Speaking at the Business Standard BFSI Insight Summit on Friday, representatives from the GIFT City ecosystem shared their experiences, while highlighting opportunities and challenges in operating from India's "offshore" financial hub, which is aiming to redirect flows from traditional centres like Dubai, Singapore, and London.
Dipesh Shah, executive director, International Financial Services Centres Authority (IFSCA), said the number of registered firms has increased from 129 to over 725 after the government established the IFSCA, the unified regulator for GIFT City. It is tasked with registering and regulating entities such as banks, exchanges, asset managers, insurance companies, and ship leasing companies.
"The concept of IFSC is very good. However, the challenge is you are creating an offshore centre within onshore India. As we know, India is not full capital account converting, which means that you are now converting a full capital account zone within India, which is outside the foreign exchange laws of India," said Dipesh.
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