- K Rajaraman, Chairman of the International Financial Services Centres Authority (IFSCA) highlighted GIFT City’s vibrant bond market, where $14 billion of the total $50 billion in outstanding bond issuances are green and sustainable bonds
- This focus on sustainable finance further underscores GIFT City’s commitment to aligning with international trends and catering to a diverse investor base.
GIFT City is actively targeting the Non-Resident Indian (NRI) segment, which offers significant potential for India’s economic growth, according to K Rajaraman, Chairman of the International Financial Services Centres Authority (IFSCA). Speaking at the CII Financing 3.0 Summit in Mumbai, Rajaraman emphasized the importance of the NRI market, revealing that 4,000 NRIs currently hold nearly $800 billion in savings accounts—a substantial opportunity for financial growth.
Over the past five years, the IFSCA has developed 35 regulations across various sectors, all benchmarked against global best practices, Rajaraman mentioned. These efforts aim to ensure a competitive and well-regulated environment within GIFT City.
Rajaraman highlighted recent regulatory changes that could enhance NRI participation. In April, the Securities and Exchange Board of India (SEBI) permitted funds based in GIFT City to receive 100% investment from NRIs, a shift from previous restrictions. This regulatory flexibility positions GIFT City as an attractive hub for NRI investments.
The chairman also pointed out the increasing market value of the NSE IX Nifty 50, which now exceeds that of the NSE Nifty 50 index. He noted that the turnover of the NSE IX Nifty 50 surpassed $100 billion in August, reflecting the robust activity within GIFT City’s financial ecosystem.
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