Latest news with #IFSCA
Indian Express
2 days ago
- Business
- Indian Express
Infosys founder Narayana Murthy visits GIFT City; interacts with students, officials at offshore campuses of Australian universities, school
Infosys founder N R Narayana Murthy visited Gujarat International Finance Tec-City (GIFT City) on Friday and met officials and students of Australian universities and a school, which have opened offshore campuses there. Murthy's visit comes a day after Union Finance Minister Nirmala Sitharaman visited the International Financial Services Centre (IFSCA) at GIFT City on Thursday where she held review meetings with union secretaries, RBI officials and also met representatives of 21 institutions, including insurance, banking, funds, finance companies, capital markets, ship and aircraft leasing firms. As Murthy interacted with students of Jamnabai Narsee School, Deakin University, and the University of Wollongong, he encouraged them to dream big, work hard, and strive for excellence in all their pursuits, inspiring the next generation of leaders and innovators. Murthy also held a detailed meeting with GIFT City chairman Dr Hasmukh Adhia; Managing Director and Group CEO of GIFT City, Tapan Ray; and Chairman of IFSCA, K Rajaraman. As per the statement, Murthy emphasised the need to create an environment that 'fosters innovation, and deepening collaboration between academia and industry to support GIFT City's long-term growth as a fintech powerhouse'. Infosys inaugurated a development centre in GIFT City earlier this month that will offer a state-of-the-art hybrid working environment for over 1,000 employees, a statement said. It will function as a key techfin hub, delivering advanced digital solutions for global BFSI (Banking, Financial Service and Insurance) clients. Its services will span critical domains, including digital banking, regulatory affairs, trade finance, capital markets, cards and payments, as well as risk and compliance management.
Mint
2 days ago
- Business
- Mint
Govt proposes to relax norms for IFSCA-registered non-bank lenders
New Delhi: The government is set to exempt non-bank lenders registered with the International Financial Services Centres Authority (IFSCA) from the Companies Act provisions governing loans, guarantees, and investments made by companies. The ministry of corporate affairs said in an order that it has received a request from IFSCA for such an exemption to finance companies registered with it, which is aligned with similar exemption to non-bank lenders registered with the Reserve Bank of India (RBI). The proposed exemption is expected to help dozens of IFSCA-registered financing firms. The central bank is represented in IFSCA's governing framework, which oversees the financial centre in GIFT City, Gujarat. IFSCA is a unified authority for the development and regulation of services and institutions in international financial service centres set up in India. The move comes after finance and corporate affairs minister Nirmala Sitharaman on Thursday urged regulators and stakeholders at GIFT City to speed up efforts to attract more foreign capital into the country through structured and well-regulated mechanisms, emphasising the need to position the financial hub as a globally competitive gateway, Mint reported. The corporate affairs ministry said that non-banking finance companies or NBFCs that are registered with the RBI and give loans or guarantees are exempt from the requirements of a section in the Companies Act dealing with how companies can give loans, make investments, and provide guarantees or securities. Section 186 of the Companies Act also sets the limits and approvals required for such financial transactions. The ministry said that IFSCA requested it to amend a rule to include 'finance companies' registered with the IFSCA within its scope, so that the relaxation available to RBI-registered NBFCs is available to such finance companies. 'The suggestion is aimed at providing ease of doing business for the finance companies in the IFSC jurisdiction,' the ministry said, adding that it has consulted the department of economic affairs in the finance ministry, the RBI and the IFSCA for amending the rule. The ministry also said it was open to receiving suggestions through the official portal till 17 July. The government is offering a hassle-free operating environment for businesses in the GIFT city as part of efforts to develop it into a global financial nerve centre. IFSCA is a unified authority for the development and regulation of services and institutions in international financial service centres set up in India.
&w=3840&q=100)
Business Standard
3 days ago
- Business
- Business Standard
Make GIFT IFSC competitive to attract HNI funds: FM Sitharaman
The minister who was in GIFT City, Gandhinagar for a high-level review of the IFSC's progress, emphasised the need to make it competitive BS Reporter New Delhi Union Minister for Finance and Corporate Affairs Nirmala Sitharaman nudged financial sector regulators to pursue initiatives that catalyse the core mandate of the GIFT International Financial Services Centre (IFSC) to bring foreign capital into India through structured channels. The minister who was in GIFT City, Gandhinagar for a high-level review of the IFSC's progress, emphasised the need to make it competitive and cost effective to attract investments from high net worth individuals (HNIs) and mooted fast-tracking of reforms. She also highlighted the role of the IFSC Authority (IFSCA) in mobilising sovereign and pension funds. With India being a major gold importer, Sitharaman also stressed on the need to scale up operations at the India International Bullion Exchange (IIBX) by expanding stakeholder participation and strengthening price discovery, so as to position GIFT IFSC as a global bullion hub. The review meeting included secretaries from the Centre, Gujarat Finance Minister Kanubhai Desai, and representatives from the Reserve Bank of India, Securities Exchange Board of India, the Insurance Regulatory and Development Authority of India, and the IFSCA.
Mint
3 days ago
- Business
- Mint
Make GIFT City more attractive for HNIs, sovereign and pension funds, says Sitharaman
New Delhi: Finance minister Nirmala Sitharaman on Thursday urged regulators and stakeholders at GIFT City to speed up efforts to attract more foreign capital into the country through structured and well-regulated mechanisms, emphasising the need to position the financial hub as a globally competitive gateway. During her visit to the International Financial Services Centre (IFSC) at GIFT City in Gandhinagar on Thursday, Sitharaman emphasised the need to make GIFT IFSC competitive and cost-effective to attract high-net-worth individuals' (HNI) investments into the country, said an official statement. The minister, who was accompanied by a team of secretaries from the central government to review its progress and consult market participants at GIFT City, also underlined the potential of International Financial Services Centers Authority's (IFSCA) role in mobilizing sovereign and pension funds at IFSC for financial needs of the country. IFSCA is a unified authority for financial products, financial services and financial institutions in International Financial Services Centres. Reiterating the financial services centre's core mandate of bringing foreign capital into India through structured and well-regulated channels, the minister also highlighted the need for Indian financial sector regulators to take initiatives in this direction. Sitharaman said India has the twin advantage technology and availability of a very large domestic market. Sitharaman's high-level review meeting was attended by Kanubhai Desai, Gujarat's minister of finance, energy and petrochemicals, Hasmukh Adhia, Chairperson, GIFT City Co. Ltd., K Rajaraman, Chairperson, IFSC Authority, and officials from the RBI, SEBI, IRDAI and IFSCA. GIFT City and IFSCA officials presented key policy, regulatory, and tax reforms aimed at positioning the IFSC as a leading global financial centre. Sitharaman underscored its role in enhancing India's global financial standing and acknowledged its impact on reshaping international financial engagement by Indian companies and individuals, said the statement. Given India's status as a major gold importer, the minister stressed on the need to scale up operations at the India International Bullion Exchange (IIBX) by expanding stakeholder participation and strengthening price discovery, thereby positioning GIFT IFSC as a global bullion hub, the statement said. Sitharaman interacted with senior representatives from 21 institutions across banking, insurance, capital markets, funds industry, finance companies, payment services providers, aircraft and ship leasing firms, techfin firms and foreign universities. Market participants suggested additional initiatives required for growth of financial services business. Sitharaman said GIFT IFSC should be developed as a prominent gateway for global capital flows into India to feed the needs of high growth sectors for India's growth trajectory over the next two decades. She emphasised on the importance of developing GIFT City into a dynamic smart city, equipped with integrated, modern, and sustainable living infrastructure. 'Establishing such world-class amenities is essential to attracting top-tier talent from both domestic and international markets,' the statement said, quoting the minister. The government has an unwavering commitment to establish India as a premier global financial services hub as per Prime Minister Narendra Modi's vision for a Viksit Bharat by 2047, the statement said. (ends) gireesh.p@
Time of India
10-06-2025
- Business
- Time of India
Tata Asset Management receives IFSCA approval to begin operations in Gujarat's GIFT City
Tata Asset Management has received necessary regulatory approval from the International Financial Services Centres Authority ( IFSCA ) to commence operations at the International Financial Services Centre (IFSC) in GIFT City , Gujarat , as a Registered Fund Management Entity (Retail). This marks a significant milestone in Tata Asset Management Company's journey toward becoming a global asset management brand. According to the AMC, presence in GIFT City will play a pivotal role in strengthening the company's offshore product portfolio and enhancing its investment offerings for international clients, which include foreign nationals, family offices, government and institutional investors, and non-resident Indians (NRIs). It will also provide an avenue for Indian investors to pursue outbound investments under the Liberalised Remittance Scheme (LRS), the company said. Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo The foray also aligns with the Tata AMC's vision to contribute to India's positioning as a key player in the global financial ecosystem, under the enabling framework of the IFSCA. Established in 1994, Tata Asset Management Private Limited is the investment manager for Tata Mutual Fund . It is one of the oldest mutual funds in India with a unique folio base of over 59 lakhs (latest available as on 30th April 2025), the press release added. Live Events
