The GIFT International Financial Services Centre ("GIFT IFSC") established in Gandhinagar, Gujarat is India's first international financial services centre with the intent of catering to global MNCs and financial institutions in alignment with international standards of business. To ensure that utmost benefits can be provided, the entire zone has been equipped with world class infrastructure akin to global standards. This newsletter navigates the journey of GIFT IFSC and the International Financial Services Centres Authority ("IFSCA") set up under the International Financial Services Centres Authority Act, 2019.
IFSCA as a unified regulator is also head quartered at GIFT IFSC and is committed to providing a sound and well-structured regulatory environment by providing a single window clearance system. The IFSCA has been able to achieve this through unification of the powers previously held by four separate regulators: Reserve Bank of India ("RBI"), Securities and Exchange Board of India ("SEBI"), Insurance Regulatory and Development Authority of India ("IRDAI"), and Pension Fund Regulatory and Development Authority of India ("PFRDAI").
We regularly provide updates on legal and regulatory developments related to GIFT IFSC.
Two UK universities plan international campuses in GIFT City
December 26, 2024 - Queen's University Belfast and Coventry University from the United Kingdom, have filed applications to set up their respective international campuses at GIFT city. Based in Northern Ireland, Queen's is almost 200-year old and is ranked in the top-200 in the world for impact and sustainability. Queen's University Belfast will start by offering masters' programme and also plan to set up its research arm and also may offer undergraduate programmes. Coventry University on the other hand was established in 1843 and has more than 13,000 international students from 160 countries. Coventry already has branch campuses in Egypt, Poland, Morocco and Kazakhstan. The university had launched its "India Hub" at Delhi in March 2024 which collaborates with the Indian government, academia and industry to tackle global challenges such as climate change, economic development and health issues.
Source: The Hindu Businessline
IFSCA approves 200th fund
December 25, 2024 - The IFSCA has granted approval for the establishment of the 200th Alternative Investment Fund in GIFT City. As of December 2024, a total of 13 AIFs have transitioned to India from international locations such as Singapore, Mauritius, and Dubai. An official from the IFSCA indicated that, in 2024, these funds have raised commitments totaling $12 billion, with $4.61 billion having been invested in India and other nations. To further enhance this thriving sector, the IFSCA is also working to reduce financing costs in GIFT City. This initiative is part of a larger strategy to motivate financial institutions in GIFT City to provide capital and various financial services to Indian enterprises at rates that are competitive on a global scale.
Source: The Hindu Businessline
IFSCA publishes review of Guidelines for setting up and operation of ITFS
December 25, 2024 - The ITFS platforms represent a pioneering initiative in regulated digital platforms that provide global exporters and importers with access to trade finance services at competitive rates through a bidding process. These services encompass various options, including factoring, forfaiting, bill discounting, and supply chain financing. The IFSCA has implemented significant modifications to the ITFS guidelines, addressing eligibility criteria, permissible activities, and eligible participants, while also broadening the range of financiers. The recent revision of these guidelines is expected to enhance the operational efficiency of ITFS and more effectively address the financing needs of exporters and importers in India and around the world.
Source: GIFT IFSCA website [ Press release dated 25th December, 2024]
Suzuki-backed Next Bharat Ventures hosts Next Billion Forum in GIFT City
December 24, 2024 -Next Bharat Ventures, a subsidiary of Suzuki Motor Corporation, organized the inaugural Next Billion Forum in GIFT City. This event represented a significant advancement in strengthening India-Japan relations and promoting strategic investments in India's underserved areas. The forum highlighted the necessity of establishing a pathway for Viksit Bharat 2047 by incorporating the rural and informal economy into the national development agenda. During the forum, 13 impact entrepreneurs from the Next Bharat Ventures cohort were presented, and the commencement of the application process for the next batch was also announced. In addition to offering risk capital, Next Bharat Ventures provides networking opportunities and mentorship to these startups.
Source: Desh Gujarat
GIFT City FMEs face IFSCA scrutiny over failure to meet substance norms
December 24, 2024 - Several FMEs operating out of GIFT City have come under the regulatory spotlight for failing to meet the so-called 'substance' requirements. IFSCA has issued advisories and warnings to around 10 FMEs that the unified regulator suspects could be operating from the IFSC solely to lower their tax burden. Substance requirements refer to minimum criteria that need to be adhered to to avail the benefits of a financial hub.
Even though the IFSCA has initiated action against some funds, it has also eased some of the stringent requirements around registrations following industry feedback by revising the IFSCA (Fund Management) Regulations, 2022. The GIFT City regulator has removed the requirement to seek prior approval during the appointment of key managerial persons.
Source: Business Standard
HDFC Bank executes first gold forward deal from GIFT City
December 23, 2024 – HDFC Bank has become the first domestic bank to execute a gold forward deal from GIFT City. The deal was executed by HDFC Bank GIFT City IBU in collaboration with Hindustan Platinum Private Limited, a refiner and manufacturer of precious metal products and industrial services.
Arup Rakshit, Group Head, Treasury, HDFC Bank stated "This achievement underscores our commitment to leveraging the opportunities offered by GIFT City to deliver innovative and efficient financial solutions."
Source: The Hindu Businessline
The updated Guidelines for Setting Up and Operating the International Trade Finance Service Platform have been issued under the IFSCA (Finance Company Regulations), 2021.
December 23, 2024 - The Guidelines for Setting Up and Operating the International Trade Finance Service ("ITFS") Platform, 2024, lay the groundwork for an efficient, secure, and innovative trade financing ecosystem within India's IFSC. These guidelines are intended to govern ITFS operators, both existing and new, who are involved in transforming global trade finance through digital platforms. Key definitions within the guidelines, such as "Authority" (the International Financial Services Centres Authority or IFSCA), "Financiers," "Financial Technology (Fintech)," and the "International Trade Finance Service Platform," clarify the core components of this framework, with the platform itself acting as a cutting-edge electronic solution for trade receivables and payables financing.
To become an ITFS operator, entities must be incorporated under the Companies Act, 2013, and demonstrate robust financial strength, cutting-edge technical infrastructure, and substantial experience in fintech or trade-related platforms. The registration process is rigorous, beginning with provisional registration and followed by compliance checks. If any conditions are unmet, the IFSCA holds the power to revoke or deny registration. Once registered, operators must initiate their operations within six months, with extensions granted under valid circumstances.
The ITFS platform is set to revolutionize trade financing by facilitating essential services such as factoring, reverse factoring, and supply chain financing. It mandates transparency, stringent risk management, and eligibility requirements, especially for financiers. Operators must ensure top-tier data security, maintain a resilient technological backbone, and undergo frequent IT audits to guarantee the integrity of their platforms. A commitment to corporate governance, anti-money laundering (AML) measures, and Know Your Customer (KYC) protocols is also essential.
The operational landscape of ITFS is built on clear rules and guidelines for participant management, outsourcing, risk management, and currency handling. The IFSCA is empowered to issue clarifications, set new norms, and make adjustments where necessary to keep the system flexible and future-ready. Operators are required to adhere to regular reporting standards, pay prescribed fees, and submit comprehensive financial disclosures to maintain transparency and accountability.
With these new guidelines, the ITFS platform promises to reshape the future of international trade finance by integrating advanced technology with rigorous regulatory oversight, all while offering a dynamic, efficient platform for global trade participants.
Source: GIFT IFSCA website [ Consultation Paper dated 6th December, 2024]
IFSCA publishes review of IFSCA (Fund Management) Regulations, 2022
December 21, 2024- In its 42nd meeting, the IFSCA Board approved significant amendments to the IFSCA (Fund Management) Regulations, 2022, aimed at enhancing ease of doing business and boosting the competitiveness of the fund management industry in GIFT City. Key changes include reducing the minimum corpus for non-retail schemes from USD 5 million to USD 3 million, enabling more flexible fund structures, and streamlining the regulatory requirements for fund managers. The revised regulations also allow for greater participation by FMEs and their associates, with relaxed investment caps and expanded flexibility in portfolio management. Notably, the requirement for custodians has been simplified, and the minimum investment for Portfolio Management Services (PMS) has been lowered to USD 75,000. Furthermore, the new regulations offer greater clarity on investor protections and operational guidelines, fostering a more efficient, competitive, and investor-friendly environment in GIFT City. These changes are expected to support the growth of fund management activities and attract more global capital to the IFSC.
Summarizing the comparative changes in the reviewed IFSCA (Fund Management) Regulations, 2022 approved by the IFSCA Authority:
| Category | Previous Regulation | Revised Regulation |
|---|---|---|
| Minimum Corpus for Non-Retail Schemes | USD 5 Million | USD 3 Million |
| PPM Validity | No specific timeline | Validity increased to 12 months from IFSCA's communication |
| Investment Activities for Open-Ended Schemes | Investment may begin only after USD 5 Million corpus is achieved | Investment may begin with USD 1 Million corpus, and the minimum of USD 3 Million must be achieved in 12 months |
| FME/Associate Contribution in Scheme | Restricted to 10% | Up to 100%, subject to conditions (non-resident in India, investment cap in a single company) |
| Joint Investments in Non-Retail Schemes | No provision | Provision for joint investments by two individuals with specific relationships |
| Categorization of AIFs & FIFs | Standard categorization | Streamlined categorization for better clarity |
| Securities Transactions from Associates | No specified investor approval required | Prior approval required from 75% of investors (major investor excluded from voting) |
| Valuation of Scheme's Assets | Independent valuation required for all schemes | Exempted for fund of funds if underlying fund is independently valued |
| Manpower Requirements for FMEs | Prior approval from IFSCA required for KMP appointments | No prior approval needed, only intimation to IFSCA |
| AUM Threshold for Additional KMP | No requirement | Required if AUM exceeds USD 1 Billion (excluding fund of funds AUM) |
| Minimum Investment for PMS | USD 150,000 | Reduced to USD 75,000 |
| Listing Requirement for Retail Schemes | Mandatory for close-ended schemes | Optional if minimum investment by each investor is at least USD 10,000 |
| Custodian Requirement | Custodian appointment required for all schemes | IFSCA registered custodian required; FoF schemes are exempt; 12-month transition period for certain schemes |
| "Fit and Proper" Criteria | Standard criteria for FMEs | Streamlined criteria |
| Investment Options for Pending Money | Money must be invested in specified financial products | May also be invested in bank deposits and overnight schemes |
| Opening Branches in Other Jurisdictions | Requires prior approval from IFSCA | No prior approval needed for marketing and client service purposes |
| Valuation of Schemes by Credit Rating Agency | Required for certain schemes | Provisions subsumed into the new regulations |
This table highlights the key updates and changes to enhance the ease of doing business, improve flexibility for fund managers, and ensure better protection of investor interests.
Source: GIFT IFSCA website [ Press Release dated 21st December, 2024]
GIFT City receives ISO 27001 certification for data protection
December 19, 2024 – GIFT City proudly announces its attainment of the esteemed ISO 27001 certification, a globally recognized gold standard for information security management. This landmark achievement underscores GIFT City's unwavering commitment to fortifying information security in an increasingly digital world.
With this certification, GIFT City sets a new benchmark in safeguarding critical information by adhering to internationally acclaimed best practices. The secure and resilient environment it fosters enhances its allure as a premier destination for multinational corporations, innovative startups, and financial institutions seeking a trusted hub for cross-border financial services and global operations.
This milestone solidifies GIFT City's position as a global leader, poised to drive innovation while ensuring the highest levels of trust and security.
Source: Economic Times
Artha Global Opportunities Fund relocates to GIFT City, targets $1 billion AUM
December 17, 2024 - Artha Global Opportunities Fund, a prominent distressed debt fund, has made a strategic leap by relocating its operations from Mauritius to GIFT City. This groundbreaking move positions Artha as the first foreign portfolio investor in the distressed debt sector to shift its domicile to GIFT City. With an ambitious vision, the fund aims to grow its assets under management (AUM) to $1 billion within three years.
As part of this transition, the Mauritius-based Radiant Capital Global Opportunities VCC Sub Fund 1 will merge into a newly formed entity registered in the International Financial Services Centre (IFSC) under the name Artha Global Opportunities Fund. The fund is currently awaiting a No Objection Certificate (NOC) from its lenders to finalize this transformation.
Artha Global Opportunities Fund plans to harness the regulatory advantages and world-class infrastructure of GIFT City to enhance its performance and operational efficiency. Beyond this milestone, Artha Bharat is set to launch three innovative funds in 2025:
- A Hedge Fund focused on opportunities in the US retail sector.
- A Global Arbitrage Fund aimed at delivering consistent annual returns.
- A Fixed Maturity Plan designed for investors seeking predictable income streams.
This strategic relocation and expansion underscore Artha's commitment to redefining the distressed debt and investment landscape, solidifying GIFT City's reputation as a leading hub for global financial innovation.
Source: Economic Times
Gujarat Government signs MoUs with IBM and Microsoft to enhance AI capabilities
December 16, 2024 - The Gujarat government has forged transformative partnerships with global tech leaders IBM and Microsoft, along with the National Association of Software and Service Companies (NASSCOM), to advance Artificial Intelligence (AI) adoption across the state.
In a landmark collaboration, IBM has signed an MoU with the Department of Science and Technology, Government of Gujarat, to establish a pioneering AI Cluster at GIFT City. This initiative is set to drive innovation and collaboration among financial institutions, positioning GIFT City as a hub for AI-driven advancements in financial services.
Microsoft, on the other hand, has entered into an MoU with the Department of Science and Technology to establish a cutting-edge Artificial Intelligence Center of Excellence at GIFT City. This center will focus on breakthrough technologies such as machine learning, cognitive services, and bot services, paving the way for the development of next-generation AI solutions.
These strategic initiatives underscore Gujarat's commitment to becoming a global leader in AI innovation, leveraging the expertise of industry giants to create a dynamic ecosystem of technology, talent, and transformation at GIFT City.
Source: Business Standard
GIFT City invites bids to build 754,000 sq ft commercial tower
December 13, 2024 – Gujarat International Finance Tec-City Company Limited (GIFTCL), the special purpose vehicle of the Gujarat Government driving the development of GIFT City, has issued a global invitation for bids to develop a state-of-the-art commercial tower spanning an impressive 754,000 sq. ft. within the Special Economic Zone's processing area.
Open to domestic and international companies, consortiums, and joint ventures, the project offers a unique opportunity for co-development. The selected bidder will be responsible for the end-to-end lifecycle of the tower—designing, financing, developing, constructing, operating, and maintaining the facility. The land will be provided on a leasehold basis for 99 years, with the lease deed executed upon successful completion of construction within the stipulated five-year timeline.
To qualify, bidders must meet stringent financial and technical criteria:
- Financial Strength: An average annual turnover of at least ₹322.49 crore over the last three consecutive financial years and a net worth of at least ₹161.24 crore in the financial year preceding the bid.
- Technical Expertise: Proven experience in delivering at least one commercial, residential, institutional, mixed-use, or parking structure project with a minimum area of 500,000 sq. ft. and a height of 40 meters or more.
This ambitious project reflects GIFT City's vision of creating iconic infrastructure that meets global standards. It presents an unparalleled opportunity for developers to contribute to the dynamic growth of India's premier international financial services hub.
Source: Economic Times
IFSCA issues Circular for providing directions to IBUs for operations of the Foreign Currency Accounts (FCA) of Indian resident individuals opened under the Liberalised Remittance Scheme (LRS)
December 13, 2024 – The International Financial Services Centres Authority (IFSCA), empowered by Section 13 of the International Financial Services Centres Authority Act, 2019, and Regulation 20 of the International Financial Services Centres Authority (Banking) Regulations, 2020, has issued an operational circular providing detailed guidelines for International Banking Units (IBUs) on Foreign Currency Accounts (FCAs) established by resident Indians under the Liberalised Remittance Scheme (LRS).
The circular outlines the permissible purposes for which Indian residents can open FCAs within GIFT City. These include the receipt of remittances under LRS from both domestic and international jurisdictions, facilitating seamless cross-border financial transactions.
Key highlights of the guidelines include:
- Utilization of Funds: Resident Indians can access a wide range of financial services and products within the International Financial Services Centre (IFSC) using funds transferred to their FCAs.
- Global Access: The circular also provides clarity on utilizing these funds to access financial services in jurisdictions outside the IFSC.
- Reporting Obligations: IBUs are required to adhere to stringent reporting requirements when establishing and managing FCAs for resident Indians, ensuring transparency and compliance with regulatory norms.
This regulatory initiative underscores IFSCA's commitment to fostering a robust and compliant ecosystem for international banking operations, while enabling resident Indians to leverage GIFT City's world-class financial infrastructure for global transactions.
Source: GIFT IFSCA website [Circular dated 13th December, 2024]
Third India-UK Financial Markets Dialogue held in GIFT City
December 13, 2024 - The India-UK Financial Markets Dialogue convened at GIFT City, bringing together senior officials from the Indian Ministry of Finance and HM Treasury, along with key regulatory authorities from both nations. Participants included the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA), the Bank of England, and the Financial Conduct Authority (FCA).
The dialogue commenced with a review of progress since the previous meeting, spotlighting India's upcoming vision and strategy for its financial sector and the UK's commitment to a strategy aimed at enhancing growth and competitiveness in financial services.
Key areas of discussion included:
- Collaborative Financial Regulation: Identifying opportunities for cooperation in emerging areas of financial oversight to address shared challenges.
- Mutual Growth Opportunities: Exploring avenues to boost bilateral trade and investment in the financial sectors of both countries.
- Removing Trade Barriers: Developing actionable recommendations to mitigate obstacles hindering business expansion and cross-border investments.
This pivotal dialogue underscores the growing India-UK partnership, focusing on deepening regulatory collaboration, strengthening business-to-business ties, and fostering an environment conducive to innovation and economic growth in the financial markets of both nations.
Source: ANI
Axis AMC inaugurates new branch in GIFT City
December 12, 2024 – Axis Asset Management Company (Axis AMC) has proudly inaugurated its new branch at GIFT City, marking a significant milestone in its journey to cater to global and local investors. Registered with the International Financial Services Centres Authority (IFSCA) as a Fund Management Entity (Retail), the branch is set to offer a wide array of investment management and portfolio management services from GIFT City's SEZ.
The branch inauguration was led by B. Gopkumar, Managing Director and CEO of Axis Mutual Fund, symbolizing the company's commitment to strengthening its international presence.
Highlights of the new offshore hub include:
- Access to Indian Markets for Global Investors: Offering tailored investment solutions to global investors keen on exploring opportunities in Indian markets.
- Global Investment Opportunities for Local Investors: Enabling Indian investors to diversify their portfolios globally through the Liberalised Investment Scheme (LIS).
- Comprehensive Product Suite: Providing a diverse range of investment products designed for both individual and institutional investors, with a focus on the Indian diaspora and international clients.
With its new branch at GIFT City, Axis AMC aims to seamlessly connect international investors to the vibrant Indian markets and empower domestic investors with access to global opportunities, reinforcing its position as a trusted partner in wealth creation and financial growth.
Source: The Hindu Businessline
Cognizant to expand workforce to 2,000 for new TechFin centre at GIFT City
December 11, 2024 - Cognizant, a global leader in technology and consulting, is accelerating its growth in India with ambitious hiring plans and the launch of cutting-edge facilities. As part of this expansion, the company is set to establish a state-of-the-art TechFin Centre in Gandhinagar's GIFT City by February 2025.
The new TechFin Centre will initially onboard 500 skilled professionals, focusing on advanced banking and financial technologies. With a vision to drive innovation in financial services, Cognizant plans to scale its workforce at the centre to 2,000 over the next three years, underscoring its commitment to long-term investment in India's financial technology ecosystem.
This strategic move not only reinforces Cognizant's leadership in the digital transformation space but also highlights its dedication to creating impactful career opportunities across technology, engineering, and business services in one of the world's fastest-growing markets.
Source: HR Katha
SMFG India raises € 91 million sustainaility linked loan from Deutsche Bank
December 09, 2024 - Deutsche Bank, through its GIFT City branch, has successfully executed a €91 million Sustainability-Linked Loan (SLL) for SMFG India Credit, a wholly owned subsidiary of Sumitomo Mitsui Financial Group. This secured loan, with a three-year tenor, aligns with Deutsche Bank's Sustainable Finance framework and underscores its commitment to fostering environmentally and socially responsible financial solutions.
The funding will enable SMFG India Credit to expand its
portfolio, with a dedicated focus on supporting underserved
communities and empowering women entrepreneurs. Swaminathan
Subramaniam, COO of SMFG India Credit, emphasized the
initiative's transformative potential, stating:
"Our mission is to enrich communities as a responsible
financial services provider. Sustainable initiatives are essential
to achieving this goal. This loan strengthens our commitment to
financial inclusion, enabling us to make a positive impact where
it's most needed."
This landmark transaction highlights the role of sustainable finance in driving meaningful change, reinforcing both Deutsche Bank's and SMFG India Credit's dedication to creating a more inclusive and equitable financial ecosystem.
Source: Times of India
IFSCA invites comments on consultation paper on draft IFSCA (KYC Registration Agency) Regulations, 2024
December 06, 2024 – The International Financial Services Centres Authority (IFSCA) has released a consultation paper seeking public and stakeholder feedback on the draft IFSCA (KYC Registration Agency) Regulations, 2024. This proposed regulation aims to establish a robust framework for the registration, oversight, and governance of KYC Registration Agencies (KRAs) operating within the International Financial Services Centre (IFSC).
Key highlights of the draft regulations include:
- Centralized KYC Records: Creating a unified repository of KYC records for clients onboarded by various regulated entities, streamlining the customer onboarding process, and enhancing Customer Due Diligence (CDD) practices.
- Risk-Based Approach: Supporting IFSC entities in implementing the Risk-Based Approach (RBA) mandated by the IFSCA's Anti-Money Laundering, Counter-Terrorist Financing, and Know Your Customer Guidelines. This approach enables entities to effectively identify and mitigate risks associated with money laundering and terrorist financing.
- Improved Interoperability: Facilitating seamless interaction and cooperation among KRAs within the IFSC, reducing redundancies, and enhancing operational efficiency for regulated entities.
The proposed regulations align with IFSCA's commitment to fostering a secure, transparent, and business-friendly environment. By centralizing KYC processes and enhancing compliance standards, these regulations are poised to simplify operations and boost confidence in the IFSC as a global financial hub. Stakeholders are encouraged to provide their valuable comments and suggestions, helping shape the future of financial regulation in the IFSC.
Source: GIFT IFSCA website [ Consultation Paper dated 6th December, 2024]
IFSCA issues circular on the International Financial Services Centres Authority (Informal Guidance) Scheme, 2024
December 02, 2024 –The International Financial Services Centres Authority (IFSCA) has unveiled the International Financial Services Centre Authority (Informal Guidance) Scheme, 2024 to assist financial institutions and individuals seeking to establish operations within the International Financial Services Centre (IFSC). This new initiative provides a structured framework for obtaining clarity and guidance on various business activities, transactions, and legal matters within the IFSCA's regulatory purview.
The Scheme is designed to streamline decision-making and enhance the efficiency of transactions in the financial services sector, offering a simplified process for seeking informal guidance on potential or ongoing business operations.
Key features of the Scheme include:
- Two Guidance Methods: Applicants can approach IFSCA departments through two clearly defined methods to seek informal guidance on regulatory or legal queries.
- Electronic Submission: Applications for informal guidance must be submitted electronically via the Single Window IT System (SWITS) developed by IFSCA, ensuring a seamless and efficient application process.
- Fee Structure: A fee of USD 1,000 is required for each application, ensuring that the process remains accessible and straightforward.
- Clear Connection to Business Activities: Applicants must outline how the guidance sought directly relates to their current or proposed activities within the IFSC, ensuring relevance and precision in the feedback provided.
This Scheme is a crucial step in fostering a supportive, transparent, and business-friendly environment at the IFSC, helping both new and existing entities navigate regulatory challenges with ease. By offering clear and timely guidance, IFSCA aims to further solidify the IFSC's position as a global hub for financial services and innovation.
Source: GIFT IFSCA website [Circular dated 2nd December, 2024]
IFSCA to ease regulations, cut costs for funds operating in GIFT City
December 02, 2024- The International Financial Services Centres Authority (IFSCA) is set to implement key regulatory changes by the end of this month, designed to help funds operating within the IFSC reduce their operational costs while better serving the Indian market. This initiative is a key part of IFSCA's broader vision to strengthen GIFT City as a global financial hub, enabling financial institutions to offer capital and services to Indian companies at internationally competitive rates.
The upcoming regulatory amendments will focus on enhancing competitiveness, allowing financial institutions in GIFT City to provide cost-effective capital and services that meet global standards. These changes are expected to not only lower operational costs but also improve access to high-quality financial services for Indian businesses, supporting their growth and integration into the global economy.
With these reforms, IFSCA is reinforcing its commitment to creating an efficient, competitive, and business-friendly environment within GIFT City, helping Indian companies access the financial resources they need to thrive on the global stage.
Source: The Hindu Businessline
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