The Cabinet has approved the setting up of a unified authority that would regulate all the financial services in International Financial Services Centres (IFSC), such as the Gujarat International Finance Tec-City (GIFT) in Gandhinagar. This is to be done through the International Financial Services Centres Authority Bill, 2019. An IFSC is aimed at encouraging Indian companies that are conducting business in foreign financial centres such as London and Singapore, to bring that business to India by providing them with a global-standard regulatory and business environment. “It would provide Indian corporates easier access to global financial markets,” the government said in a release. “IFSC would also complement and promote further development of financial markets in India.” “Currently, the banking, capital markets and insurance sectors in IFSCs are regulated by multiple regulators, i.e. RBI, SEBI and IRDAI,” it added.
