IFSC Authority headquarters will be in Gandhinagar

AHMEDABAD: The central government has notified the establishment of the International Financial Services Centres Authority. The head office of the unified regulatory authority will be in Gandhinagar, which already houses the country’s first IFSC at GIFT City.
“The central government hereby appoints the 27th of April, 2020 as the date of the establishment of the International Financial Services Centres Authority and the head office of that Authority shall be at Gandhinagar, Gujarat,” said a notification issued by the Union finance ministry.
“We welcome the government of India’s decision to set up the IFSC authority headquarters at Gandhinagar in Gujarat. This will provide a single window regulatory institution, which will accelerate the development of India’s first IFSC at GIFT City,” said Tapan Ray, MD & group CEO, GIFT City.
According to Ray, both national and international institutions dealing in international financial services will utilize the IFSC platform for inbound and outbound investments with improved ease of doing business, thereby making GIFT IFSC a global financial hub.
At present, entities operating in the IFSC are regulated by multiple regulators such as The Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi), and Insurance Regulatory and Development Authority of India (Irdai).