GIFT City Newsletter | May 2026

Welcome to the May 2026 edition of the GIFT IFSC Newsletter, highlighting key legal, regulatory, and market developments across India’s International Financial Services Centre ecosystem. This edition captures significant initiatives aimed at strengthening GIFT IFSC’s position as a global financial and business hub, including reforms across banking, capital markets, fund management, insurance, leasing, fintech, and cross-border financial services.

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 the 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 IFSCA Act 2019.

IFSCA, as a unified regulator, is also headquartered 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 the unification of the powers previously held by four separate regulators: the Reserve Bank of India ("RBI"), the Securities and Exchange Board of India ("SEBI"), the Insurance Regulatory and Development Authority of India ("IRDAI"), and Pension Fund Regulatory and Development Authority of India ("PFRDAI").

We are providing transactional updates, including a bird's eye view of legal and regulatory updates related to the GIFT IFSC.

High-Level Review Meeting Chaired by the Union Finance Minister

May 22, 2026: Union Finance Minister Ms. Nirmala Sitharaman chaired a high-level review meeting at GIFT City, Gandhinagar, attended by senior representatives from the Prime Minister’s Office, the Government of Gujarat, and the IFSCA. The review considered progress across a broad range of sectors, including banking, capital markets, insurance, fund management, aircraft leasing, ship leasing, fintech, bullion exchange, and international education. It was noted during the meeting that GIFT City presently hosts more than 1,150 registered entities, with banking assets exceeding USD 110 billion and cumulative fund management commitments surpassing USD 32 billion.

DLL Analysis: This review underscores the growing strategic centrality of GIFT IFSC within India’s broader financial-sector policy agenda. The scale of institutional participation, banking assets, and fund commitments indicates that GIFT IFSC is increasingly evolving from a policy-led initiative into an operational IFSC of substance. Continued oversight at the highest levels of government is likely to accelerate regulatory refinement, reinforce market confidence, and encourage deeper international participation across financial services verticals.

Source: Ministry of Finance Press Release [PIB Release ID: 2264333 dated May 22, 2026].

Clarification on Fee Framework for existing TechFin and Ancillary Service Providers

May 21, 2026: IFSCA clarified that the fee framework prescribed under its circular dated March 2, 2026, for TechFin and Ancillary Service Providers shall also apply to existing Ancillary Service Providers (“ASPs”) and TechFin entities operating under the transition provisions of the IFSCA (TechFin and Ancillary Services) Regulations, 2025. As a one-time transitional measure, such entities are required to remit the applicable fees for FY 2026-27 by May 31, 2026, in the manner specified under the relevant fee circular.

DLL Analysis: This clarification promotes regulatory uniformity during the transition of the originally registered entities into the revised TechFin and Ancillary Services regime. By removing ambiguity concerning fee obligations, IFSCA has mitigated the risk of uneven regulatory treatment and facilitated a more orderly migration into the new supervisory framework.

Source: IFSCA website [Circular eFile No. 4039/IFSCA-FSSD/6/2025-FSSD dated May 21, 2026.]

First Foreign Company admitted on NSE International Exchange

May 21, 2026: NSE International Exchange (“NSE IX”), operating within GIFT IFSC, recorded a significant milestone with the admission of its first foreign company for listing and trading. This development enables global issuers to access a regulated listing venue within GIFT IFSC and provides Indian as well as international investors with regulated access to foreign equities through India’s premier international financial centre.

DLL Analysis: The admission of a foreign issuer materially expands the strategic relevance of NSE IX as a platform for two-way capital flows. It signals to global corporates that GIFT IFSC offers a credible and regulated listing venue while simultaneously broadening investor access to international equity products within a familiar legal and regulatory environment.

Source: Moneycontrol [May 21, 2026]

First Global High-Frequency Trading Firm receives an In-Principle Approval from IFSCA

May 21, 2026: London-based Cube Research & Technologies (“QRT”), one of the world’s leading high-frequency trading firms, has received an in-principal approval from IFSCA to register as a Fund Management Entity (“FME”) in GIFT IFSC. This makes QRT the first global high-frequency trading participant to establish operations in India’s IFSC. Pursuant to such approval, QRT proposes to launch a Category III Alternative Investment Fund (“AIF”) to undertake complex derivative strategies from within GIFT IFSC.

Key aspects include:

• Entity Structure: QRT will operate as a registered FME under the IFSCA (Fund Management) Regulations, 2025, through a Category III AIF structure, which is particularly suited to high-frequency and proprietary trading strategies.
• Tax Advantages: Derivative gains realised by eligible entities operating from GIFT IFSC continue to make the jurisdiction particularly attractive for margin-sensitive and high-volume trading activities.
• Growing HFT Ecosystem: QRT joins other established proprietary trading firms, including Jump Trading and Tower Research, thereby contributing to the emergence of a specialised international HFT ecosystem at GIFT City.

DLL Analysis: IFSCA’s in-principle approval to QRT is significant for GIFT IFSC’s positioning as an international trading hub. High-frequency trading participants are typically among the most liquidity-intensive market actors; their presence contributes directly to market depth, tighter spreads, and enhanced price discovery on IFSC exchanges.

Source: Business Standard [May 21, 2026]

IFSCA updates Ship Leasing Framework

May 20, 2026: IFSCA has revised its Ship Leasing Framework, originally notified in 2022, to comprehensively cover both operating leases and financial leases, including hybrid arrangements. The revised framework now encompasses voyage charters, contracts of affreightment, sale and leaseback structures, and asset management support services. Entities are required to register through the Single Window IT System (“SWITs”), maintain minimum capital of USD 200,000 for operating lease activities under Schedule I of the Finance Company Regulations and USD 3 million for financial lease activities, and comply with prudential, AML/KYC, and governance requirements. Fees have been prescribed at USD 1,000 for application, USD 12,500 for registration, and USD 5,000 as annual recurring fees. Additional safeguards include restrictions on transfer of ships solely for domestic use, mandatory compliance with the Merchant Shipping Act, and requirements relating to office space and manpower utilisation.

DLL Analysis: The revised framework reflects a deliberate effort to align GIFT IFSC with internationally recognised maritime finance standards. By expressly recognising both operating and financial lease structures, IFSCA has widened the scope of permissible activity while preserving prudential discipline through capital, governance, and AML/KYC safeguards. The inclusion of domestic-use restrictions and linkage to the Merchant Shipping Act also demonstrates a clear regulatory emphasis on legal certainty and compliance integrity.

Source: IFSCA Website [Circular F. No. 496/IFSCA/FC/SLF/2022-23/001 dated May 20, 2026]

IFSCA Guidance on Voice Broking Services

May 20, 2026: IFSCA issued guidance permitting IFSC Banking Units (“IBUs”) to avail voice broking services from TechFin and Ancillary Service Providers registered with IFSCA. Under Module 5 of the Banking Handbook, voice brokers are recognised as entities facilitating connection between buyers and sellers of financial assets for transaction execution. The clarification is consistent with the IFSCA (TechFin and Ancillary Services) Regulations 2025, which expressly recognise voice broking as a permissible ancillary service. IBUs may engage such providers, subject to compliance with the conditions set out in the Banking Handbook.

DLL Analysis: This guidance strengthens the IFSC trading ecosystem by formally integrating voice broking services within the regulated architecture. It is expected to improve market efficiency by permitting IBUs to access specialised intermediation services within a supervised domestic framework, thereby reducing reliance on offshore brokers.

Source: IFSCA Website [Guidance Circular e-file No. IFSCA-FMPP0BR/25/2024-Banking dated May 20, 2026]

Skydo Secures Cross-Border Payments Licence at GIFT City

May 20, 2026: Skydo has become one of the first fintech entities to obtain a cross-border payments licence at GIFT IFSC. The licence authorises Skydo to process outward international remittances directly through the IFSC framework, offering Indian businesses-including exporters, freelancers, and service providers which is a regulated and cost-efficient gateway for cross-border transactions. The licensing framework enables direct routing of international payments through GIFT IFSC infrastructure, thereby reducing intermediary costs and shortening settlement timelines as compared to traditional correspondent banking channels.

DLL Analysis: Skydo’s licensing marks a meaningful expansion of GIFT IFSC’s regulated ecosystem beyond conventional banking and capital markets into the fintech payments layer. Bringing cross-border payment activities within IFSCA’s unified framework also ensures that such operations remain subject to AML, CFT, and KYC standards broadly aligned with global norms.

Source: Times of India [May 20, 2026]

Access to e KYC Setup extended to IFSC Regulated Entities

May 19, 2026: The National Payments Corporation of India (“NPCI”) has extended access to its e-KYC Setu platform to all regulated entities operating within GIFT IFSC. The Aadhaar-based digital identity verification system enables secure and seamless client onboarding without requiring physical handling or storage of sensitive customer information. This single-window access is expected to materially improve operational efficiency and compliance processes for banks, insurers, and other regulated financial institutions in the IFSC.

DLL Analysis: The extension of e-KYC Setu to IFSC-regulated entities is a significant step toward a digitally integrated and globally benchmarked onboarding architecture. It reduces onboarding friction, improves compliance efficiency, and supports GIFT IFSC’s positioning as a future-ready IFSC.

Source: IFSCA Website [Press Release dated May 19, 2026]

Central Bank of India to launch IFSC Banking Unit (IBU)

May 19, 2026: Central Bank of India announced that it will operationalise its IBU at Gandhinagar in the first week of June, following requisite approvals from the Reserve Bank of India and IFSCA. The bank has reportedly appointed a branch head and completed the preparatory groundwork for the unit. The IBU is expected to offer foreign currency lending, trade finance, treasury and risk management products, and bespoke solutions for corporate clients with cross-border funding requirements.

DLL Analysis: The entry of a major public sector bank into the IBU ecosystem reflects increasing domestic institutional adoption of the IFSC framework. This development is likely to deepen the jurisdiction’s international banking capabilities and support its continuing evolution as a centre for cross-border financial activity.

Source: Economic Times [May 19, 2026]

Commerce Secretary’s visit to IFSCA Headquarters

May 16, 2026: Shri Rajesh Agrawal, Secretary, Department of Commerce, met with Shri K. Rajaraman, Chairperson, IFSCA, and senior officials at GIFT City to discuss measures to strengthen ease of doing business within India’s international trade ecosystem. The discussions highlighted GIFT IFSC’s growing role as a gateway for global capital flows and focused on developments in aircraft leasing, ship leasing, trade finance, insurance, and reinsurance. Presentations also covered infrastructure enhancements, developments in the SEZ framework, and opportunities in metals and commodities. During the interaction, it was noted that GIFT IFSC facilitated USD 50 billion in trade finance and USD 111 million in SME factoring during FY 2025-26.

DLL Analysis: The visit reinforces GIFT IFSC’s strategic relevance as a cross-border financial and trade services platform. The alignment of regulatory policy, infrastructure development, and stakeholder consultation reflects a coordinated effort to enhance India’s competitiveness in global trade and financial flows.

Source: IFSCA Website [Press Release dated May 16, 2026]

High-Level BRICS Delegation visits GIFT City ahead of 18th Summit

May 15, 2026: Representatives from Brazil, Egypt, Russia, China, South Africa, Indonesia, Ethiopia, and the UAE visited GIFT City ahead of the 18th BRICS Summit. The delegation received presentations from IFSCA and city officials regarding opportunities across banking, capital markets, fund management, insurance and reinsurance, aircraft leasing, fintech, and Global Capability Centres. It was highlighted that the centre now hosts over 1,130 entities, with banking assets exceeding USD 106 billion and fund management commitments exceeding USD 32 billion.

DLL Analysis: This engagement demonstrates how India is leveraging its 2026 BRICS leadership to position GIFT IFSC as a credible platform for South-South investment, trade finance, and financial cooperation. Such outreach is likely to enhance international confidence in the jurisdiction and strengthen its role in facilitating capital flows among BRICS+ economies.

Sources: Times of India, PTI, Indian Express [May 15, 2026]

CTBC Bank opens Branch office at IFSC

May 15, 2026: Taiwan’s CTBC Bank has inaugurated its branch at GIFT IFSC, becoming the first Taiwanese bank to establish a presence in the jurisdiction. The branch will support cross-border financing, trade and investment flows, treasury products, and financial connectivity between India, Taiwan, Asia, and other global markets. CTBC Bank is also reportedly the only Taiwanese bank with a branch presence in India.

DLL Analysis: CTBC Bank’s entry enhances the diversity of international institutions operating from GIFT IFSC and further cements the jurisdiction’s role as a platform for Asian and global financial integration. The branch is expected to facilitate stronger trade and financing linkages between Indian and Taiwanese businesses.

Source: PTI News [May 15, 2026]

ICICI Bank launches India's First USD-Denominated Debit Card from GIFT IFSC Banking Unit

May 14, 2026: ICICI Bank, in partnership with Visa, has launched India’s first USD-denominated debit card through its IBU at GIFT IFSC for Non-Resident Indian (“NRI”) customers. The card is linked to ICICI Bank’s USD Global Savings Account maintained with its IFSC IBU and may be used globally at ATMs, point-of-sale terminals, and online platforms.

Key features:

• Zero Forex Markup: Transactions are settled directly in USD, thereby eliminating forex conversion costs typically associated with INR-linked cards used internationally.
• Security Architecture: The card incorporates EMV chip technology and customisable controls for online, international, and ATM transactions.
• Premium Platform: Issued on Visa’s Infinite platform, the card includes travel and lifestyle privileges targeted at premium NRI customers.
• Regulatory Positioning: As a product issued through an IBU operating under IFSCA’s regulatory jurisdiction, the offering benefits from the more liberalised cross-border transaction framework applicable to GIFT IFSC entities.

DLL Analysis: This launch demonstrates the ability of the IBU framework to support genuinely international banking products that may not be available under the conventional domestic regulatory regime. It also illustrates how GIFT IFSC is enabling product innovation tailored to globally mobile customer segments.

Source: CNBC TV18 [May 14, 2026]

Public Comments published on Draft Framework for Implementation Services

May 13, 2026: IFSCA published public comments received in relation to its consultation paper dated November 13, 2025, concerning the draft framework for implementation services by Investment Advisers in IFSC. Stakeholder responses broadly supported the principle of optionality under Regulation 34(13), while recommending relaxation of strict routing requirements. Suggestions included permitting implementation through any regulated broker, platform, or asset manager globally, as well as allowing bundled advisory and execution models subject to appropriate safeguards such as disclosures, informed client consent, and best execution standards.

DLL Analysis: The consultation reflects a clear policy inclination toward aligning IFSC practices with international advisory market standards. A calibrated approach permitting controlled bundling, accompanied by transparency and fiduciary safeguards, could improve operational efficiency while preserving investor protection and client choice.

Source: IFSCA Website [Public Comments on Draft Framework for Implementation Services by Investment Advisers in IFSC, Consultation Paper dated November 13, 2025; Comments published May 13, 2026].

Aviation Finance ambitions at IFSC

May 13, 2026: India’s aviation finance ecosystem continues to consolidate at GIFT IFSC, which has reportedly recorded a 30% increase in aircraft leasing activity. Market projections indicate that, by 2030, the jurisdiction could facilitate USD 50 billion in aviation transactions and host more than 1,100 leased aircraft. This growth is being driven by regulatory reforms, SPV-based structures, and the recently introduced Trust and Company Service Providers (“TCSP”) framework.

DLL Analysis: These projections reinforce GIFT IFSC’s emergence as a credible aviation finance hub. By embedding internationally recognised leasing structures and providing a supportive regulatory environment, the jurisdiction is attracting transactions that may otherwise have been routed through established offshore centres.

Source: Construction World [May 13, 2026]

Finance Company Regulations amended to Enable SPV Structures

May 12, 2026: IFSCA notified the International Financial Services Centres Authority (Finance Company) (Amendment) Regulations, 2026, formally recognising SPVs established or administered through TCSPs for undertaking permissible financing and leasing activities.

DLL Analysis: This amendment is an important structural reform that complements the newly introduced TCSP framework and aligns GIFT IFSC with internationally accepted transaction structuring practices, particularly in aviation leasing and structured finance. By expressly recognising SPV-based arrangements, IFSCA has enhanced the jurisdiction’s competitiveness while retaining regulatory oversight.

Source: IFSCA website [F. No. IFSCA/GN/2026/009 dated May 12, 2026].

Trust and Company Service Providers Framework introduced

May 12, 2026: IFSCA notified the International Financial Services Centres Authority (TechFin and Ancillary Services) (Amendment) Regulations, 2026, introducing a dedicated framework under Chapter VA for TCSPs operating in GIFT IFSC.

Key Features:

• Registration & Eligibility: TCSPs are required to obtain registration prior to commencing operations. Applicants must be incorporated in IFSC or in another permitted form, and their promoters must originate from FATF-compliant jurisdictions.
• Permissible Services: Services under the Fifth Schedule include acting as agents for the establishment of trusts, companies, and LLPs; serving as trustees, directors, nominee shareholders, or partners; and providing registered office or business address services.
• Governance & Control: TCSPs are subject to governance, internal audit, AML/CFT/KYC, record-keeping, and segregation of duties requirements, as well as professional indemnity insurance obligations.

DLL Analysis: The TCSP framework materially strengthens the institutional and governance architecture of GIFT IFSC. It is particularly relevant for SPV-based financing, leasing, and investment structures and is likely to support further growth in aircraft leasing, ship leasing, and broader cross-border structuring activity.

Source: IFSCA website [F. No. IFSCA/GN/2026/008 dated May 12, 2026].

Master Circular for Broker Dealers and Clearing Members

May 12, 2026: IFSCA issued a Master Circular for Broker Dealers and Clearing Members, consolidating the regulatory framework previously spread across multiple circulars applicable to intermediaries operating in GIFT IFSC. The circular supersedes applicable pre-October 2020 SEBI circulars and functions as a single-point compliance reference for broker dealers and clearing members registered with IFSCA. Structured across eleven chapters, it addresses registration, eligibility, governance, supervision, conduct, technology, and surrender of registration.

DLL Analysis: This is a significant regulatory consolidation exercise that improves legal certainty and operational clarity for intermediaries. It also reflects a maturing supervisory framework with stronger emphasis on governance, cyber resilience, business continuity, client asset protection, and technology oversight.

Sources: IFSCA website [Master Circular No. IFSCA/CMD/MIIT/MCBDCM/2026 dated May 12, 2026] and [Press Release dated May 12, 2026].

Implementation Services Framework for Investment Advisers

May 12, 2026: IFSCA clarified the regulatory framework governing implementation services by Investment Advisers in IFSC under Regulations 34(12) and 34(13) of the Capital Market Intermediaries Regulations, 2025. Registered advisers may provide implementation services for execution of investment advice through:

• Global Access Providers or Introducing Brokers for products listed on foreign exchanges;
• Members of recognised IFSC stock exchanges for locally listed products; and
• Formal arrangements with regulated overseas platforms or asset management companies abroad for unlisted products.

DLL Analysis: This clarification addresses a key practical issue for advisory businesses by expressly identifying permissible execution channels. It enables advisers to deliver more integrated service models while preserving transparency, accountability, and investor-protection safeguards.

Source: IFSCA website [Circular e.F.No. IFSCA-PLNP/94/2025-Capital Markets dated May 12, 2026].

Consultation Paper on Proposed Amendment to Manner of Payment and Receipt of Premium Regulations, 2026

May 12, 2026: IFSCA issued a consultation paper proposing amendments to the Manner of Payment and Receipt of Premium Regulations, 2026 (the “64VB Regulations”), following the introduction of a new statutory definition of “premium” under Section 2(13BC) of the Insurance Act, 1938 pursuant to the Sabka Bima Sabki Raksha Act, 2025. As the Insurance Act applies to IFSC jurisdiction through Section 13 of the IFSCA Act, 2019, IFSCA has proposed replacing the existing definition under the 64VB Regulations with the revised statutory definition. Stakeholder comments were invited until June 2, 2026.

DLL Analysis: Regulatory harmonisation is critical for legal certainty, particularly within specialised sectors such as insurance. By aligning IFSC regulations with amendments introduced under the principal legislation, IFSCA is reducing interpretational inconsistencies and ensuring greater coherence between domestic insurance law and the IFSC regulatory framework.

Source: IFSCA website [Consultation Paper dated May 12, 2026].

Public Comments on Draft Managing General Agents (MGA) Framework

May 11, 2026: IFSCA published public comments received on the draft Managing General Agents (“MGA”) Regulations, 2026. Stakeholder responses reflected strong support for enabling MGAs to function as insurance and reinsurance intermediaries under Binding Authority Agreements with foreign insurers and reinsurers. Proposals included extending the framework to reinsurance activities, permitting multi-insurer programs, clarifying treatment of loss funds and claims thresholds, and adopting more risk-sensitive capital requirements.

DLL Analysis: The consultation demonstrates strong market appetite for a globally harmonised MGA regime within GIFT IFSC. Incorporating reinsurance MGAs, flexible capital structures, and internationally familiar delegated authority models could materially enhance the competitiveness of the IFSC insurance platform.

Source: IFSCA Website [Public Comments on Draft IFSCA (Managing General Agents) Regulations, 2026, Consultation Paper issued March 13, 2026; Public Comments dated May 11, 2026.]

Draft Managing General Agents Regulations approved

May 11, 2026: IFSCA approved the draft IFSCA (Managing General Agents) Regulations, 2026, establishing a formal regulatory framework for MGAs authorised to undertake underwriting and claims-related functions on behalf of insurers.

Key Features

• Eligibility: MGAs may be incorporated as a new entity or branch form. Branch MGAs require home regulator’s approval, Financial Action Task Force (FATF) compliance, and Double Taxation Avoidance Agreement (DTAA) jurisdiction with India. Foreign insurers partnering with MGAs must have valid registration, net worth of at least USD 100 million, and minimum credit rating of ‘A’.
• Scope of Business: MGAs can undertake direct insurance business within IFSCs and outside India, subject to Section 2CB of the Insurance Act, 1938, and limited to specified foreign currencies.
• Capital & Net Worth: Minimum capital of USD 500,000 to be held in an IFSC Banking Unit, with net worth of USD 250,000 or 50% of capital, whichever is higher. Branch MGAs may maintain net worth at parent level.
• Operational Safeguards: Requirements include binding authority agreements, fiduciary accounts, premium segregation, annual audits, financial security deposits, board approved distribution policies, code of conduct, professional indemnity insurance, and maintenance of records.

DLL Analysis: The proposed framework introduces an important institutional layer within the IFSC insurance ecosystem. MGAs are widely utilised in mature international insurance markets to improve underwriting efficiency, facilitate niche insurance products and enhance market access. Their formal recognition is expected to deepen GIFT IFSC's insurance and reinsurance capabilities and encourage greater participation by foreign insurers.

Source: IFSCA website [Press Release dated May 11, 2026].

Consumer Charters mandated for Regulated Entities

May 08, 2026: IFSCA directed all regulated entities in GIFT IFSC dealing with retail consumers to adopt and publish consumer charters. These charters must clearly articulate consumer rights, responsibilities, transparency commitments, and grievance‑redressal mechanisms, either on the entity’s IFSC website or via a link to a group entity’s dedicated webpage.

DLL Analysis: This directive strengthens consumer protection by embedding transparency and accountability into the operational framework of IFSC entities. By mandating the publication of Consumer Charters, IFSCA ensures that retail consumers are empowered with clear expectations and accessible grievance‑redressal pathways, thereby reinforcing market integrity and trust in the jurisdiction.

Source: IFSCA website [Circular F. No. IFSCA-LPRA/4/2025-Legal and Regulatory Affairs dated May 08, 2026].

India Aircraft Leasing and Financing Summit 2.0

May 08, 2026: IFSCA, the Ministry of Civil Aviation, and FICCI jointly organised the India Aircraft Leasing & Financing Summit 2.0 at GIFT City, Gandhinagar. The summit brought together regulators, financiers, and airline executives to deliberate on strengthening India’s aircraft leasing ecosystem. Discussions centered on refining financing frameworks and Special Purpose Vehicle (SPV) structures, with regulators emphasising ongoing efforts to streamline leasing regulations.

DLL Analysis: The summit demonstrates India’s strategic push to establish GIFT IFSC as a globally competitive hub for aviation finance. By embedding SPV‑based structuring within the domestic framework and refining regulations in line with international best practices, the jurisdiction is positioned to attract greater capital inflows, reduce reliance on offshore leasing centres, and generate high‑skilled employment.

Source: IFSCA website [Press Release dated May 08, 2026].

Expanding Frameworks for Commodities, REITs and InvITs

May 8, 2026: The IFSC is preparing to broaden its investment offerings with new regulations for global commodity trading expected within three to six months, and frameworks for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) likely to be rolled out in the next 30 days. Officials noted that groundwork for commodity trading is largely complete, pending final government approvals.

DLL Analysis: The initiative is seen as vital for shielding India from global price volatility in oil and metals, while reclaiming high‑value trading activity currently routed through offshore hubs. These measures represent a strategic deepening of the IFSC’s product suite. By introducing regulated platforms for commodities, REITs, and InvITs, the Authority is positioning the centre as a comprehensive marketplace that can absorb external shocks, diversify investment opportunities, and attract capital flows currently lost to overseas jurisdictions.

Source: Mint [May 8, 2026]

Policy bazaar expands NRI offerings from IFSC

May 8, 2026: Policy bazaar announced the expansion of its investment linked insurance solutions for Non-Resident Indians (NRIs) through its branch at the IFSC. The platform now enables NRIs across 35+ countries to access USD denominated products, with seamless digital onboarding, remote KYC, and flexible investment options. The IFSC branch already contributes to over half of Policy bazaar’s NRI customer base, with strong demand from the Gulf, US, UK, and Singapore. Customers benefit from tax free gains under Section 10(10D), easy repatriation, and a unified regulatory framework.

DLL Analysis: This expansion illustrates how the IFSC is becoming a preferred hub for cross border wealth creation. By offering dollar-based instruments, tax advantages, and digital infrastructure, the platform provides NRIs with a credible alternative to offshore centres such as Singapore and Dubai.

Source: PRNewswire [May 8, 2026]

Akasa Air establishes office for Aircraft Financing and Leasing

May 8, 2026: Akasa Air has set up a dedicated office at the IFSC to strengthen its aircraft financing and leasing operations. The move aligns with India’s broader aviation finance ambitions, where the IFSC is increasingly being positioned as a hub for structured leasing activity.

DLL Analysis: The establishment of an aviation finance entity by a domestic carrier underscores the growing relevance of the IFSC’s leasing ecosystem. It reflects how airlines are beginning to internalise financing structures that were traditionally routed through offshore centres, thereby reducing reliance on foreign jurisdictions. This development adds momentum to the jurisdiction’s ambition of becoming a competitive aviation finance hub, complementing projections of USD 50 billion in deals and over 1,100 leased aircraft by 2030.

Source: Economic Times [May 8, 2026]

IFSCA consolidates Fund Management Regulations

May 07, 2026: The IFSCA has published the consolidated Fund Management Regulations, 2025, updated to reflect amendments up to January 30, 2026. The revised text strengthens governance by tightening fit and proper criteria for principal officers and key managerial personnel, raising net worth thresholds across Fund Management Entity categories, and mandating compliance officer appointments. This consolidated release provides market participants with a single authoritative framework, aligning GIFT IFSC’s fund management regime with global standards and reinforcing investor confidence.

DLL Analysis: The consolidation clarifies the operative regulatory baseline for fund managers in GIFT IFSC. By embedding January’s amendments into a unified text, IFSCA reduces interpretive uncertainty and ensures compliance teams, investors, and advisors are working from the same rulebook.

Source: IFSCA website [IFSCA (Fund Management) Regulations, 2025 as amended up to January 30, 2026, consolidated publication dated 07 May 2026]

SEBI proposes expanded role for online bond platforms

May 5, 2026: SEBI has issued a consultation paper proposing to allow online bond platform providers (OBPPs) to expand operations into the IFSC, enabling them to offer overseas listed debt securities under IFSCA’s regulatory framework. SEBI has also suggested permitting OBPPs to list tax saving bonds under Section 54EC of the Income Tax Act, issued by government backed entities such as Power Finance Corporation, Indian Railway Finance Corporation, and REC Ltd. Additionally, the regulator has proposed easing compliance officer norms by allowing broader eligibility beyond company secretaries. Public comments on the paper are invited until May 26, 2026.

DLL Analysis: The proposals broaden investor access to global debt markets while digitising the 54EC bond segment, reducing ambiguity and improving transparency. By harmonising OBPP rules with those of stockbrokers, SEBI is strengthening the regulatory architecture and positioning the IFSC as a more attractive hub for debt capital flows.

Sources: Mint, BusinessLine [May 5, 2026]

Global Corporates establishes Treasury Centres

May 5, 2026: Major firms including Adani Group, Bharti Airtel, Genpact, ZF Friedrichshafen, and ArcelorMittal are setting up treasury operations at the IFSC. Seventeen corporate treasuries are expected to commence operations within the next three months, joining seven already licensed since January. The zone’s tax neutral framework extended 20-year tax holiday, and regulatory flexibility-such as allowing banks to pay interest on current account balances-are attracting multinational firms traditionally based in Singapore or the Netherlands. ArcelorMittal has secured approvals for two treasury centres, while others are in advanced stages of licensing.

DLL Analysis: The establishment of treasury centres by leading corporates such as Adani, ArcelorMittal, Bharti Airtel, Genpact, and ZF Friedrichshafen reflects growing confidence in the jurisdiction’s regulatory and tax framework. The clustering of global treasuries signals that the centre is evolving into a credible alternative for multinational treasury management, reinforcing its role in cross border capital flows and corporate financial strategy.

Source: Economic Times [May 5, 2026]

Vibrant Gujarat Regional Conference -South Gujarat

May 1-2, 2026: The Vibrant Gujarat Regional Conference was held in Gandhinagar and brought together policymakers, industry leaders, and international partners across multiple thematic tracks. Key sessions included export readiness and compliance, fertilizer import substitution strategies, and India-Ukraine collaboration in education and workforce mobility. Sectoral discussions covered chemicals and petrochemicals innovation, textile modernization, agriculture value addition, alongside seminars on women’s empowerment, startup scalability, and tribal tourism opportunities. A flagship session on GIFT City as India’s international financial gateway underscored its growing role in cross border finance and global capability centres. International engagement was marked by the Japan Seminar, showcasing advanced technologies and collaborative opportunities through JETRO.

DLL Analysis: The conference reinforced Gujarat’s role as a multi sectoral growth hub and global connector. By combining energy transition strategies, industrial competitiveness, and international partnerships, Gandhinagar positioned itself not only as a domestic growth engine but also as a credible platform for cross border investment, innovation, and sustainable development.

Source: Vibrant Gujarat Event Schedule [May 1-2, 2026]

Consolidated Public Comments on Draft Finance Company (Amendment) Regulations

May 01, 2026: IFSCA consolidated public comments on the draft Finance Company (Amendment) Regulations, 2026. Key suggestions included:

• Clarifying that minimum owned fund compliance rests with SPVs/sponsors, not trustees.
• Introducing economic substance norms (local directors, decision making in IFSC) to avoid “brass plate” entities.
• Explicit provisions for bankruptcy remote/orphan SPVs and ring fencing of assets.
• Clear guidance on tax neutrality, withholding, and treaty benefits to enhance competitiveness.
• Allowing broader permissible activities for SPVs (sale, purchase, securitisation, novations).
• Strengthening governance with independent directors and explicit legal frameworks for orphan structures.
• Calls for a Global Leasing Competitiveness Framework benchmarking IFSC against hubs like Ireland, Singapore, and UAE.
• IFSCA noted that the draft was suitably modified and placed before the Authority on April 17, 2026, incorporating these comments.

DLL Analysis: The consultation reflects industry demand for a globally credible SPV regime in GIFT IFSC. Addressing bankruptcy remoteness, tax clarity, and governance safeguards will be critical to attract international lessors and financiers, positioning IFSC as a serious alternative to offshore leasing hubs.

Source: IFSCA Website [Consolidated Public Comments dated May 01, 2026]

IFSCA Corporate Treasury Conference 2026

May 01, 2026: IFSCA hosted its flagship Corporate Treasury Conference on April 29-30, 2026, at GIFT City, with over 250 participants from corporates, banks, and fintechs worldwide. In his keynote, the Chairperson traced GIFT IFSC’s journey from “onshoring the offshore” to India’s gateway to global capital, highlighting the revised Treasury Centre framework (2025) and the Finance Bill 2026 tax holiday extension to 20 years, followed by a 15% rate thereafter. He also noted proposals to expand transactions to all freely convertible currencies and include commodity trading. Sessions covered treasury governance, cross border payments innovations (tokenized deposits, stablecoins, APIs), treasury technology (AI, STP, analytics), cash pooling strategies, and experience sharing by treasuries already operating in IFSC. Knowledge sessions showcased opportunities for corporates, centralisation trends, and the Foreign Currency Settlement System (FCSS) enabling near instant USD settlements.

DLL Analysis: The conference reinforced GIFT IFSC’s role as a world class treasury hub, combining tax certainty, operational flexibility, and cutting edge payment and treasury technologies. These measures strengthen India’s competitiveness and support the vision of Viksit Bharat 2047.

Source: IFSCA Website [Press Release Corporate Treasury Conference 2026 dated May 01, 2026]