IFSCA at GIFT CITY
Introduction
As a shining beacon of opportunity and growth, GIFT City has emerged. Businesses, investors, and experts from all over the world are attracted to this specially designated financial hub in Gujarat, India. GIFT City is India's 1st smart city within the Special Economic Zone, situated in Gujrat. We're going to talk about the regulatory body of GIFT City, which is the International Financial Services Centre Authority, in this blog.
How has GIFT City become the regulatory body for IFSCA?
In December 2015, India inaugurated its first International Financial Services Centre (IFSC) within the Gujarat International Finance Tec-City (GIFT City). The Indian Government then adopted the International Financial Services Centre Authority Act 2019 by Parliament in 2019, laying down the legal basis for a rapidly growing ecosystem of IFSCs.
In April 2020, the Government of India established the International Financial Services Centres Authority (IFSCA) under the International Financial Services Centers Authority Act. In the course of India's journey towards becoming a global financial center, this move has been a significant milestone.
In GIFT City, IFSCA is a unified regulatory body of the International Financial Services Centre IFSC. It will consolidate the powers of four major financial services regulators in India, i.e. Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), Insurance Regulatory Development Authority of India (PFRDAI).
What are the IFSCA business activities?
1. Banks
2. Insurance
3. Capital Market
4. Asset Management
5. Allied / Support Services
Summary
The main points of the paper should be summarized and explained to the reader at the conclusion of the research paper. Although conclusions do not usually provide new information which was not included in the article, they are frequently recasting issues or offer a different perspective on this subject.
