GIFT City isn’t just for NRIs and foreigner investors—it has something for everyone
GIFT City is buzzing with activity, creating jobs for the financial services professionals and offering investment products to resident Indians, non-resident Indians, and foreign investors.
Speaking at an event organised in collaboration with the Financial Planning Standards Board (FPSB) India on the World Financial Planning Day on 4 October, Dipesh Shah and Pradeep Ramakrishnan, executive directors at International Financial Services Centres Authority (IFSCA), talked about how GIFT City, primarily perceived as an investment destination, has much more to offer. It is not just for NRIs and global investors but resident Indians as well, they said.
This article delves into all that GIFT City has to offer.
There are more than 700 IFSCA-registered entities at GIFT City as of September, in areas such as banking, capital markets, asset management, insurance, global treasury centres, and niche institutions such as aircraft leasing & financing, ship leasing & financing, and global treasury centres. The asset management industry is the largest, with 135 fund management entities, 154 alternate investment funds, four investment advisors, 17 portfolio managers and nine distributors. Most of these entities require compliance and principal officers.
Shah said, «Several regulatory measures taken at IFSCA have enabled new businesses, which in turn are creating job opportunities for financial professionals. As India builds its own global financial hub, the huge hinterland demand, competitive operating costs and availability of talent will help onshore several financial services.»
Also read | Family offices in GIFT City: In the eye of a storm?
For instance, IFSCA is emerging as a global accounting and taxation hub, which will open up huge
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