The Union Finance Minister Arun Jaitley is scheduled to visit Gujarat on April 10 to formally announce rules for India’s first International Financial Services Centre (IFSC), that is being set up in the state capital Gandhinagar.
“These rules will be formally unveiled at a conference at Mahatma Mandir. Presentations will be made with regard to the various rules related to capital markets, insurance sector and finance at the event. These rules, that will govern IFSC, have been combined into a small booklet, that will be formally released at the event,” said a senior official of Gujarat International Finance Tec-City Company Ltd that is developing the country’s first IFSC in Gandhinagar. This IFSC is being developed within the special economic zone (SEZ) area of the project.
Along with Jaitley, the deputy governor of Reserve Bank of India, the chairman of Securities and Exchange Board of India U K Sinha, and the chairman of Insurance Regulatory and Development Authority of India T S Vijayan will remain present at the event.
The management of GIFT-City had been demanding the formulation of IFSC norms to help it develop as a global alternative to existing financial centres such as Shinjuku, Tokyo, Shanghai, La Defense, Paris and London Dockyard. In March, SEBI had approved IFSC guidelines 2015 that will allow Indian as well as foreign stock exchanges, clearing corporations and depositories to set up subsidiaries to undertake their business in IFSC. So far, both Bombay Stock Exchange and National Stock Exchange have evinced interest in setting up international exchange within the IFSC in Gujarat.
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