R ARIVANANTHAM
GIFT CITY, FEB 13
The International Financial Services Centre Authority (IFSCA) will soon conduct roadshows in important export hubs – including the Knitwear city Tirupur, Manchester of South India Coimbatore, Chennai, and Hosur – in Tamil Nadu to sensitise the small and medium size exporters to avail international finance at a competitive rates, said its Chairman Injeti Srinivas here on Monday.
- The formation of IFSCA was to fulfill the vision of the Prime Minister Narendra Modi’s Aatmanirbhar Bharat concept and attributed it as a silent revolution to make India the Global Financial Hub.
- The IFSC has been designated as a special international financial jurisdiction, which is treated as a non-resident zone under Foreign Exchange Management Regulations, thereby facilitating transactions in any freely convertible foreign currency.
Addressing the visiting senior media personnel from Tamil Nadu, Srinivas said that the IFSCA came into existence on 1st October 2020 with a view to further promote Ease of Doing Business (EODB) and provide dedicated regulatory intervention.
He said the IFCA is the unified regulator for development and regulation of financial intervention in the IFCs in India.
Srinivas also termed the formation of IFSCA was to fulfill the vision of the Prime Minister Narendra Modi’s Aatmanirbhar Bharat concept and attributed it as a silent revolution to make India the Global Financial Hub.
The IFSCA was established in the Gujarat International Finance Tec-City (GIFT) sprawling over 1,000 acres of ravine land on the Sabarmati river bank situated near the Financial Capital of Ahmedabad and Political capital Gandhinagar, he added.
The IFSC has been designated as a special international financial jurisdiction, which is treated as a non-resident zone under Foreign Exchange Management Regulations, thereby facilitating transactions in any freely convertible foreign currency.
He said, the Prime Minister of India during his visit to GIFT IFSC in July 2022 articulated his vision for GIFT City and stated that “the vision of India’s future is associated with GIFT City, which is an important gateway to connect India with global opportunities”. He further stated that “if one integrates with GIFT City, one will integrate with whole world”.
IFSCA assumed powers of four domestic sectoral regulators namely the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI) & Pension Fund Regulatory and Development Authority (PFRDA), in so far as development and regulation of financial products, financial institutions and financial services within the IFSCs in concerned.
The IFSCA Chairman also pointed out that during the last 2 years, the entity has witnessed substantial growth across entire spectrum of financial services activities, including Banking, Capital Markets, Insurance, Fund Management, Aircraft Leasing, etc.
So far GIFT IFSC has more than 400 + entities registered across various financial services businesses, including Banks, Capital Markets, Insurance, FinTech, Aircraft Leasing, Bullion Exchange, etc. The financial services market is rapidly growing with healthy and growing participation of International and domestic financial institutions.
