NEW DELHI/GANDHINAGAR, DEC 11
The Lok Sabha on Wednesday passed a bill to set up a unified authority for regulating all financial services in international financial services centres (IFSCs) in the country. The first IFSC in India was set up at Gujarat International Finance Tec (GIFT) City in Gandhinagar, Gujarat. GIFT City CEO welcomed the passage of this Bill.
“The bill has two things one we are bringing several regulators together as one unit to the limited extent of dealing with various institutions which are present in the IFSC,” Finance Minister Nirmala Sitharaman said.
The unified authority will act as single window for regulating various financial activities in the IFSC, she said.
Commenting on the passage of IFSC Authority Bill in the Lok Sabha, Tapan Ray, MD & Group CEO, GIFT City said, “The International Financial Services Centres Authority Bill 2019 passed today in Loksabha is a welcome step. This will further accelerate and fast-track development of the IFSC at GIFT City – India’s operational International Financial Services Centre (IFSC). The creation of an unified authority would help in creating a regulatory regime at par with globally established financial centres thereby providing the necessary ease of doing business. We thank Government of India, Ministry of Finance, GoI and Government of Gujarat for their continued support to GIFT City”.
