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Listing Guidelines for Commercial Papers and Certificates of Deposit on IFSC Exchanges OVERVIEW: International Financial Services Centres Authority (IFSCA) has issued a circular detailing the guidelines for listing Commercial Paper (CP) and Certificates of Deposit (CD) on recognized stock exchanges in the International Financial Services Centre (IFSC). The IFSCA (Listing) Regulations, 2024 provide the framework …

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Guidelines for Indian Residents Using Foreign Currency Accounts in GIFT City OVERVIEW: The International Financial Services Centres Authority (IFSCA) issued a circular directing to all IFSC Banking Units (IBUs) concerning the operations of Foreign Currency Accounts (FCA) for Indian resident individuals under the Liberalised Remittance Scheme (LRS). The introduction of the Liberalized Remittance Scheme (LRS) …

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Relaxation from Separate Office & Manpower Rules for IFSC Ship Lessors OVERVIEW:   On October 4, 2024, the International Financial Service Centres Authority (IFSCA) issued guidelines concerning the use of office space or manpower by financial companies involved in ship leasing activities within the IFSC. This development comes in response to a notification from the …

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Alphard Maritime to Launch $500 Million Shipping Fund in GIFT City OVERVIEW: In a significant development for the Indian shipping industry, Alphard Maritime Group, a leading global player in the maritime sector, has unveiled plans to establish a $500 million shipping fund at Gujarat International Finance Tec-City (CIFT City). This initiative, revealed during the ‘Global …

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Infosys and Wipro to Establish Major Fintech Operations in GIFT City OVERVIEW:   India’s financial sector is set to witness a significant transformation as two of its IT giants, Infosys and Wipro, are establishing fintech hubs in Gujarat International Finance Tec-City (GIFT City). Both Infosys and Wipro have secured substantial office spaces in the GIFT …

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Trading and Settlement of Sovereign Green Bonds in IFSC GIFT City OVERVIEW: The International Financial Services Centres Authority (IFSCA) issued a circular on the trading and settlement of Sovereign Green Bonds (SGrBs) in the IFSC. This framework, introduced on August 29, 2024, under the Reserve Bank of India’s (RBI) scheme, aims to enhance non-resident investor …

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Standard Chartered Executes First Gold Hedge Deal in GIFT City OVERVIEW:   Standard Chartered Bank has made a significant move by completing its first over-the-counter (OTC) derivative deal to hedge gold prices from GIFT City. This deal is a major step forward for India’s financial and bullion market, as it marks the first such transaction …

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ASK Wealth Advisors Launches India Opportunities Fund in GIFT City OVERVIEW:   ASK Private Wealth, part of the Blackstone-backed ASK Asset & Wealth Management Group, has launched the ASK Wealth Advisors (ASKWA) India Opportunities Fund in GIFT City. This open-ended Category III Alternative Investment Fund (AIF), based in GIFT-IFSC Gujarat, aims to raise USD 100 …

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Government Eases Rules for Direct Listing of Indian Companies at GIFT IFSC OVERVIEW:   The Government of India has recently eased the listing requirements for Indian companies seeking to list on international exchanges within International Financial Service Centres (IFSCs). This move is part of a significant amendment to the Securities Contracts (Regulation) Rules, 1957, which …

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