Uncategorized

Simplifying the Launching of Schemes or Funds in IFSC, GIFT City OVERVIEW:    The International Financial Services Centres Authority (IFSCA) has taken significant steps to simplify Scheme/Fund launches for the fund management ecosystem in the IFSC, GIFT City. IFSCA has issued a circular dated April 5, 2024, on “Ease of doing business – Filing of […]

Allianz Partners Launches Operations at IFSC, GIFT City OVERVIEW:   France based Allianz Partners announced the launch of its IFSC Insurance Office (IIO Reinsurance Branch) in International Financial Services Centre (IFSC) GIFT City, Gandhinagar. The company has become the first foreign reinsurer to open its office at IFSC, marking a significant milestone in its strategic

Foreign Brokers allowed to operate remotely in IFSC, GIFT City OVERVIEW-   The International Financial Services Centres Authority (IFSCA) has recently issued a significant circular regarding Remote Trading Participants (RTP) on Stock Exchanges within the International Financial Services Centre (IFSC). This circular aims to enhance market participation and liquidity by allowing foreign entities to trade

Amendment to the IFSCA (Vault Manager) Circular, 2021 OVERVIEW-   The International Financial Services Centers Authority (IFSCA) has issued a circular announcing amendments to the guidelines for Vault Managers operating within International Financial Services Centres (IFSCs). The circular modifies certain clauses of the IFSCA (Vault Manager) Circular, 2021, originally issued on August 25, 2021.   

ADB approves $ 23 million loan to boost GIFT City OVERVIEW-   The Asian Development Bank (ADB) has sanctioned a USD 23 million loan with the Gujrat International Finance Tec-City (GIFT) in India.  According to ADB, Gujarat International Finance Tec-City (GIFT), a state-owned enterprise, serves as a cornerstone for nurturing fintech ecosystems and financial services

DGCA proposes amending “Civil Aviation Requirement” for aircraft registration and de-registration OVERVIEW-   Recently, The Directorate General of Civil Aviation (DGCA) released a draft related to amend certain Civil Aviation Requirement (CAR) for aircrafts in GIFT City. The DGCA is proposing to amend its Civil Aviation Requirements dealing with registration and de-registration of aircraft to

IRB Infra lists $540 Million foreign currency bonds on ′India INX′ OVERVIEW- IRB Infrastructure Developers Ltd (IRB) on February 22 said its board of directors has approved a fundraise of up to $540 million through foreign currency bonds.  The bonds, carrying a coupon rate of 7.11%, are set to mature in eight years, marking a

FATF Compliance in IFSC GIFT City What is FATF? The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and

Maintenance of Net Worth by Fund Management Entity OVERVIEW- The International Financial Services Centres Authority (IFSCA) is pivotal in overseeing and regulating financial operations within International Financial Services Centres (IFSCs). In a recent circular, IFSCA underscores the significance of maintaining net worth for Fund Management Entities (FMEs) functioning within IFSCs. This emphasis on maintaining net

Constitution of a Standing Committee on Primary Markets OVERVIEW:   On January 24, 2024, the Indian government introduced the Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2024, and the Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024.   This move allows public Indian companies to directly list equity shares on International Exchanges in