Page 7 - Gift City

GIFT and Deloitte sign MoU to promote IFSC operations

IFSC and GIFT City embody the vision of making India a financial services hub

Cloud over tax sops for eligible foreign investors trading at GIFT City

EFIs are not registered as FPIs and there is a concern that income earned by these entities from transactions done on the IFSC exchanges might be classified as business income

Investments worth Rs 105 billion committed at GIFT City, says Ajay Pandey

With 15 million square feet (sq ft) of the total 62 million sq ft developable area already allotted for development, the Gujarat International Finance Tec-City (GIFT City) has seen investments commitments worth Rs 105 billion so far.According to Ajay Pandey, MD & Group CEO, GIFT City, already 162 business units are operational at the finance hub, of which 40 are in domestic area while rest are in the special economic zone (SEZ) that houses India's first International Financial Services Centre (IFSC).According to Pandey, employment in the project has also risen to over 7800, of which roughly 4800 are directly employed. "We will be initiating fresh request for proposal (RFP) for commercial and residential development. From RFP to being fully operational, it takes roughly 3-4 years. We have already allotted 15 million sq ft, attracting cumulative investment of Rs 105 billion. With the government's support and budget announcements, we will see further growth," said Pandey.In the ...

GIFT City wants regulatory tweaks to bring IFSC on par with global centres

Gujarat International Finance Tec-City Company Limited (Gift) said on Wednesday that a host of regulatory changes will bring India's first international financial services centre on par with such well-established centers in Singapore and Hong Kong.The measures include waiving short-term capital gains tax on derivates trade, allowing retail investors to trade and removing regulatory hurdles to make it attractive for foreign portfolio investors. Gift city management, however, downplayed a slowdown in its revenue due to the present set of regulations. "Out of the first phase of project, which was to the tune of Rs 20 billion, we have a debt of Rs 12 billion from a consortium of bankers. So the revenue is the remaining sum - Rs 8 billion," Gift City Managing Director and Group chief executive officer Ajay Pandey said at a press briefing."The land was allocated to us in 2011, the international financial service centre (IFSC) started off in 2015 so the point I wanted to make was the growth .

Unified regulator for GIFT City on the cards

RBI also recommends full-fledged arbitration centre

GIFT City may lose edge over Mumbai-Ahmedabad high speed rail: Expert

GIFT City has been envisaged by Modi as an alternative financial centre to Mumbai at Gandhinagar

Proprietary trades drive GIFT City volumes

Most trades by broker members; overseas investor participation yet to take off

BSE plans gold futures, spot trade at GIFT City

The BSE exchange plans to offer futures trading in gold and currencies at its wholly owned subsidiary at the International Financial Services Centre (IFSC) in the Gujarat International Financial Tech (GIFT) City, close to Ahmedabad. BSE's subsidiary, India International Exchange (INX), commenced operating on January 16, with futures trading in equity and interest rates."We have applied to Sebi (the markets regulator) to launch futures trading in gold and currencies," said Ashishkumar Chauhan, managing director (MD) of BSE, at a conference organised here by Indian Bullion and Jewellers Association (Ibja). "We will soon apply for approval to launch spot trade in bullion, including gold and silver, at INX. We will also seek approval on relaxation in the gold trading norms from the GIFT City board, if the need arises." The idea for such a spot exchange came last year from Shaktikant Das, secretary, department of economic affairs. BSE had then signed an agreement with Ibja for a joint ...

Companies Act relaxations for GIFT City

They include 5-yr exemption from setting aside funds for CSR, easier norms for appointing directors

International exchange at GIFT city to start trading from Monday

With this, India has found a new place on the global financial map

GIFT city's international exchange: Ten things about Modi's pet project

PM Modi said that in 10 years time he would like to see GIFT City 'become the price setter'

GIFT City will be price-setter in 10 years: Narendra Modi

India INX is one of world's most advanced technology platforms with turn-around time of 4 micro secs

Will meet broker creteria for Gift City launch, BSE tells Sebi

Sebi has started a three-day audit on BSE to check if the exchange has complied with its IFSC guidelines

Sebi, FPIs talk road map for GIFT

FPIs sought clarity from Sebi on end-to-end structures that will be allowed for participating in IFSC at GIFT

Remittance scheme rules need review for GIFT exchanges

RBI will have to tweak existing norms, allowing resident Indians to use some portion of the LRS limit for derivatives trading

Govt readies norms for GIFT exchanges

KYC norms to be modelled on SGX, LSE; exchanges may function 24/7, five days a week; trading of masala bonds to be allowed

Business transactions in GIFT cross $1-billion mark

On Friday, government-owned New India Assurance became the first insurance company in the IFSC

Banks do over $1 billion business at GIFT City

Special Task Force set up by MoF to address regulatory hurdles for investors at the IFSC

MCX to set up disaster recovery site at GIFT

It aims to carry out all critical operations and processes seamlessly and effectively in any eventuality

3 international banks to come up at IFSC in GIFT City

SBI, Kotak Bank, ICICI Bank and YES Bank, among others have set up shop in the IFSC, while 15 more have applied for permission to the RBI