• UGI USER
  • Jun 13, 2024
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“DIRECT LISTING IN GIFT CITY SOON; SOVEREIGN GREEN BONDS READY”

Why in the news?

  • The International Financial Services Centre Authority (IFSCA) is set to issue amended guidelines for direct listing on GIFT City exchanges within a month, facilitating the process for unlisted companies.
  • Clarity has been achieved between the Reserve Bank of India (RBI) and IFSCA regarding the issuance of sovereign green bonds, awaiting the government’s decision on timing.

About International Financial Services Centers Authority (IFSCA)

  • Establishment: Statutory authority under the International Financial Services Centres Authority Act, 2019 (IFSCA Act).
  • Mandate: Develop and regulate financial products, services, and institutions in International Financial Services Centres (IFSC).
  • Goals: Develop strong global connections. Focus on the needs of the Indian economy. Serve as an international financial platform for the entire region.
  • Regulatory Framework Before IFSCA: Domestic financial regulators (RBI, SEBI, PFRDA, IRDAI) regulated business in IFSC.
source:quora
About GIFT City (Gujarat International Finance Tec-City):

  • Location: Gandhinagar, Gujarat.
  • Purpose:Integrated hub for financial and technology services for India and the world.
  • Regulation: IFSCA (International Financial Services Centers Authority) is the unified regulator for financial products, services, and institutions in IFSCs in India.

Components:

  • Multi-service Special Economic Zone (SEZ).
  • India’s first International Financial Services Centre (IFSC).
  • Exclusive Domestic Tariff Area (DTA).

Associated Article:

https://universalinstitutions.com/2nd-edition-of-financial-technology-event/