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GIFT City: India’s own International Financial Services Centre launched

India’s first International Financial Services Centre (IFSC) at GIFT City near here became operational on Friday as Finance Minister Arun Jaitley unveiled rules and regulations for this global financial hub.

“IFSC has now formally become operational from today. I am confident it will provide a huge lift to the economy of Gujarat as well as of the country,” Jaitley said on the occasion.

The regulations are aimed at creating a vibrant IFSC on the lines of those in Dubai and Singapore and check the flight of trading in rupee and Indian securities to such offshore financial hubs.

IFSC rules allow companies incorporated outside India to raise money in foreign currencies by issuance and listing of their equity shares on stock exchanges within the IFSC, where individual and institutional investors from India and abroad, including NRIs, would be allowed to trade.

The IFSC regulatory regime allows Indian and foreign stock exchanges to set up separate bourses within IFSC as subsidiaries, while market entities from India and abroad would be allowed to operate there by providing issuance and trading in depository receipts and debt securities of domestic as well as overseas companies.
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