Gandhinagar (Gujarat) [India], March 5: Dr Hemant Garg, an officer with the International Finance Services Centres Authority’s (IFSCA) Fintech and Regulatory division, is the first resident to acquire a passport displaying the famed address of Gandhinagar’s Gujarat International Finance Tec-City (GIFT) city.
Dr Garg who is trained Commercial Arbitrator with Doctarate in International Commercial Arbitration and an MBA from UK has been a resident in GIFT City’s first residential housing scheme, Janadhar Mangla, since assuming his duties as an IFSCA officer in 2020. He is also posted as Nodal officer for Social Media Outreach for his organization.
On April 27, 2020, the International Financial Services Centres Authority (IFSCA) was founded under the International Financial Services Centres Authority Act, 2019. The Authority is headquartered in Gujarat’s GIFT City.
The GIFT City is Gandhinagar’s central business centre. It is India’s first operational greenfield smart city and international financial services hub, which was pitched as a greenfield project by the Gujarat government. On the banks of the Sabarmati River, the city is approximately 12 kilometres from Sardar Vallabhbhai Patel International Airport. Residents may stroll to work in this metropolis, which contains commercial, financial, and residential facilities.
The IFSCA is world’s first ‘Unified Regulator’ responsible for developing and regulating financial products, financial services, and financial institutions in India’s International Financial Services Centre (IFSC). At the moment, the GIFT IFSC is India’s first international financial services facility. Before the foundation of IFSCA, the IFSC business was governed by the local financial authorities, including the RBI, SEBI, PFRDA, and IRDAI. With the establishment of IFSCA, all the Regulatory function of RBI, SEBI, PFRDA, and IRDAI have come under this unified regulator which is statutory established to develop and regulate all Fintech related activities in all IFSC’s in India.
The main objective of the IFSCA is to develop a strong global connection and focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region and the global economy as a whole. IFSCA have been given the status of Co-Developer in 2021 to develop and regulate the financial products, financial services and financial institutions in the GIFT City.
Additionally, the GIFT SEZ is India’s first International Financial Services Centre (IFSC) established under the Special Economic Zones Act, 2005. It is being built as a financial services centre for the world. GIFT IFSC is a 105-hectare Multi-Services Special Economic Zone that opened for operation in April 2015.
Prime Minister Narendra Modi’s ambition is for GIFT IFSC to establish itself as a global financial services hub. GIFT IFSC enables global enterprises to establish operations in a diverse range of business verticals, including banking, insurance, fund/asset management, capital markets and trading, information technology services, and ITeS/BPO services. The Government of India has provided numerous tax and regulatory advantages to businesses founded in IFSCs in each of these segments.
PM Narendra Modi during his speech on separate occasion stating, “The future of FinTech and Industry 4.0 is emerging in India. Just as India will learn from others, we will share our experience and expertise with the world. Because what drives India also holds hope for others. And, we dream for India is what we also wish for the world. This is a common journey for all.”
Presenting the Union Budget 2020-21, Union Minister for Finance Corporate Affairs, Nirmala Sitharaman announced to support a “World Class FinTech Hub” at GIFT IFSC, country’s first IFSC.”
In December-2021, the IFSCA, in collaboration with GIFT City, Bloomberg, Invest India, and FICCI, hosted the world’s first and largest Fintech thought leadership event, Infinity Forum, which attracted the industry’s top leaders. As partner countries, the United Kingdom, South Africa, and Indonesia took part.
Speaking at the inauguration of the Infinity Forum via video-conferencing, PM Narendra Modi said that the GIFT City in Gandhinagar houses the country’s IFSC, represents India’s openness to ideas and investment.
“GIFT City is not merely a premise. It represents the promise of India. GIFT City is a gateway to the global fintech world. IFSC at GIFT City was born out of the vision that finance combined with technology will be an important part of India’s future development,” said PM Modi. He said that the aim was to provide the best international financial services not just for India but for the world.