India’s first IFSC became operational at GIFT City, Gandhinagar in Gujarat
The regulations are aimed at creating a vibrant IFSC on the lines of those in Dubai and Singapore and check the flight of trading in rupee and Indian securities to such offshore financial hubs.
India’s first International Financial Services Centre (IFSC) became operational on 11 April 2015 at GIFT City in Gandhinagar, Gujarat.
It became operational after Union Finance Minister Arun Jaitley unveiled the rules and regulations for this global financial hub at a special ceremony organized at Mahatma Mandir in Gandhinagar.
Key features of International Financial Services Centre (IFSC)
• It will give boost to the economy of Gujarat as well as of the country
• The unveiled regulations aim at creating a vibrant IFSC on the lines of those in Dubai and Singapore.
• It allows companies incorporated outside India to raise money in foreign currencies by issuance and listing of their equity on stock exchanges within the IFSC
• Individual and institutional investors from India and abroad including NRIs, would be allowed to trade