New Delhi: In pursuance of the announcement on July 28, 2023 by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman to enable direct listing of Indian Companies at GIFT- IFSC exchanges in the first phase, the Department of Economic Affairs (DEA), Ministry of Finance, has amended Foreign Exchange Management (Non-debt Instruments) Rules, 2019, and notified the ‘Direct Listing of Equity Shares of Companies Incorporated in India on International Exchanges Scheme’. Simulta...Read More

Gandhinagar: The International Financial Services Centre (IFSC) located in GIFT City will now be offering more financial services, as notified by the Union Government through a Gazette notification issued recently. Services such as bookkeeping, accounting, taxation, and financial crime compliance have been brought under the ambit of IFSC. According to the Gazette notification,"In exercise of the powers conferred by sub-clause (xiv) of clause (e) of sub-section (1) of section 3 of the Internat...Read More

Gandhinagar: The International Financial Services Centre (IFSC) at GIFT City has announced a collaboration with the Indian Gas Exchange (IGX) and Gujarat State Petroleum Corporation (GSPC) to establish a Global Hydrogen Trading Mechanism. This initiative, set to be the second of its kind globally, places GIFT City at the forefront of the emerging green hydrogen economy. A key aspect of this collaboration is the subsequent launch of the Global Hydrogen Price Index, which will play a pivotal ro...Read More

Gandhinagar: The India International Bullion Exchange (IIBX) here at GIFT-IFSC is gearing up to commence silver trading on December 12, a source told the media. Looking ahead, the exchange plans to introduce trading in future contracts for both gold and silver. Currently, approximately 102 qualified jewellers, authorised to purchase both silver and gold, have been onboarded on the exchange. Additionally, 22 qualified suppliers have joined the platform. The DGFT had issued a notification in...Read More

Gandhinagar: Two HDFC Bank group companies are all set to commence operations from GIFT City – IFSC in Gandhinagar, Gujarat. HDFC International Life and Re will offer U.S. Dollar-denominated life and health insurance solutions for Non-Resident Indians (NRIs) from GIFT City – IFSC under the brand name HDFC Life International, the parent company HDFC Life announced today. HDFC Life International will cater to NRIs and the global Indian diaspora, offering insurance solutions that are not limit...Read More

Gandhinagar: Citi announced the launch of its branch at Gujarat International Finance Tec-City - International Financial Services Center (GIFT-IFSC). Citi will offer corporate clients long- and short-term financing solutions through the IFSC branch, while providing an international financial banking experience within India Standard Time zone. The branch will offer external commercial borrowings and trade loans, addressing foreign currency funding requirements of multinationals, large local corpo...Read More

Gandhinagar: Morgan Stanley, a prominent global financial services company, has received in-principle approval from the IFSC Authority to establish an office at the International Financial Services Centre (IFSC) in GIFT City, Gandhinagar. The company is expected to begin operations at GIFT City within the next six months with a Category III alternative investment fund (AIF). This move makes Morgan Stanley the first global fund to establish a presence at the emerging financial hub of GIFT IFSC...Read More

Gandhinagar: Union Finance Minister Nirmala Sitharaman, on Wednesday, in her Budget speech, made some important announcements to enhance business activities in GIFT IFSC. The measures that will be taken in this regard are as follows:  ~ Delegating powers under the SEZ Act to IFSCA to avoid dual regulation, ~ Setting up a single window IT system for registration and approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI and IRDAI,  ~ Permitting acquisition financing by IFSC Banking Un...Read More

Gandhinagar: Tec-City Bullion Refinery (TCBR) is likely to get set up on countries first International Financial Service Centre (IFSC) in GIFT City in Gandhinagar. With a capacity of refining 0.5-tonne gold, this will be a Rs. 100 crores capital infusion. It is expected, that the refinery's foundation stone will be laid later this month, and it will be operational by 2023-24. According to some reports, After operationalised refiners will move for accreditation by The London Bullion Market ...Read More