New Shipping Firm planned to expand fleet in next decade OVERVIEW: The Indian government is set to launch a new shipping company with the ambitious goal of expanding its maritime fleet by 1,000 ships within the next ten years. This initiative aims to enhance India’s maritime capabilities, reduce reliance on foreign vessels, and position the […]
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IFSCA (BATF) Regulations, 2024 OVERVIEW: On June 6, 2024 the International Financial Services Centres Authority notified the International Financial Services Centres Authority (Book- keeping, Accounting, Taxation and Financial Crime Compliance Services Regulations, 2024. The regulations aim to establish a regulatory framework for developing, registering, and operating Book- Keeping, Accounting, Taxation and Financial Crime Compliance
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Bank of India Acquires 6.1% Stake in CCIL IFSC OVERVIEW: The Bank of India (BoI) acquired a 6.125% stake in the Clearing Corporation of India Ltd. (IFSC). This move reflects BoI’s commitment to strengthening its presence in GIFT City, India’s international financial services centre. TRANSACTIONAL DETAILS: Stake Acquired: Bank of India purchased a 6.125% equity
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Clarifications on Broker Dealer Global Access and Fees issued by IFSCA OVERVIEW: The International Financial Service Centres Authority (IFSCA) has released a significant circular concerning clarification regarding global access for broker dealers and the associated fees. Issued on June 06, 2024 this circular talks about the clarifications provided by the IFSCA to ensure that broker
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RBI to further internationalise Rupee and strengthen GIFT City OVERVIEW: The Reserve Bank of India (RBI) has laid out an extensive plan to internationalise the Indian rupee (INR) and enhance the role of GIFT City in Gujarat as a global financial hub. These initiatives are designed to liberalise regulations for non-residents, facilitate bilateral trade
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SEBI approves 100% NRI & OCI participation in FPIs in IFSC, GIFT City OVERVIEW: The Securities & Exchange Board of India (SEBI) has made a significant decision to allow Foreign Portfolio Investors (FPIs) based in the IFSC at GIFT City to accept up to 100% contributions from Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs),
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GIFT City Outshines and becomes a Prime Choice for FPIs OVERVIEW: GIFT City (Gujarat International Finance Tec-City), India’s pioneering International Financial Services Centre (IFSC), is quickly emerging as the top destination for foreign portfolio investors (FPIs). FPIs are increasingly favoring GIFT City, India’s premier IFSC, over traditional investment routes through Mauritius, Singapore, and other countries.
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Leading Banks set up GIFT City play buy stakes in CCIL IFSC OVERVIEW: In a strategic move to expand its foothold within the Gujarat International Finance Tec City (GIFT City), the State Bank of India (SBI) has finalized the acquisition of a 6.125% stake in Clearing Corporation of India-IFSC Limited (CCIL IFSC). Additionally,
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SBI becomes trading-clearing member of IIBX OVERVIEW: State Bank of India (SBI) has made history by becoming the first bank to join the India International Bullion Exchange (IIBX) as a Trading cum Clearing (TCM) Member. SBI’s IFSC Banking Unit (IBU) can now trade on the IIBX platform, following RBI approval allowing IBUs to participate as
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Foreign Funds can issue P-notes to Investors in GIFT City OVERVIEW: Foreign funds registered with India’s markets regulator and with operations at GIFT City can now issue participatory notes. Previously, only banks registered with GIFT City could issue P-note. Now, foreign funds registered with Securities and Exchange Board of India (SEBI) and operating in
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