The Union Finance Minister Arun Jaitley on Thursday announced setting up of a Unified Regulator for International Financial Services Centre (IFSC) in India. The announcement is set to benefit the Country’s first IFSC set up at Gujarat International Finance Tec-City (GIFT City) near Gandhinagar.

Ajay Pandey, MD and Group CEO, GIFT City welcomed the announcement terming it a move to promote the IFSCs in the country.

“The announcement of setting up of Unified Regulator for IFSC in India would help India achieve its full potential in the Global Financial markets. Globally, most of the financial centers host Unified Regulator in the same Centre which helps it to promote the financial center,” said Pandey.

Government of India’s initiative duly supported by all existing regulators would go a long way in establishing GIFT IFSC as a Global Financial Hub, he added.

Notably, earlier last year Reserve Bank of India (RBI) Governor, Urjit Patel supported the need of a unified financial regulatory framework providing for a single regulator for GIFT City.

The move is likely to contribute to better regulation and supervision of the financial entities in the City. Currently, the financial services provided at GIFT-IFSC involves multiple regulatory bodies including insurance regulator, IRDA, banking regulator RBI and stock market regulator SEBI.

Recently, GIFT-IFSC found a place in the top 15 emerging Global Financial Centres across the world. In September 2017 edition of Global Financial Centres Index 22 (GFCI) - London, GIFT-IFSC was featured at the tenth place.

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