HSBC was the first global bank to obtain a licence from the IFSCA, set up in April 2020 as a unified authority for GIFT City financial services.
January 29, 2021The IFSCA was established in April 2020 as a unified authority to regulate all financial services in Gift City, India’s international financial services centre.
January 6, 2021All entities operating in the capital market, banking, insurance and pension sectors, as well as individuals and startups from India and FATF-compliant jurisdictions, are eligible.
October 23, 2020The Connect will bring trading of SGX Nifty products to GIFT City to create a larger pool of liquidity, comprising both foreign and domestic market participants.
September 23, 2020A new panel has been appointed to provide recommendations on attracting international retail business to Gift City, India’s international financial services centre.
August 11, 2020Indian or foreign stock exchanges can set up a majority-owned subsidiary with other investors to provide stock exchange services in Gift City.
July 14, 2020IFSC banking units are required to report their OTC foreign exchange, interest rate and credit derivative transactions to CCIL's reporting platform from 1 June.
May 20, 2020Rupee futures and options will offer overseas market participants new onshore tools to hedge their India exposures, reducing their reliance on offshore currency markets.
May 10, 2020The new authority can now appoint members and employees, set up funds and apply tax exemptions, but other regulatory and supervisory powers have not yet taken effect.
April 29, 2020The net worth requirement has been lowered to $700,000 from $1.5mn previously following feedback on SEBI's January guidelines for Gift City investment advisers.
March 3, 2020