GIFT City: A JPMorgan Chase & Co. entity is set to open a branch at Gujarat International Finance Tec-City (GIFT City) here to trade equities and other financial products, marking another major global bank expanding operations in the country’s low-tax financial hub.

As per a Bloomberg report, a JPMorgan spokesperson said the new branch will enable trading in equities, derivatives and other instruments. London-headquartered JPMorgan Securities Plc has received approval from the International Financial Services Centres Authority (IFSCA) to establish the unit at GIFT City. Furthermore, IFSCA executive director Dipesh Shah confirmed that the licence was granted earlier this month.

The expansion highlights growing global interest in GIFT City. Banks such as HSBC, Standard Chartered and Mitsubishi UFJ Financial Group have already built significant operations at the hub, with several Asian lenders also setting up a presence. Over 190 fund management firms, along with insurers, universities and technology companies, are now based there.

JPMorgan had earlier established a derivatives-focused unit in GIFT City in 2024, while its Indian arm opened a branch at the centre in 2022. The new facility will allow the bank to trade financial instruments for overseas clients. DeshGujarat