New Delhi: India on Wednesday allowed companies listing on an exchange in its GIFT city international financial services centre to have a lower public float of 10%. Companies listed on local exchanges are mandated to maintain a minimum public shareholding of 25%. The government issued a notification stipulating a lower public shareholding requirement for companies … Read more
State-owned Bank of India on Monday said it has acquired a 6.125 per cent stake in the recently incorporated CCIL IFSC, listed in GIFT SEZ, reflecting its commitment to the growth of IFSC. The announcement was made by Bank of India’s Executive Director (International Operations) Subrat Kumar in GIFT City while speaking at an event … Read more
The decision to extend tax benefits that were set to expire in FY24 by a year will provide global investors and eligible companies with the clarity and certainty they need to enhance investment and operational planning, experts said. Eligible startups, sovereign wealth funds, pension funds, and units in the International Financial Services Centre (IFSC) GIFT … Read more
Amid a relative slowdown in developed markets, the Indian economy is on a firm footing for establishing itself as a global growth engine, attracting investors with its promising growth story. India’s allure as an emerging market has led to a surge in foreign portfolio investments (FPI), with more than $10 billion flowing into the equity … Read more
India’s investment landscape has witnessed a significant transformation over the last decade. This encompasses changes in risk tolerance, asset choices, and allocation strategies of ultra-high net worth individuals (UHNIs) and family offices. Several factors have contributed to this evolution, including a relatively stable economic climate in India, government initiatives promoting international investments, and changes in … Read more
Silicon Valley Bank, (SVB), one of the most prominent banks in the US, proudly tweeted on March 7, 2023, that Forbes has awarded/recognised them as “one of the best banks in America”. However, just three days later, on March 10, 2023, SVB suffered a massive collapse, the brevity of which has been compared to the … Read more
Union Finance Minister Nirmala Sitharaman announced clearance of two proposals worth Rs 469 crore of the International Financial Services Centres Authority (IFSCA) at GIFT City here during her one-day visit on Saturday. Sitharaman announced formal clearance of Rs 269.05 crore for supervisory technology fund for IT infrastructure and Rs 200 crore for headquarter building, the … Read more
International Finance Service Centre (IFSC) at Gujarat International Finance Tec (Gift) City, a Special Economic Zone (SEZ), was conceptualised to create an offshore jurisdiction in India. The plan was to capture some of the business that was being carried out in Singapore, Mauritius, Dubai, Hongkong, London and similar centres of global finance. A host of … Read more
Gujarat Maritime Board(GMB) will be setting up India’s first international maritime services cluster at GIFT City in Ahmedabad. The maritime cluster will be developed as a dedicated ecosystem comprising of ports, shipping, logistics services providers and pertinent government regulators, all present in the same geographic vicinity of GIFT City. The cluster will further leverage the … Read more
Foreign portfolio investors (FPIs) are seeking clarity over the tax implications of the recently proposed variable capital company (VCC) structures in financial centres such as Gujarat International Finance Tec-City (GIFT City). Among other benefits, the VCC structure allows funds some concession from short-term and long-term capital gains tax on returns on equities. The onus of … Read more