Gujarat-based GIFT City, near Ahmedabad, is featured as one of the significant emerging international financial service centres in the latest edition of 'Global Financial Centres Index 24', released in London, in the Month of December.
"The recognition of GIFT IFSC in list of most significant emerging financial centres and entry into main index of global financial centres by GFCI is the testimony of the contribution GIFT IFSC is making in the international financial services business," said Ajay Pandey, MD & Group CEO, GIFT City. "In a short span of three years, GIFT IFSC has been instrumental in unleashing and enhancing the international financial services potential of the country," he said.
He attributed the recognition to the "tremendous support and direction" provided by the government of India through the ministry of finance, ministry of commerce, the government of Gujarat, and by all the regulators namely RBI, SEBI & IRDA
According to GIFT, the business hub is operational with approximately 12 leading Indian banks clocking foreign currency business transactions worth $12 billion. While IFSC Insurance sum insured business of 14 insurance companies and insurance brokers has crossed $30 billion, the daily average trading volume of two international exchanges (India INX and NSE IFSC) has crossed $1.5 billion.