Finance Minister Arun Jaitley today proposed a unified regulator for the International Financial Services Centre (IFSC) at GIFT City in Gujarat, a move that will contribute to better regulation and supervision of the financial entities.
The move is expected to provide a further push to the IFSC.
While unveiling the Union Budget 2018-19, Jaitley has proposed for a unified financial regulatory framework providing for a single regulator for GIFT City.
GIFT (Gujarat International Finance Tec-City) has been set up by the state government as India’s first IFSC that brings together world class infrastructure, connectivity, people and technology on a single platform for businesses across the world.
IFSC at GIFT City is probably the first such centre to be launched after the 2008 global financial crisis.
Last month, RBI Governor Urjit Patel had made a case for setting up a unified regulator and a world class legal framework for IFSCs to expeditiously deal with dispute resolution and other issues.