The International Financial Services Centres Authority (IFSCA) authorised the 100th fund in GIFT IFSC. The 100th fund authorisation was granted to Chiratae Ventures International Fund-V, a private equity fund with a targeted corpus of $350 million.
According to officials, 86 fund management entities are now active in GIFT City with 100 funds, and a cumulative targeted corpus of $29 billion.
The funds and asset management industry has been one of the most successful business segments in GIFT IFSC in the last couple of years. IFSCA executive director Dipesh Shah said, “We have authorised the 100th fund in GIFT IFSC in a short span of 3 years. Since April 2023, the number of funds have doubled.
The asset management industry in GIFT IFSC is now maturing with a healthy mix of 86 fund management entities, which have launched 100 funds with a cumulative targeted corpus of $29 billion.”
International Financial Services Centres Authority has been established as a unified regulatory authority for development and regulation of financial markets within GIFT IFSC through an Act of Parliament. It is creating a globally aligned regulatory regime that promotes innovation, efficiency and robust governance.
In the last 3 years, IFSCA has notified nearly 40 regulations and frameworks for enabling various financial services businesses including banking, funds, insurance, capital markets, fintech, bullion exchange, aircraft and ship leasing.
According to the official, the cumulative banking asset size has crossed $50 billion-mark and stood at $52 billion in December 2023.
Shah said, “Mizuho Bank has become the second Japanese bank to receive banking licence from IFSCA. Mizuho is one of the big three banks of Japan and a Global Systemically Important Bank (G-SIB) so its arrival is important for GIFT City.”
With the arrival of a number of international companies it is expected that in the coming months, technology and global accounting companies may set up their bases in GIFT City.