Ahmedabad: IFSC at GIFT City can be lab for financial sector, says IFSC chairman

The International Financial Services Centre (IFSC) at GIFT City in Ahmedabad could be a laboratory for India’s financial sector as many ideas can be experimented within a small set-up, said Injeti Srinivas, chairman of International Financial Services Centres Authority (IFSCA) on Friday.

“Opportunities are enormous to participate in India’s IFSC story…This can also be the laboratory for the Indian financial sector. India is a large country, complex regulations are there, you can’t help it. In many issues, it is difficult to adopt new ideas. Whereas GIFT IFSC is just a new IFSC. There is no legacy issue… We can adopt the best regulatory principals overnight. There is no risk and no issue of migration… We can deal with best ideas on an experimental mode. It is a very small set up right now,” said Srinivas while speaking at an event where the Indian Railway Finance Corporation (IRFC) listed USD 750 million medium term note on BSE-owned India International Exchange’s debt listing platform at the GIFT City in Gujarat.

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Appealing to the public sector units– that raise large capital from overseas —to participate in the GIFT City project, Srinivas said, “The government, budget after budget has been revealing its resolve and intent to see that the IFSC succeeds. All of us really have to join hands to make it a success. Charity begins at home… Unless we first repose our confidence in our system how do we expect foreign companies to come and list here. Let me tell you there are companies from America and elsewhere who have evinced keen interest to list here… Very shortly, the global listing of Indian companies both unlisted and listed also is going to happen.”

“All outward looking companies should also set up base here,” he added.