It is wooing companies from India and abroad, especially from financial sector to open an office in its premises
GIFT City, India’s only International Financial Services Centre (IFSC) is eyeing 1 billion worth of daily transactions within six months, a top official said recently in Gandhinagar. This will be tripling of turnover the centre is now witnessing. It is wooing companies from India and abroad, especially from financial sector to open an office in its premises.
“Every three days we are witnessing a turnover of $1 billion worth of financial transactions. I will not be surprised if daily transactions worth $1 billion within 3-6 months,” said Ajay Pandey, MD and group CEO of GIFT City. The transactions are cumulative of all the stock exchanges, insurance companies and banks put together operating from GIFT IFSC.
Most of the volumes have been recorded in past one year when India’s first international stock exchange, IndiaINX, by Bombay Stock Exchange (BSE) was inaugurated just a year ago. National Stock Exchange (NSE) soon followed up with its international stock exchange at GIFT City. As of now close 140 derivative products are being traded from these platforms. India INX began its operations a year ago with just five derivative products, but has now a wider portfolio of products.
Officials are betting high on the fact that operations out of GIFT City are 20% competitive compared to those in similar centres at Dubai, Singapore or anywhere in the world. The short term capital gains have also been removed for players operating out of GIFT IFSC, which will further incentivize the investors. A part of GIFT City being a multi-services Special Economic Zone (SEZ), enjoys exemptions from all state and central government taxes.
GIFT City is also home to companies like TCS, Oracle, SBI, Kotak Bank, ICICI Bank, Yes Bank and Multi Commodity Exchange (MCX) among others. It is being modeled on ‘Walk-to-Work’ concept, where in residential apartments will be built in the City and can walk their way to office in GIFT City.
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