Page 2 - Ifsc

FM seeks more participation from French financial institutions at GIFT City

Finance Minister Nirmala Sitharaman on Friday met French President Diplomatic Advisor Emmanuel Bonne and sought greater participation from French financial institutions and operations in the International Financial Services Centre (IFSC) at GIFT City. "They discussed approaches for further enhancing collaborative positions on climate actions, strengthening international financial institutions and addressing the debt vulnerability in low-and-middle-income countries," the finance ministry said in a post on X. Recognising the synergy between Indian UPI and French Targeted Instant Payment Settlement (TIPS), they explored avenues for closer financial integration, it said. "Finance Minister Smt. @nsitharaman encouraged greater participation from French financial institutions and corporations in pathbreaking initiatives and operations in IFSC at @GIFTCity," it said. Bonne is in the national capital ahead of the upcoming visit of French President Emmanuel Macaron as the chief guest for the

IFSC needs to ready platform where green credits can be traded: Sitharaman

Finance Minister Nirmala Sitharaman on Thursday said India has a USD 10.1 trillion funding gap to meet its net zero commitment and asked IFSC to set up a platform where green credits can be traded. Speaking at a session 'An aspiration of modern India' at the GIFT City, the minister said companies in India will be able to access global funds soon with direct listing on IFSC exchanges. "The much awaited direct listing of stock in Gift IFSC was announced earlier. We are going through the process in a systematic manner and I'm confident that it will happen at the earliest. With that Indian companies should be able to access global funds easily being listed in India," she said. Last year the government had decided to allow listed and unlisted companies to directly list themselves on the IFSC (International Financial Services Centre) exchanges at GIFT City. Currently, Indian companies can access foreign equity markets only through issuing depository receipts or by listing their debt ...

IFSCA may allow Indian listed firms to launch QIP, tax sops for listing

Suggests tax sops for direct listing

Committee recommends route to direct listing at IFSC GIFT city: Report

The group also suggested that Indian mutual funds may be permitted to participate in direct listings at the IFSC up to a limit of 1% of their assets under management

DSP AMC initiates ops in GIFT City; Union AMC launches Children's Fund

The new fund offering (NFO) will close for subscription on December 12, 2023 and will reopen for sale and repurchase within 5 business days from allotment

Indian companies await more govt action on direct overseas listing

The move follows remarks made by the Finance Minister, Nirmala Sitharaman, in September on permitting Indian companies to undertake "direct foreign listings"

Direct listings of firms at GIFT City by end of this year: IFSCA Chairman

Rajaraman says norms to be notified soon; Regulator also mulling on a new payments system regulation

Market regulator Sebi bats for NRIs, OCIs investments in IFSC FPIs

Currently, a single NRI and OCI cannot contribute more than 25 per cent of the total corpus of an FPI. Additionally, the combined contribution from NRIs and OCIs cannot exceed 50 per cent

Telecom Secy K Rajaraman named IFSCA Chairman, may take charge immediately

A 1989 batch IAS officer, Rajaraman has been appointed for three years; succeeds first ever IFSCA Chairperson Injeti Srinivas who led the authority since July 9, 2020

Rupee trade volumes likely to get a fillip after RBI's IFSC ruling

So far now only residents outside India were allowed to be sold these contracts

RBI permits international banking units at IFSC to settle NDDCs in rupee

The Reserve Bank on Tuesday permitted international banking units (IBUs) in GIFT City in Gujarat to settle non-deliverable foreign exchange derivative contracts (NDDCs) in Indian rupee. So far, derivatives are cash-settled in foreign currency. As per the notification, Authorised Dealer (AD) Category-I banks operating IBUs can offer NDDCs involving the Indian rupee to resident non-retail users for hedging. Such transactions shall be cash settled in Indian rupee. "The flexibility of cash settlement of NDDCs transactions between two AD Cat-I banks, and between an AD Cat-I bank and a person resident outside India in INR or any foreign currency," it said. This will help develop the onshore rupee NDDC market and provide residents with the flexibility to efficiently design their hedging programmes, it said. The RBI's decision to allow banks to offer Indian residents rupee NDDCs will help eliminate arbitrage between domestic and overseas markets. Banks in India, which operate Internation

IFSC relaxation may boost trade in foreign stocks at the GIFT City

RBI removed requirement of repatriating funds lying idle in FCA accounts

RBI removes restrictions on individuals from opening interest-earning FCAs

The long-awaited amendment by the RBI now puts IFSC at par with other jurisdictions when it comes to remittances

RBI's wider NDF access may require foreign exposure proof, say bankers

An IFSC Banking Unit or "IBU" is a bank permitted by the Reserve Bank of India to operate from an International Financial Services Centre (IFSC)

Direct tax: Budget gives a blueprint for sustained high-growth trajectory

Presently, no TDS is required on interest payable in the case of listed dematerialised securities

Govt paves way for IFSC units to issue P-notes to foreign investors

With an aim to boost business activities in the international financial hub GIFT IFSC, the government in the Budget paved the way for IFSC units to issue participatory notes or offshore derivative instruments to foreign investors. Participatory notes (P-notes) are issued by registered foreign Portfolio Investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process. Till December 2022, the value of P-note investments in Indian markets -- equity, debt, and hybrid securities -- was at Rs 96,292 crore, data with the Securities and Exchange Board of India (Sebi) showed. Finance Minister Nirmala Sitharaman in her Budget speech on Wednesday recognised "offshore derivative instruments (ODIs) as valid contracts" in order to enhance business activities in the Gujarat International Finance Tec-City (GIFT City). In line with the Budget's announcement, it is likely that ...

Budget 2023: GIFT City gets a big boost as govt announces several sops

The Budget provided acquisition financing by units of foreign banks set up at the IFSC-a move that will bring down the cost of financing for outbound mergers and acquisitions (M&A)

RBI circular permits resident entities to hedge gold price risks at IFSC

The Reserve Bank on Monday permitted resident entities to hedge their exposure to price risk of gold on exchanges in the International Financial Services Centre (IFSC). Resident entities in India are currently not permitted to hedge their exposure to price risk of gold in overseas markets. "On a review, it has been decided to permit eligible entities to hedge their exposure to price risk of gold on exchanges in the IFSC recognised by the International Financial Services Centres Authority (IFSCA)," the RBI said in a circular. An announcement in this regard was made by Reserve Bank Governor Shaktikanta Das while unveiling the bi-monthly monetary policy last week. Hedging refers to the activity of undertaking a derivative transaction to reduce an identifiable and measurable risk.

Indian entities can hedge gold price risk at IFSC, says RBI Guv Das

Indian entities can hedge their exposure to gold price risk in overseas markets on recognised exchanges in the International Financial Services Centre, Gujarat, said RBI Governor Shaktikanta Das

A step-to-step guide to transferring Amazon Pay balance to bank account

Note, however, that you can only do this if you have completed your KYC