NorrisKruttschni at 23:28, 30 June 2025

2025-06-30T23:28:23Z

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{{short description|International Financial Services Centre in GIFT City}}
{{about|the financial centre in GIFT City, India|other global financial centres|Financial centre}}
{{Use dmy dates|date=March 2023}}
{{Infobox company
| name = GIFT International Financial Services Centre
| logo = GIFT IFSC logo.svg
| logo_caption =
| type = 
| industry = [[Banking]], [[financial services]], [[insurance]], wealth & asset management, brokerage & capital markets, professional service providers, corporate offices and [[retailers]]
| foundation = {{Start date and age|2011|01|11|df=yes}} ({{small|foundation stone laid}}) {{Start date and age|2015|04|10|df=yes}} ({{small|inaugurated}})
| location = [[GIFT City]], [[India]]
| key_people = Ajay Pandey (President) Ravi Parthasarathy (Governing Council Chairman) Tapan Ray 
( CEO) Sudhir Mankad (Chairman)
| operating_income =
| net_income =
| aum =
| num_employees =
| website = {{URL|http://www.giftifsc.in/}}
| footnotes = <ref>{{Cite web |title=Gift city Archives |url=https://www.deshgujarat.com/tag/gift-city/ |access-date=2023-03-22 |website=DeshGujarat |language=en-US |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322080456/https://www.deshgujarat.com/tag/gift-city/ |url-status=live }}</ref><ref>{{Cite web |title=GIFT IFSC|url=https://www.pwc.in/assets/pdfs/consulting/financial-services/fintech/publications/gift-city-fintech-hub-fostering-a-robust-financial-services-ecosystem.pdf |website=[[PwC]] |access-date=22 March 2023 |archive-date=2 September 2021 |archive-url=https://web.archive.org/web/20210902070409/https://www.pwc.in/assets/pdfs/consulting/financial-services/fintech/publications/gift-city-fintech-hub-fostering-a-robust-financial-services-ecosystem.pdf |url-status=live }}</ref>
}}

The '''GIFT International Financial Services Centre''' ('''GIFT IFSC''') is a [[financial centre]] and [[special economic zone]] in [[GIFT City]], [[India]]. It was established in 2015 as a financial hub to provide world-class infrastructure and services for financial institutions and companies operating in areas such as banking, insurance, capital markets, and asset management. GIFT IFSC is regulated by the [[International Financial Services Centres Authority]], an independent regulator exclusive to the zone.<ref name=":1">{{Cite web |title=GIFT IFSC |url=https://giftsez.com/gift-ifsc.aspx |access-date=2023-03-22 |website=giftsez.com |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322220650/https://giftsez.com/gift-ifsc.aspx |url-status=live }}</ref>

== History ==

GIFT International Finance Services Centre (GIFT IFSC) is a special economic zone (SEZ) located in the Indian state of [[Gujarat]], which was set up to promote international financial services.

It was established in the year 2007 by the Government of Gujarat. The GIFT project was first proposed in the year 2007, when the then [[List of chief ministers of Gujarat|Chief Minister of Gujarat]], [[Narendra Modi]], announced the establishment of an international financial services centre in Gujarat. The project was initiated with the aim of creating a world-class financial hub that could compete with the likes of London, New York, and Hong Kong.<ref name=":0">{{Cite web |last=Sirur |first=Simrin |date=2021-04-28 |title=Planned as the next Singapore in 2012, Gujarat's Gift city still remains a work in progress |url=https://theprint.in/economy/planned-as-the-next-singapore-in-2012-gujarats-gift-city-still-remains-a-work-in-progress/647021/ |archive-url=https://web.archive.org/web/20230313235040/https://theprint.in/economy/planned-as-the-next-singapore-in-2012-gujarats-gift-city-still-remains-a-work-in-progress/647021/ |archive-date=13 March 2023 |access-date=2023-03-22 |website=ThePrint |language=en-US}}</ref><ref name=":1" />

The foundation stone for the GIFT project was laid on 28 January 2011, by the then [[Minister of Finance (India)|Finance Minister of India]], [[Pranab Mukherjee]], and the then Chief Minister of Gujarat, Narendra Modi. The project was launched with an initial investment of {{INRConvert|78|b|lk=r|year=2011}}.<ref name=":0" />

The first phase of the GIFT project was completed in the year 2017, with the construction of 10 buildings, including two iconic towers – GIFT One and GIFT Two. GIFT One is a 28-storey tower, while GIFT Two is a 29-storey tower. These towers are the tallest buildings in Gujarat, with a height of 122 meters.<ref>{{Cite news |last=Reporter |first=B. S. |date=2015-02-10 |title=GIFT City completes first phase of Online Development Approval System |work=Business Standard India |url=https://www.business-standard.com/article/economy-policy/gift-city-completes-first-phase-of-online-development-approval-system-115021000957_1.html |access-date=2023-03-22 |archive-url=https://web.archive.org/web/20160327200026/https://www.business-standard.com/article/economy-policy/gift-city-completes-first-phase-of-online-development-approval-system-115021000957_1.html |archive-date=27 March 2016}}</ref>

The GIFT project has been developed as a [[Special economic zone|special economic zone (SEZ)]] under the SEZ Act, 2005. It is spread over an area of {{convert|886|acre|order=flip}} and has been designed as a self-contained city with state-of-the-art infrastructure, including a dedicated power plant, water treatment plant, and an underground utility tunnel.<ref>{{Cite web |title=SEZ Act, 2005 |url=http://sezindia.nic.in/upload/uploadfiles/files/SEZAct2005.pdf |archive-url=https://web.archive.org/web/20220122013002/http://sezindia.nic.in/upload/uploadfiles/files/SEZAct2005.pdf |archive-date=22 January 2022 |website=sezindia.nic.in}}</ref>

===Chronology===
{| role="presentation" class="wikitable mw-collapsible mw-collapsed"
| Timeline
|-
|
* In 2007, The Government of Gujarat announces plans to develop an international financial services centre in the state.{{Cn|date=May 2024}}
* In 2009, The Gujarat International Finance Tec-City Company Limited (GIFTCL) is incorporated to develop GIFT City as a [[global financial hub]].<ref>{{Cite web |title=Gujarat International Finance Tec-City Co Ltd - Company Profile and News |url=https://www.bloomberg.com/profile/company/1607814D:IN |access-date=2023-03-22 |website=Bloomberg.com |language=en |archive-date=20 July 2023 |archive-url=https://web.archive.org/web/20230720164436/https://www.bloomberg.com/profile/company/1607814D:IN |url-status=live }}</ref>
* In 2011, GIFT IFSC is formally launched by Chief Minister of Gujarat, [[Narendra Modi]].<ref>{{Cite news |date=2013-07-12 |title=Special Report: The remaking of Narendra Modi |language=en |work=Reuters |url=https://www.reuters.com/article/us-india-modi-idUSBRE96B02320130712 |access-date=2023-03-22 |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322220450/https://www.reuters.com/article/us-india-modi-idUSBRE96B02320130712 |url-status=live }}</ref>
* In 2012, the first tower, GIFT One, is completed and occupied by companies such as [[Oracle Corporation|Oracle]], [[Ernst & Young]], and [[IDFC Bank]].
* In 2013, the Government of India grants GIFT City the status of a Special Economic Zone (SEZ) for International Financial Services.
* In 2015, the [[Reserve Bank of India|Reserve Bank of India (RBI)]] grants permission to operate an International Financial Services Centre (IFSC) within GIFT IFSC.
* In April 2015, GIFT IFSC was inaugurated by the Prime Minister of India, Shri Narendra Modi. The first phase of the project was completed with the construction of the GIFT Tower, which is 28 stories high.<ref>{{Cite web |title=GIFT IFSC - ficci |url=https://ficci.in/events/25400/ISP/1Sandip_Shah.pdf |website=ficci.in |access-date=22 March 2023 |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322080450/https://ficci.in/events/25400/ISP/1Sandip_Shah.pdf |url-status=live }}</ref>
* In 2016, GIFT IFSC hosts its first international conference, [[Vibrant Gujarat|Vibrant Saurashtra Expo]] and Summit, to showcase its potential as a global financial hub.
* In September 2016, GIFT IFSC received its first banking license from the [[Reserve Bank of India]]. [[Yes Bank|YES Bank]] became the first bank to set up its IFSC banking unit at GIFT IFSC.<ref>{{Cite web |date=2015-10-27 |title=YES Bank's first IFSC banking unit at GIFT starts operations |url=https://www.thehindubusinessline.com/money-and-banking/yes-banks-first-ifsc-banking-unit-at-gift-starts-operations/article7810682.ece |access-date=2023-03-22 |website=www.thehindubusinessline.com |language=en |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322080445/https://www.thehindubusinessline.com/money-and-banking/yes-banks-first-ifsc-banking-unit-at-gift-starts-operations/article7810682.ece |url-status=live }}</ref>
* In 2017, GIFT IFSC launches India's first international exchange, [[India International Exchange|India INX]], which offers trading in equities, commodities, and currencies.
* In April 2017, the [[National Stock Exchange of India|National Stock Exchange of India (NSE)]] started its operations at GIFT IFSC with the launch of NSE IFSC Ltd. The exchange provides trading in equities, currencies, and derivatives.<ref>{{Cite web |title=NSE IFSC |url=https://static.nseifsc.com/s3fs-public/2022-02/PR_cc_23102021.pdf |website=[[National Stock Exchange of India|NSE]] |access-date=22 March 2023 |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322080450/https://static.nseifsc.com/s3fs-public/2022-02/PR_cc_23102021.pdf |url-status=live }}</ref>
* In July 2017, GIFT IFSC signed a memorandum of understanding with [[Abu Dhabi Global Market]] (ADGM) to promote cross-border investment and enhance regulatory cooperation between the two financial centres.<ref>{{Cite web |last=Market |first=Abu Dhabi Global |date=2023-02-21 |title=ADGM & GIFT SEZ IFSC Bilateral Cooperation |url=https://www.adgm.com/media/announcements/abu-dhabi-global-market-and-gujarat-international-finance |access-date=2023-03-22 |website=www.adgm.com |language=en |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322080453/https://www.adgm.com/media/announcements/abu-dhabi-global-market-and-gujarat-international-finance |url-status=live }}</ref><ref>{{Cite web |date=2017-02-27 |title=Abu Dhabi Global Market, GIFT in financial services pact |url=https://www.thehindubusinessline.com/money-and-banking/abu-dhabi-global-market-gift-in-financial-services-pact/article9562222.ece |access-date=2023-03-22 |website=www.thehindubusinessline.com |language=en |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322220512/https://www.thehindubusinessline.com/money-and-banking/abu-dhabi-global-market-gift-in-financial-services-pact/article9562222.ece |url-status=live }}</ref>
* In August 2017, the [[Securities and Exchange Board of India]] (SEBI) issued guidelines for the listing of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) on the stock exchanges located in IFSCs. GIFT IFSC was the first IFSC to receive such guidelines.<ref>{{Cite web |title=SEBI {{!}} Listing and trading of units of Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) on recognized stock exchanges in International Financial Services Centres (IFSC) |url=https://www.sebi.gov.in/legal/circulars/sep-2020/listing-and-trading-of-units-of-infrastructure-investment-trusts-invits-and-real-estate-investment-trusts-reits-on-recognized-stock-exchanges-in-international-financial-services-centres-ifsc-_47569.html |access-date=2023-03-22 |website=www.sebi.gov.in |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322080450/https://www.sebi.gov.in/legal/circulars/sep-2020/listing-and-trading-of-units-of-infrastructure-investment-trusts-invits-and-real-estate-investment-trusts-reits-on-recognized-stock-exchanges-in-international-financial-services-centres-ifsc-_47569.html |url-status=live }}</ref>
* In January 2018, the Gujarat International Finance Tec-City (GIFT City) won the 'Global Financial Centre Award 2018' at the London-based City of London [[Global Financial Centres Index]] (GFCI) awards ceremony.
* In 2018, GIFT ICSC launches its first IFSC Banking Unit (IBU), allowing [[foreign bank]]s to operate within GIFT City with the same regulatory framework as their offshore branches.<ref>{{Cite news |last=Sharma |first=Ravi Teja |date=2015-10-27 |title=First International Financial Services Centre banking unit starts operations at GIFT City |work=The Economic Times |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/first-international-financial-services-centre-banking-unit-starts-operations-at-gift-city/articleshow/49553536.cms |access-date=2023-03-22 |issn=0013-0389 |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322080446/https://economictimes.indiatimes.com/industry/banking/finance/banking/first-international-financial-services-centre-banking-unit-starts-operations-at-gift-city/articleshow/49553536.cms |url-status=live }}</ref><ref>{{Cite web |title=Axis Bank IFSC |url=https://www.axisbank.com/docs/default-source/press-releases/axis-bank-opens-ifsc-banking-unit-(ibu)-at-gift-city-multi-services-sez.pdf?sfvrsn=aa47bb55_4 |website=[[Axis Bank]] |access-date=22 March 2023 |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322080449/https://www.axisbank.com/docs/default-source/press-releases/axis-bank-opens-ifsc-banking-unit-(ibu)-at-gift-city-multi-services-sez.pdf?sfvrsn=aa47bb55_4 |url-status=live }}</ref>
* In April 2018, the [[Bombay Stock Exchange|Bombay Stock Exchange (BSE)]] launched its international exchange, INX, at GIFT IFSC. INX provides trading in commodities, equity derivatives, and currency derivatives.<ref>{{Cite web |date=2022-07-30 |title=Vision of India's future linked to GIFT City: PM Modi |url=https://indianexpress.com/article/cities/gandhinagar/vision-of-indias-future-linked-to-gift-city-pm-modi-8060098/ |access-date=2023-03-22 |website=The Indian Express |language=en |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322080446/https://indianexpress.com/article/cities/gandhinagar/vision-of-indias-future-linked-to-gift-city-pm-modi-8060098/ |url-status=live }}</ref>
* In October 2018, the first international arbitration centre was inaugurated at GIFT IFSC. The centre provides institutional [[Arbitration|arbitration services]] and facilities for resolving commercial disputes.<ref>{{Cite web |last=Reporter |first=B. S. |date=2017-08-10 |title=Singapore International Arbitration Centres opens office in GIFT IFSC |url=https://www.business-standard.com/article/economy-policy/singapore-international-arbitration-centres-opens-office-in-gift-ifsc-117081000384_1.html |access-date=2023-03-22 |website=www.business-standard.com |language=en |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322080447/https://www.business-standard.com/article/economy-policy/singapore-international-arbitration-centres-opens-office-in-gift-ifsc-117081000384_1.html |url-status=live }}</ref><ref>{{Cite web |title=FM announces international arbitration centre at GIFT City |url=https://economictimes.indiatimes.com/news/economy/policy/fm-announces-international-arbitration-centre-at-gift-city/articleshow/89268445.cms |access-date=2023-03-22 |website=[[The Economic Times]] |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322221201/https://economictimes.indiatimes.com/news/economy/policy/fm-announces-international-arbitration-centre-at-gift-city/articleshow/89268445.cms |url-status=live }}</ref>
* In 2019, The [[Securities and Exchange Board of India]] (SEBI) allows Alternative Investment Funds (AIFs) to operate from GIFT IFSC.<ref>{{Cite web |title=AIFs: Gift City gets a boost with Sebi allowing AIFs in |url=https://economictimes.indiatimes.com/markets/stocks/news/gift-city-gets-a-boost-with-sebi-allowing-aifs-in/articleshow/66839151.cms |access-date=2023-03-22 |website=[[The Economic Times]] |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322224639/https://economictimes.indiatimes.com/markets/stocks/news/gift-city-gets-a-boost-with-sebi-allowing-aifs-in/articleshow/66839151.cms |url-status=live }}</ref>
* In September 2019, the [[Insurance Regulatory and Development Authority|Insurance Regulatory and Development Authority of India]] (IRDAI) issued guidelines for the establishment of insurance offices in IFSCs. GIFT IFSC was one of the IFSCs to receive such guidelines.<ref>{{Cite web |title=IRDAI |url=https://irdai.gov.in/documents/37343/365525/Issues+pertaining+to+opening+of+offices+in+IFSC%2C+GIFT+City%2C+Gujarat.pdf/6fd0ae7a-481e-e8ea-795f-d019d3ebca10?version=1.2&t=1639220796354&download=true |website=[[Insurance Regulatory and Development Authority of India]] |access-date=22 March 2023 |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322081953/https://irdai.gov.in/documents/37343/365525/Issues+pertaining+to+opening+of+offices+in+IFSC,+GIFT+City,+Gujarat.pdf/6fd0ae7a-481e-e8ea-795f-d019d3ebca10?version=1.2&t=1639220796354&download=true |url-status=live }}</ref>
* In 2020, GIFT IFSC bags 10th place in [[Global Financial Centres Index#Top 15 centres by industry sector|Financial Industry]] and top rank in emerging financial centres in [[Global Financial Centres Index#Financial centre profiles|Global Financial Centres Index]] .<ref>{{Cite web |last=Reporter |first=B. S. |date=2017-10-03 |title=GIFT City's IFSC bags 10th place in Global Financial Centres Index |url=https://www.business-standard.com/article/markets/gift-city-s-ifsc-bags-10th-place-in-global-financial-centres-index-117100200495_1.html |access-date=2023-03-22 |website=www.business-standard.com |language=en |archive-date=22 April 2023 |archive-url=https://web.archive.org/web/20230422043959/https://www.business-standard.com/article/markets/gift-city-s-ifsc-bags-10th-place-in-global-financial-centres-index-117100200495_1.html |url-status=live }}</ref><ref>{{Cite web |last=S |first=Rajalakshmi |date=2017-10-02 |title=GIFT-IFSC ranks at 10th place in Global Financial Centres Index |url=https://www.thehindubusinessline.com/markets/giftifsc-among-top-15-global-financial-centres/article9883732.ece |access-date=2023-03-22 |website=www.thehindubusinessline.com |language=en |archive-date=22 April 2023 |archive-url=https://web.archive.org/web/20230422050134/https://www.thehindubusinessline.com/markets/giftifsc-among-top-15-global-financial-centres/article9883732.ece |url-status=live }}</ref>
* In October 2020, GIFT IFSC signed a memorandum of understanding with the [[London Stock Exchange Group]] (LSEG) to create a dual listing route for Masala bonds, which are rupee-denominated bonds issued overseas.<ref>{{Cite web |title=LSEG and National Stock Exchange of India sign MoU |url=https://www.lseg.com/en/media-centre/press-releases/2018/lseg-and-national-stock-exchange-india-sign-mou |access-date=2023-03-22 |website=www.lseg.com |language=en |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322080447/https://www.lseg.com/en/media-centre/press-releases/2018/lseg-and-national-stock-exchange-india-sign-mou |url-status=live }}</ref>
* In 2022, [[IBM]] opens Software lab in GIFT IFSC.<ref>{{Cite web |date=2022-09-15 |title=IBM opens Software lab in GIFT City |url=https://www.deshgujarat.com/2022/09/15/ibm-opens-software-lab-in-gift-city/ |access-date=2023-03-22 |website=DeshGujarat |language=en-US |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322080507/https://www.deshgujarat.com/2022/09/15/ibm-opens-software-lab-in-gift-city/ |url-status=live }}</ref> India International Bullion Exchange was inaugurated in GIFT IFSC.<ref>{{Cite web |date=2022-07-29 |title=PM Modi launches India International Bullion Exchange at GIFT City, Gujarat |url=https://www.deshgujarat.com/2022/07/29/live-pm-modi-launches-india-international-bullion-exchange-at-gift-city-gujarat/ |access-date=2023-03-22 |website=DeshGujarat |language=en-US |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322080518/https://www.deshgujarat.com/2022/07/29/live-pm-modi-launches-india-international-bullion-exchange-at-gift-city-gujarat/ |url-status=live }}</ref>
|}

== GIFT IFSC Structure ==
Key executives and members of the board of directors at the GIFT IFSC:<ref>{{Cite web |title=Board of Directors |url=https://giftsez.com/board-of-directors.aspx |access-date=2023-03-22 |website=giftsez.com |archive-date=22 March 2023 |archive-url=https://web.archive.org/web/20230322080449/https://giftsez.com/board-of-directors.aspx |url-status=live }}</ref>

# [[CEO]]: Ajay Pandey is the Managing Director & Group CEO of GIFT City. He is responsible for overseeing the development and management of the GIFT IFSC. Prior to joining GIFT City, Pandey served in various leadership roles in the financial services industry, including as the CEO of [[IDFC First Bank|IDFC Financial Holding Company Ltd]].
# [[President (corporate title)|President]]: Tapan Ray is the executive director at GIFT City and also serves as the President of GIFT IFSC. Ray has extensive experience in the banking and financial services sector, having previously served as the Secretary for the [[Ministry of Corporate Affairs]] and as a Director on the Central Board of the [[Reserve Bank of India]].
# [[Governor]]: Roopa Deepak Rawat is the current Governor of GIFT IFSC. Rawat has a background in law and has previously worked as an advocate in various Indian courts, as well as serving as a legal advisor to several state governments.
# [[Chairman]]: Sudhir Mankad is the Chairman of GIFT City. Mankad has had a long and distinguished career in the Indian civil service, having served as the Chief Secretary of the [[Government of Gujarat]] and as the Principal Secretary to the Prime Minister of India.
# [[Board of directors|Board of Directors]]: The Board of Directors of GIFT IFSC includes eminent industry leaders and government officials. Some of the current members of the Board of Directors are:
## Ajay Kumar Tomer: Joint Secretary, Department of Economic Affairs, [[Ministry of Finance (India)|Ministry of Finance]]
## [[Amitabh Chaudhry]]: CEO, [[Axis Bank]]
## Punit Shah: Executive Director, GIFT IFSC
## Jaijit Bhattacharya: President, Centre for Digital Economy Policy Research
## Jayen Shah: Partner, [[Ernst & Young LLP]]
## Rajeshwar Burla: Managing Director & Head of Financial Institutions Group, Asia Pacific, [[Standard Chartered]]
## [[Uday Kotak]]: Managing Director & CEO, [[Kotak Mahindra Bank]]

== See also ==

* [[Dubai International Financial Centre]]
* [[International Financial Services District]]
* [[International Financial Services Centre, Dublin]]
* [[Astana International Financial Centre]]
* [[International Financial Services Centres Authority]]

== References ==
{{Reflist}}

== External links ==
{{Official website}}

[[Category:Organisations based in India]]
[[Category:Financial districts]]
[[Category:Economy of Gujarat]]
[[Category:Economy of India]]
[[Category:Corporate tax avoidance]]
[[Category:Offshore finance]]
[[Category:Special economic zones]]
[[Category:GIFT City]]

GIFT International Financial Services Centre - Revision history

NorrisKruttschni at 23:28, 30 June 2025