Gujarat International Finance Tec-City


Gujarat International Finance Tec-City
Gujarat International Finance Tec-City
International Financial Services Centres - An International Financial Services Centres (IFSC) is aimed at encouraging Indian companies that are conducting business in foreign financial centres such as London and Singapore, to bring that business to India by providing them with a global-standard regulatory and business environment.  It would provide Indian corporates easier access to global financial markets.
International Financial Services Centres Authority Bill - 2019 - The Cabinet has approved the setting up of a unified authority that would regulate all the financial services in International Financial Services Centres (IFSC), such as the Gujarat International Finance Tec-City (GIFT) in Ahmedabad. This is to be done through the International Financial Services Centres Authority Bill, 2019. The Bill will apply to all International Financial Services Centres (IFSC) set up under the Special Economic Zones Act, 2005.
International Financial Services Centres Authority - Currently, banking, capital markets and insurance sectors in IFSCs are regulated by multiple regulators — the RBI, Sebi and Irdai — and this would provide inter-regulatory coordination. The Authority will consist of nine members, appointed by the central government.  These posts will have a term of three years, subject to reappointment.  Members of the Authority will include: (i) the Chairperson, (ii) four members to be nominated from the Reserve Bank of India, the Securities Exchange Board of India, the Insurance Regulatory and Development Authority of India, and the Pension Fund Regulatory and Development Authority, (iii) two members from amongst officials of the Ministry of Finance, and (iv) two members to be appointed on the recommendation of a Selection Committee.

GIFT City - Gujarat International Finance Tec-City (GIFT City) is a business district promoted by the Government of Gujarat through a joint venture company. It is India's first operational smart city in the Ahmedabad and international financial services centre. This project is located on the bank of the Sabarmati River. The idea for GIFT was developed during the Vibrant Gujarat Global Investor Summit 2007 and is being planned by East China Architectural Design & Research Institute (ECADI), which is responsible for planning much of modern-day Shanghai.