Unified regulator to enable GIFT become global financial hub

The announcement of a unified regulator for Gujarat International Finance Tec-City (GIFT City) will be a milestone in making GIFT a global financial hub, said a top official of GIFT City.

International Financial Service Centre (IFSC) at GIFT City needs a coherent and integrated regulatory framework to fully develop and to compete with other offshore financial centres. The government will establish a unified authority for regulating all financial services in IFSCs in India, Union Finance Minister Arun Jaitley announced while presenting the budget on Thursday.

"The announcement of setting up of Unified Regulator for IFSC in India would help India achieve its full potential in the Global Financial markets. Globally, most of the financial centre's host Unified Regulator in the same Centre which helps it to promote the financial centre. The government of India's initiative duly supported by all existing regulators would go a long way in establishing GIFT IFSC as a Global Financial Hub," said Ajay Pandey, MD and Group CEO, GIFT City.