in up to 20 per cent of the country's gold, has started trading gold futures on its platform. This suggests that India INX, set up at GIFT City (Gujarat International Finance Tec-City), is becoming the main place for Indian jewellers and gold importers to hedge against the risk in gold prices. "Today, one of India's top gold refineries, which brings in 15 per cent to 20 per cent of the country's gold, has started trading gold futures to hedge against gold price volatility," India INX said in a statement. However, the bourse did not disclose the name of the refiner. In December 2022, the Reserve Bank of India (RBI) allowed Indian companies (except individuals) to manage their gold price risk on recognised exchanges within the International Financial Services Centre (IFSC). The move provided more options for Indian companies to hedge against volatility in gold prices throug

FPSB India, IFSCA sign pact to promote GIFT IFSC as 'global finance hub'

Financial Planning Standards Board India on Monday announced that it has signed a pact with the International Financial Services Centres Authority (IFSCA), GIFT City, Gandhinagar, to promote GIFT IFSC as a 'Global Finance Hub'. FPSB India and IFSCA aim to enhance the financial market ecosystem and nurture skilled professionals for GIFT City's expanding financial workforce, the company said in a statement. Both organisations will jointly organise international and domestic events to raise awareness and establish GIFT IFSC as a 'Global Finance Hub', the statement added. Some key highlights of the Memorandum of Understanding (MoU) include talent pipeline support, ecosystem development, promotional activities and research collaboration. FPSB India is the leading financial planning body in India and is dedicated to establishing, upholding, and promoting professional standards in financial planning across the country.