The GIFT International Financial Services Centre, commonly known as GIFT IFSC, is a modern financial hub located in the GIFT City area of Gujarat, India. Established in April 2015, this special economic zone spans 106 hectares (or 261 acres) and is designed to support financial institutions and companies engaged in various financial services.

Purpose and Services

GIFT IFSC aims to provide world-class infrastructure and services to support the operations of various financial sectors, including:

• Banking: Offering facilities and services for both domestic and international banking operations.
• Insurance: Supporting insurance companies and enabling better risk management services.
• Capital Markets: Facilitating trading in stocks and securities through a regulated environment.
• Asset Management: Helping firms in managing investment funds effectively.

These services are tailored to meet the needs of businesses looking to operate efficiently in global financial markets.

Regulatory Authority

GIFT IFSC is regulated by the International Financial Services Centres Authority (IFSCA). This independent regulatory body is specifically set up to oversee financial activities within the GIFT IFSC zone. The IFSCA was established to promote and develop the infrastructure required for financial services, ensuring that operations comply with international standards.

Key Features of GIFT IFSC

• Tax incentives: GIFT IFSC provides various tax benefits to financial entities to encourage them to set up operations in the zone.
• International Corporations: Many global financial institutions are setting up branches in GIFT IFSC, attracted by its strategic location and favorable business environment.
• Technological Edge: With cutting-edge technology and digital services, GIFT IFSC ensures seamless processing and management of financial transactions.

Legal Framework and Support

The GIFT IFSC operates under the purview of Indian laws while aligning itself with international financial regulations. Entities looking to establish themselves here benefit from policies that promote ease of doing business, including:

• The Companies Act, 2013: Governing the registration and functioning of companies.
• The Income Tax Act, 1961: Providing clarity on tax laws applicable to businesses in the zone.
• Flexibility in regulatory compliance, allowing for smoother operations for domestic and international firms.

Conclusion

The GIFT International Financial Services Centre positions itself as a significant player in the global financial ecosystem. By providing state-of-the-art infrastructure, a favorable regulatory environment, and various incentives, GIFT IFSC is an attractive destination for companies involved in banking, insurance, capital markets, and asset management. With the support of the International Financial Services Centres Authority, it is set to become a leading financial center in India and beyond.

Key Personalities in GIFT City and GIFT IFSC

Introduction to GIFT City

GIFT City, or Gujarat International Finance Tec-City, is a major financial hub located in Gujarat, India. It is designed to provide world-class infrastructure for international financial services in India. GIFT City also includes the GIFT International Financial Services Centre (IFSC), which allows businesses to operate in a favorable regulatory environment.

Leadership of GIFT City

Ajay Pandey - Managing Director & Group CEO

• Role: Ajay Pandey is the Managing Director and Group CEO of GIFT City. He leads the development and management of GIFT IFSC.
• Background: Before his current role, he was the CEO of IDFC Financial Holding Company Ltd, gaining extensive experience in financial services.

Tapan Ray - Executive Director and President

• Role: Tapan Ray is the executive director at GIFT City and the President of GIFT IFSC.
• Experience: He has a wealth of experience in the banking and financial sector. Previously, he served as Secretary for the Ministry of Corporate Affairs and held a position on the Central Board of the Reserve Bank of India (RBI), which oversees monetary policy and financial regulation in India.

Roopa Deepak Rawat - Governor

• Role: Roopa Deepak Rawat is the Governor of GIFT IFSC.
• Legal Background: She has a law background, having worked as an advocate in various Indian courts. She also served as a legal advisor to different state governments, contributing to significant legal matters.

Sudhir Mankad - Chairman

• Role: Sudhir Mankad is the Chairman of GIFT City.
• Career: He has had a distinguished career in Indian civil service, including positions such as Chief Secretary of the Government of Gujarat and Principal Secretary to the Prime Minister of India. His leadership shapes the strategic vision of GIFT City.

Board of Directors

The Board of Directors at GIFT IFSC consists of prominent personalities from various sectors, including finance, policy, and advisory roles, contributing to its robust governance:

• Ajay Kumar Tomer: Joint Secretary at the Department of Economic Affairs, Ministry of Finance.
• Amitabh Chaudhry: CEO of Axis Bank, one of India's largest private sector banks.
• Punit Shah: Executive Director at GIFT IFSC, also involved in its operational dynamics.
• Jaijit Bhattacharya: President of the Centre for Digital Economy Policy Research, focusing on tech and finance.
• Jayen Shah: Partner at Ernst & Young LLP, providing essential insights into financial audits and consulting.
• Rajeshwar Burla: Managing Director and Head of Financial Institutions Group at Standard Chartered Bank, overseeing major financial strategies.
• Uday Kotak: Managing Director and CEO of Kotak Mahindra Bank, a leading player in the Indian banking sector.

Importance of GIFT City

GIFT City is significant for several reasons: 1. Economic Growth: It plays a crucial role in boosting economic growth in India, facilitating foreign investment and financial services. 2. Regulatory Framework: The GIFT IFSC operates under special regulations that promote a conducive business environment. This includes tax incentives and streamlined operations for financial institutions. 3. International Standards: GIFT City aims to match international standards in finance, offering services like banking, insurance, and capital markets.

Conclusion

The leadership at GIFT City and GIFT IFSC comprises seasoned professionals with a wealth of experience in finance, governance, and law. Through their collective efforts, GIFT City aims to establish itself as a premier global financial hub, significantly contributing to India's economic landscape.