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Manoj Kumar, Chief General Manager at SEBI, has moved to Gujarat International Finance Tech (GIFT) City. He has joined as an Executive Director (ED) with the International Finance Services Centres Authority (IFSCA), which regulates GIFT City institutions and exchange trading.
Kumar, who was working with the market regulations department at SEBI, will be involved in a similar role at IFSCA, too, sources said. The BSE and NSE have both set up exchanges in GIFT and the volumes are steadily picking up. The NSE and Singapore Stock Exchange (SGX) are jointly developing trading products for GIFT.
In July, the Centre had notified the appointment of former Corporate Affairs Secretary and 1983 batch IAS officer Injeti Srinivas as the Chairman of IFSCA.
GIFT City exchanges enjoy a complete 10-year tax holiday. They are promoted as India’s answer to offshore tax havens like SGX and Dubai Gold and Commodity Exchange (DGCX) that have taken away volumes from on-shore exchanges like the NSE, MCX and BSE.
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