City Gift Financial News

Nirmala Sitharaman on Saturday chaired a high-level review meeting on the growth of India's first International Financial Services Centre (IFSC) at GIFT City, Gandhinagar. Sitharaman stressed the importance of recognizing and supporting the identified pathways to elevate GIFT City as a premier global financial hub. She echoed the vision of Prime Minister Narendra Modi, stating that GIFT City should not only be an international center but also a global leader in solving complex financial challenges, especially amid current global economic headwinds.

Finance Minister Nirmala Sitharaman will be visiting Gandhinagar on Saturday to attend Joint Finance and Health Ministerial G20 Meeting and later she will review IFSC Gift City functioning. The Joint Finance and Health Ministerial G20 Meeting at Mahatma Mandir Exhibition and Convention Centre will also be attended by Health and Family Welfare Minister Mansukh Mandaviya, the finance ministry said in a statement.

HDFC Group announced the official launch of its life insurance and asset management services in Gujarat's GIFT City's International Financial Services Centre (IFSC). To provide services to Non-Resident Indians (NRIs) and the worldwide Indian diaspora, HDFC International Life and Re was created by HDFC Life, and HDFC AMC International (IFSC) Ltd was established by HDFC Asset Management Company.

International Financial Services Centre (IFSC) in Gujarat's GIFT City. HDFC International Life and Re has been set up by HDFC Life, while HDFC AMC International (IFSC) Ltd has been established by HDFC Asset Management Company to offer services to Non-Resident Indians (NRIs) and the global Indian diaspora.

A Startup India initiative String Metaverse Limited, a global Startup India company with a focus on creating gaming communities. String Metaverse Limited has offices in Hyderabad, Dubai, Gift city and Hong Kong currently String Metaverse Limited is a Web 3.0 GameFi startup and fintech platform that enables business partners to offer online gaming services, Play2Earn, Free2play that include rewarding games (Real Money Games) for every transaction covering Retail, E-commerce, Food and Beverages industries.

Abans Holdings Ltd on Friday said it has secured board's approval to diversify its operations and enter into the country's mutual fund business. This strategic move will position the company at the forefront of asset management services, Abans Holdings said in a statement. In addition, the company said it has received board's clearance for establishing an asset management business in Singapore. «Through its subsidiary, Abans Broking Services Pvt Ltd, the company is proposing for making an application to obtain a capital markets license to engage in fund management activities in Singapore,» the statement noted.

Nirmala Sitharaman said the government has decided to allow companies to list at the International Financial Services Center (IFSC) GIFT City to start with before expending this to other countries. Generally, companies incorporated and operating in a country are listed on local stock markets. However, some new-age companies require sophisticated investors who are willing to take big risks.

Nirmala Sitharaman announced that the government would soon unveil rules on allowing Indian firms to list directly on overseas exchanges and at the International Gift City exchange in Gujarat. Next, the securities market regulator Sebi said it was working on introducing a T+zero settlement cycle, meaning instantaneous settlement of stock market transactions. There was also a media report that the government and the RBI are working on an alternative to the global payment messaging system Swift.

KFin Technologies Limited reported its financial results for the quarter ended June 30, 2023, with positive growth in various key metrics. The company's revenue from operations reached ₹1,815.0 million, showing a YoY increase of 7.6%. The EBITDA stood at ₹704.3 million, marking a 12.8% YoY growth, and the EBITDA margin for Q1FY24 improved to 38.8% from 37.0% in Q1FY23.

Nirmala Sitharaman has announced that Indian companies can directly list on GIFT IFSC Exchange. The decision aims to further propel the transformation of GIFT city in Gujarat into a thriving global financial hub. This will provide access to global capital and result in better valuation for the Indian companies.

Nirmala Sitharaman Friday said domestic companies would soon be allowed to directly list their securities on overseas exchanges in specified jurisdictions, expanding capital-access opportunities for businesses in India that is poised to dwarf Germany and Japan and become the world’s third-largest economy in a few years. The stage-gate process will involve an initial listing on the International Financial Services Centre (IFSC) at the Gift City in Gandhinagar. Later, they will be permitted to list in seven or eight specified overseas jurisdictions.

Gujarat International Financial Tec-City (GIFT City), started in 2007, is India’s first International Financial Services Centre created to provide a facility as available in other countries. Key regulatory developments started in 2015 with RBI and Sebi notifying regulations for exchange control and capital markets up until the Budget 2023 that ended dual regulations, and bringing the IFSC rules on par with those in Singapore and Dubai.

Public and privately held Indian firms can now list their shares on the International Financial Services Center at Gujarat International Fin-Tec City, Finance Minister Nirmala Sitharaman announced at a briefing Friday. “It will facilitate access to global capital and result in better valuations for Indian companies,” she said.

The International Financial Services Centre (IFSC), in Gandhinagar’s GIFT City, has secured the backing of the Abu Dhabi Investment Authority (ADIA), which has $853 billion in assets. According to a joint statement by India and the UAE last week, ADIA will set up its presence in GIFT City to fortify the investment ties between the two countries. The announcement follows Prime Minister Narendra Modi’s visit to the UAE.

DBS Bank Ltd., Singapore’s largest bank, on Monday, expanded its presence in India by inaugurating its new IFSC Banking Unit (IBU) in the Gujarat International Finance Tec-City (GIFT City), Gandhinagar. The bank's new unit is expected to focus on delivering corporate banking services, and foreign currency-denominated loans, including external commercial borrowings (ECB) and trade finance products, the statement of DBS bank said.DBS Bank has said that it is hoping to build a book exceeding $ 1 billion in the first year of operations. In the future, DBS is hoping to include solutions for its private banking clients along with other services it currently provides. The opening of the IBU in the GIFT International Financial Services Centre is a significant enabler for the bank's growth strategy for India, said DBS on the launch of its new financial unit in Gandhinagar.

Fractional real estate ownership platform hBits has received regulatory approval from the Securities and Exchange Board of India (SEBI) to raise over Rs 500 crore through a category II Alternative Investment Fund (AIF) for commercial real estate investments across India's key markets. The tech-enabled platform is also setting up a feeder fund--the Global Investors Feeder Trust (GIFT)--based out of GIFT City to cater to foreign investors. This will be the first such fund raised from investors including global institutions by any fractional ownership platform in India.

BSE Ltd. is Rs 699.3 .

The government has announced the appointment of senior bureaucrat and telecom secretary K Rajaraman as the next Chairperson of the International Financial Services Centres Authority (IFSCA), showed an official order. Rajaraman is an Indian Administrative Service officer of 1989 batch.

Sobha Ltd surged 3.5% on the National Stock Exchange (NSE) in early trading on Friday, buoyed by its stellar operational update for the first quarter of financial year 2024 (Q1FY24). The Bengaluru-focused company clocked its best-ever pre-sales in value-terms at Rs1,465 crore, up 28% year-on-year. However, the rise was marginal on a sequential basis.  This performance was supported by the highest-ever price realization for the company at Rs10,506 per square foot on a total saleable area of 1,394,117 square feet.

MUMBAI : A Reserve Bank of India (RBI) appointed committee on Wednesday has recommended a roadmap to achieve internationalisation of rupee including efforts for inclusion in the International Monetary Fund’s Special Drawing Rights (SDR) basket. The inter-deparmental group headed by RBI executive director RS Ratho in its report said the rupee has the potential to become an international currency as India is one of the fastest growing economies and has shown resilience in the face of major headwinds.

«So naturally, people have now larger exposure, even in debt for the Indian economy. That is where basically they may want to have hedging instruments, like corporate bond index futures or even government bond futures,» says Ashish Chauhan, MD & CEO, NSE.For NSE it is like Diwali has come three months early right, it is that kind of a moment.In a way this was a long cherished dream to bring the markets on shore from where they had gone which is called offshoring and of course there were strategic reasons for a country to have pricing of its assets, especially important assets like markets and that is what the IFSC was created for to compete with the best and the brightest international services zone like Singapore or Dubai or Hong Kong.