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GIFT City-based International Financial Services Centre (IFSC)

  • Union Minister of Finance said that Indian companies could now directly list their shares on foreign exchanges operating at the GIFT City-based International Financial Services Centre (IFSC) in Gujarat.

  • The government has taken a decision to enable direct listing of listed and unlisted companies on the IFSC exchanges.

GIFT International Financial Services Centre

  • The GIFT International Financial Services Centre (GIFT IFSC) is a financial centre and special economic zone in Gujarat International Finance Tec-City (GIFT City).

  • GIFT City established in April 2015 as a financial hub to provide world-class infrastructure and services for financial institutions and companies operating in areas such as banking, insurance, capital markets, and asset management. 

  • GIFT IFSC is regulated by the International Financial Services Centres Authority, an independent regulator exclusive to the zone.

  • GIFT IFSC was established in April 2020 under the International Financial Services Centres Authority Act, 2019.

  • GIFT IFSC Authority shall regulate all such financial services, financial products and Financial Institutions in an IFSC. 

  • It may also recommend to the Central Government such other financial products, financial services and financial institutions which may be permitted in the IFSCs.

  • The processes and procedures to be followed by the Authority shall be governed in accordance with the provisions of the respective Acts of Parliament of India applicable to such financial products, services or institutions, as the case may be.

  • The transactions of financial services in the IFSCs shall be done in the foreign currency as specified by the Authority in consultation with the Central Govt.

  • All powers exercisable by the respective financial sector regulatory (viz. Reserve Bank of India, Securities and Exchange Board of India, IRDAI, and Pension Fund and Regulatory Development Authority etc.) under the respective Acts shall be solely exercised by the Authority in the IFSCs in so far as the regulation of financial products, financial services and FIs that are permitted in the IFSC are concerned.



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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: GIFT City-based IFSC UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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