On 16 January, 2019, the Insurance Regulatory and Development Authority of India (IRDAI) issued Intermediary Guidelines1 (guidelines) to grant permission to Insurance Intermediaries (Intermediaries) to set The Bill will be applicable to all International Financial Services Centres (IFSCs) set up under the Special Economic Zones Act, 2005. The India International Exchange Limited (India INX) is India's first international stock exchange. Gujarat International Finance Tec-City (GIFT City), a Gujarat government project, is well on its way to develop India’s first International Financial Services Centre (IFSC) after chief minister Narendra Modi inaugurated the state’s tallest tower GIFT One, recently. Gujarat International Finance Tec (GIFT) City located on the banks of the Sabarmati River and is around 12 km (7.5 mi) from Sardar Vallabhbhai Patel International Airport and is India's first operational smart city and international financial services centre. The trading operations began on 16 January 2017. In news The United Kingdom has entered into a strategic partnership to develop India’s fledgling international financial services centre GIFT Gujarat International Finance Tec (GIFT) City - … India's international financial services centre at the Gujarat International Finance Tech City (GIFT City) made its global mark by being named among the top three emerging business hubs in the world. Need for and the benefits of a unified authority: Sharad Pawar slams Centre's decision to establish International Financial Service Centre in Gujarat; terms it 'egregious, erroneous and unwarranted' Source : ANI Author : ANI Applications not in the prescribed format and received after this date are liable to be rejected. Usually these centres have low tax rates and flexible regulations for securities and currency trading, banking and insurance, which makes them attractive for foreign investment. India’s first International Financial Services Centre (IFSC) is located in Gujarat at GIFT City, a Special Economic Zone (SEZ). It is located at the International Financial Services Centre, GIFT City in Gujarat. The body will be headquartered in Gandhinagar in Gujarat, as per the notification. The central government has notified the establishment of the International Financial Services Centres Authority. The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar. Gujarat International Finance Tech-city (GIFT) SEZ is India’s first International Financial Services Centre (IFSC) under Special Economic Zone Act, 2005 (“SEZ Act 2005”). On November 25, 2019, the International Financial Services Centre Authority Bill was introduced in the Lok Sabha to regulate the financial services market in the IFSC in India. New Delhi [India], May 3 (ANI): Nationalist Congress Party (NCP) chief Sharad Pawar has, in a letter to Prime Minister Narendra Modi, called the recent decision taken by the Centre to establish the proposed International Financial Service Centre (IFSC) Authority in Gandhinagar instead of in Mumbai as "egregious, erroneous and unwarranted". The Government of India has established IFSC in Gujarat namely Gujarat International Finance Tec-City (GIFT) in Gandhinagar, Gujarat.GIFT is being developed as a global financial and IT Services hub, a first of its kind in India, designed to be at or above par with globally benchmarked financial centres. It was promoted by the Government of Gujarat as a greenfield project. India’s first International Financial Services Centre (IFSC) at the Gujarat International Finance Tech City (GIFT City) made its global mark, being … With this, the government has established a unified authority to regulate all financial services in International Financial Services Centres (IFSCs) in the country. BIFC offers commercial property for lease and is a development which aims to cater to the futuristic needs of the Global IT & Financial Services sectors. Leading bourse NSE on Thursday said it will set-up an international exchange in Gujarat's GIFT City, to be developed as the country's first International Financial Services Centre (IFSC). India Business News: Paving the way for creation of India's first International Financial Services Centre in Gujarat's GIFT City, regulator Sebi approved a relaxed set of India's international financial services centre at the Gujarat International Finance Tech City (GIFT City) made its global mark by being named among the top three emerging business hubs in the world. It is being developed as a global financial services hub. The finance ministry has established the International Financial Services Centres Authority (IFSCA) through a notification on Monday. International Financial Services Centres Authority (IFSCA), Second floor, PRAGYA Tower, Block 15, Zone 1, Road 1C, GIFT SEZ, GIFT City, Gandhinagar Gujarat-382355 Phone: 07961708432 (iv) Applications not in the prescribed format, without Demand Draft and received after Mumbai: A political war of words erupted in Maharashtra on Saturday over the Centre's move to station the International Financial Services Centre (IFSC) Authority in Gujarat. The head office of the unified regula International Financial Service Centre (IFSC) is a hub of financial services within a country, which has laws and regulations different from the rest of the country. The branch -- CDSL IFSC -- would facilitate holding and transfer of all the eligible securities which are permitted at the International Financial Services Centre (IFSC), Gujarat International Finance Tec (Gift) city, the leading depository said in a statement. First International Financial Services Centre set up at Gujarat International Finance Tec-City (GIFT), Gandhinagar Hot Off The Press News Published on April 12, 2017 April 12, 2017 By Saba Mumbai: Shiv Sena MP Arvind Sawant has hit out at the centre over its decision to make Gujarat's Gandhinagar the headquarters of the proposed International Financial Services Centre (IFSC). Companies from Financial Services, Technology and all other services sector will be targeted as potential occupants within the city. International Financial Services Centres Authority (IFSCA), Second floor, PRAGYA Tower, Block 15, Zone 1, Road 1C, GIFT SEZ, GIFT City, Gandhinagar Gujarat-382355 Phone: 07961708432 18. Brigade International Finance Centre set within GIFT City - Gujarat, is in close proximity to Ahmedabad and Gandhinagar. Explore Gujarat International Financial Services Centre photos and videos on India.com It is a subsidiary of BSE Limited.. It was inaugurated by Indian Prime Minister Narendra Modi on 9 January 2017. NSE to set-up an international exchange in Gujarat's GIFT City. GIFT City is changing the economic face of Gujarat and would keep India on the global map as Centre of excellence in the Financial & IT/ITeS Services domain. Ramakant Jha, 69, managing director and group chief executive officer of Gujarat International Finance Tec-City Co. Ltd—popularly known as Gift City—is a happy man. The International Financial Services Centres Authority (IFSCA), is a statutory unified regulatory body to develop and regulate the financial products, financial services and financial institutions located/ performed in the International Financial Services Centres in … NCP chief Sharad Pawar has said the Centre's decision to set up headquarters of the International Financial Services Centre (IFSC) at Gandhinagar instead of Mumbai is egregious, erroneous and unwarranted", and urged the Union government to reconsider it. 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