Gandhinagar

Mahatma Mandir in Gandhinagar will witness a conference on 10 April on ‘Regulatory Framework for International Financial Services Center in India.” Union Finance Minister Arun Jaitley will announce regulations for India’s first IFC which is GIFT city in Gandhinagar. Gujarat Chief Minister will attend the function.

Finance Minister of Gujarat Shri Saurabh Patel today announced this and said, “This Financial Service Center will make it possible to offer global level financial services within India-Gujarat. Our country will save billions of dollars that otherwise go to London, New York, Dubai, Singapore and Hong Kong based global financial hubs in financial services sector.”

Sharing more details on the seminar, Patel further said, “Union Secretary for Financial Services Dr. Hasmukh Adhia and Union Commerce and Industry Secretary Rajiv Kher will also address the conference.”

He said, “Reserve Bank of India(RBI), Securities and Exchange Board of India(SEBI) and Insurance Regulatory and Development Authority of India(IRDA)’s senior officers will announce new regulatory standards for domestic and foreign financial firms who intend to start operation in IFSC in India.”

Finance Minister Jaitley will release a booklet on ‘Regulatory Framework for IFSC in India’. Heads of foreign banks, insurance firms, asset management companies, consultant firms, leading brokerage firms, stock exchanges, private equity players among others will attend the function.

It should be mentioned here that in his budget speech early this year, Finance Minister Arun Jaitley had mentioned his intention to launch India’s first IFSC.

– DeshGujarat