Ajay Pandey, Group CEO of GIFT says the ranking will build confidence in investors for setting up operations in GIFT International Financial Services Centre
Gujarat International Finance-Tec City (GIFT City) has been ranked as third most promising financial services centre globally, in a half-yearly report by The China Development Institute (CDI) in Shenzhen and Z/Yen Partners in London. Proposed unified regulator for GIFT City will also become a reality in about six months, said a top GIFT official.
Ajay Pandey, Group CEO of GIFT said the ranking will build confidence in investors for setting up operations in GIFT International Financial Services Centre (IFSC). GIFT IFSC made a debut in the main index of the Global Financial Centres Index (GFCI). It ranked 77 in a list of 100 global financial centres and third in the list of 15 most significant centres. The rank takes into consideration five major factors namely business environment, human capital, reputation, infrastructure and financial sector development.
Interacting with media persons on the sidelines of the summit, Pandey said that the proposed unified regulator for GIFT will become a reality in about six months. Quoting Subhash Chandra Garv, secretary of Economic Affairs in the Government of India said that a Draft Bill on it is ready and consultations are going on. It is expected to get a nod of the Parliament in about six months.
Subhash Chandra Khuntia, chairman of Insurance Regulatory and Development Authority (IRDA) said that GIFT City has the potential to emerge as a hub for the reinsurance sector for inbound and outbound financial transactions.
Uday Kotak, vice chairman and MD of Kotak Mahindra Bank highlighted four sectors where GIFT City offers immense opportunities for business. These are stock markets, offshore asset management, offshore banking and Reinsurance. "India has the best minds in asset management, but we find that they move to other financial services centre as there were not similar centres in India. With GIFT City, we can present this brain drain," said Kotak.
Pandey said that financial institutions are expanding their operations at GIFT City. Bank of America is increasing its headcount from 200 to 1,000. SBI is also shifting it's Local Head Office in GIFT. Residential quarters of staff of SBI will also come up at GIFT City.
DETAILS
Ajay Pandey, Group CEO of GIFT said the ranking will build confidence in investors for setting up operations in GIFT International Financial Services Centre (IFSC). GIFT IFSC made a debut in the main index of the Global Financial Centres Index (GFCI).
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "GIFT City")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}