GIFT IFSC: India’s Gateway to Global Finance Sees Major Policy Shifts in FY 2023-24
India’s ambition to become a global financial powerhouse is fast becoming a reality, with Gujarat International Finance Tec-City (GIFT City) at the forefront. The International Financial Services Centre (IFSC) located within GIFT City has seen transformative regulatory changes in the financial year 2023-24, reinforcing its role as a premier hub for international banking, fintech, capital markets, insurance, and aircraft leasing.
This quarterly update from CNK & Associates LLP highlights key regulatory developments that are shaping the future of global finance in India. From enabling direct listing of Indian companies on GIFT-IFSC exchanges, to introducing sustainability-linked lending frameworks, and streamlining fund management norms for sovereign wealth funds and accredited investors—GIFT IFSC is aligning rapidly with international financial standards.
Other notable developments include the introduction of comprehensive payment services regulations, expansion of reinsurance and aircraft leasing frameworks, and strategic tax incentives such as TDS exemptions for IFSC units. The establishment of an expert committee to position GIFT City as a global finance and accounting hub further amplifies its importance.
