The GIFT International Financial Services Centre (GIFT IFSC) is a

financial centre A financial centre ( BE), financial center ( AE), or financial hub, is a location with a concentration of participants in banking, asset management, insurance or financial markets with venues and supporting services for these activities to ta ...

and special economic zone in Gujarat International Finance Tec-City (GIFT City) covering established in April 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 The International Financial Services Centres Authority (IFSCA) is the regulatory body for the Indian special economic zones such as the GIFT International Financial Services Centre for International Financial Services and commodity markets und ...

, an independent regulator exclusive to the zone.

History

GIFT International Finance Services Centre (GIFT City) is a special economic zone (SEZ) located in the Indian state of

Gujarat Gujarat (, ) is a state along the western coast of India. Its coastline of about is the longest in the country, most of which lies on the Kathiawar peninsula. Gujarat is the fifth-largest Indian state by area, covering some ; and the ninth ...

, which was set up to promote international financial services. GIFT City is a joint venture between the Government of Gujarat and

IL&FS Infrastructure Leasing & Financial Services Limited (IL&FS) is an Indian state-funded infrastructure development and finance company. It was created by public sector banks and insurance companies. It operates through more than 250 subsidiaries i ...

, a leading infrastructure development and finance company in India. 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

Chief Minister of Gujarat The Chief Minister of Gujarat is the chief executive of the government of the Indian state of Gujarat. The governor appoints the chief minister, whose council of ministers are collectively responsible to the assembly. The chief minister's term ...

Narendra Modi Narendra Damodardas Modi (; born 17 September 1950) is an Indian politician serving as the 14th and current Prime Minister of India since 2014. Modi was the Chief Minister of Gujarat from 2001 to 2014 and is the Member of Parliament from ...

, 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. The foundation stone for the GIFT project was laid on 28 January 2011, by the then Finance Minister of India,

Pranab Mukherjee Dr. Pranab Mukherjee (11 December 193531 August 2020) was an Indian politician and statesman who served as the 13th president of India from 2012 until 2017. In a political career spanning five decades, Mukherjee was a senior leader in the India ...

, and the then Chief Minister of Gujarat, Narendra Modi. The project was launched with an initial investment of . 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. The GIFT project has been developed as a special economic zone (SEZ) under the SEZ Act, 2005. It is spread over an area of 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.

Chronology

GIFT IFSC Structure

key executives and members of the board of directors at GIFT IFSC: #

CEO A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

: 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 Financial Holding Company Ltd. #

President President most commonly refers to: *President (corporate title) *President (education), a leader of a college or university *President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ful ...

: 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 The Ministry of Corporate Affairs is an Indian government ministry primarily concerned with administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008, and the Insolvency and Bankruptcy Code, 201 ...

and as a Director on the Central Board of the

Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for ...

. #

Governor A governor is an administrative leader and head of a polity or political region, ranking under the head of state and in some cases, such as governors-general, as the head of state's official representative. Depending on the type of political ...

: 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 The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...

: 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 A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...

: 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 ##

Amitabh Chaudhry Amitabh Chaudhry is an Indian banker, and the managing director (MD) and chief executive officer (CEO) of Axis Bank, the third largest private sector bank in India. He joined Axis in January 2019, after heading HDFC Life Insurance for nine years. ...

: 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 Bank Standard Chartered plc is a multinational bank with operations in consumer, corporate and institutional banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around ...

## Uday Kotak: Managing Director & CEO,

Kotak Mahindra Bank Kotak may refer to: *Kotak (band), an Indonesian rock band *Kotak (surname), surname and people who bear it *Kotak Mahindra Bank, an Indian financial service firm *Kotak Securities, subsidiary of Kotak Mahindra Bank *Kotak, Iran (disambiguation) *Qa ...

References

External links

{{Official website Organisations based in India Financial districts Economy of Gujarat Economy of India Corporate tax avoidance Offshore finance Special economic zones

History

Chronology

GIFT IFSC Structure

See also

References

External links