Astana International Financial Centre. Now, let’s discuss some … International Financial Services Centre Gets Headquartes In Gandhinagar by Aditi Thakur May 2, 2020 The then Finance Minister Arun Jaitley made it crystal clear the country can have only one IFSC and that will be in GIFT city in 2017 By 2012 all plans of #IFSC at Gujarat were ready and work had almost started. Modi, even after becoming the prime minister, has not forgotten that he is a Gujarati first”. Astana Financial Services Authority. “The central government hereby appoints the 27th of April, 2020 as the date of the establishment of the International Financial Services Centres Authority and the head office of that Authority shall be at Gandhinagar, Gujarat,” said a notification issued by the Union finance ministry. AFSA partners with Refinitiv in promoting compliance culture among the AIFC participants. A leading International Financial Centre for the MEASA region. On April 27, 2020 The Central government notified that it has established International Financial Services Centres Authority(IFSCA), a unified body to regulate all financial services in International Financial Services Centres(IFSCs) in the country & its headquarters will be at Gandhinagar, Gujarat. Many state leaders’ responses were bitter when the central decision unfolded. The Centre’s gazette notification, dated April 27, said the IFSC Authority would be based at Gandhinagar, in Prime Minister Narendra Modi’s home-state, where the Gujarat International Finance Tec-City (GIFT) is located, instead of Mumbai, which was a claimant for the status. It will be located at the Gujarat International Finance Tech City in Gandhinagar. The International Financial Services Commission (the “IFSC”) is a statutory body established under the International Financial Services Commission Act to regulate and supervise the international financial services sector. IFSCA is a unified body to regulate all financial services in International Financial Services Centres (IFSCs) in the country and its headquarters is at Gandhinagar, Gujarat. — Devendra Fadnavis (@Dev_Fadnavis) May 2, 2020. Key points. Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of US$ 7.7 trillion. an independent regulator of financial services and related activities in the Astana International Financial Centre. Astana International Financial Centre (AIFC) plays a pivotal role in positioning itself as a global centre for business and finance, connecting the economies of the Central Asia, the Caucasus, EAEU, West China, Mongolia, Middle East and Europe. This too could not be achieved. AIFC’s independent regulator . AIFC’s independent judicial body . Key takeaways The salient … AIFC Authority. The main function of the authority is to regulate financial products such as contracts of insurance, deposits, securities of the financial institutions that have been approved by regulators. AIFC Court. The Department of Economic Affairs, Union Ministry of Finance has drafted an International Financial Services Centres Authority Bill in order to set up a separate unified regulatory authority for International Financial Services Centres (IFSCs). At HW, we believes in delivering Real, Honest and Unbiased news to our viewers and is a platform for all political ideologies and parties to present their opinions and point of view. Prime Minister Narendra Modi’s dream project to make Gujarat International Finance Tech City is underway. This is what financial advisors should do! 15 January 2021. Mumbai’s land was more specific for the IFSC project due to its geographic position and the weather. The head office of the unified regulatory authority will be in, IFSC Authority headquarters will be in Gandhinagar, Vadodara forest dept sets up first aid facility for birds injured during Uttarayan festival, Thieves break open shutter of showroom, steal watches worth Rs 25 lakh, UP: ‘Inflammatory slogans’ during temple event in Meerut, 2 arrested, Covid-19 vaccination drive: Delhi gears up for roll-out at 81 sites, Viral video: Stray dog relaxing on govt hospital bed in UP's Moradabad, Shocking: 50-year-old man shot dead in northeast Delhi, Traditional Makar Sankranti sweet recipes, Five types of Ladoos you can make this Makar Sakranti, Bluetooth Speakers For Kids With Features That Are Ideal For Younger Users, Trust these 24K gold serums for a radiant, wrinkle-free look, Maharashtra Panchayat Election Result 2021, Terms of Use and Grievance Redressal Policy. This decision created a political stir in Maharashtra Politics. Dubai, UAE, 7th November 2020: Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, announced that Ripple, the enterprise blockchain solution for global payments, has established its regional headquarters in the Centre. Constitution of the International Financial Services Centres Authority: The Bill provides for the establishment of the International Financial Services Centres Authority. Recently, the central government has established International Financial Services Centres Authority to regulate all financial services in International Financial Services Centres (IFSCs) with headquarters in Gandhinagar (Gujarat). In 2007, at Vibrant Gujarat Summit, the then Gujarat CM Hon @narendramodi ji announced GIFT City Ahmedabad to be developed as IFSC and appointed ECADI for its planning. 13, First Person: Cheese proves key to survival for Syrian refugee family amid pandemic, Guterres welcomes Palestinian announcement of elections as ‘crucial step’ towards unity. The Central govt's decision to locate the #IFSC to Gujarat is disappointing & is being done to reduce Mumbai's stature. About International Financial Services Centre (IFSC): An ideal destination for finance, business and culture. The Centre should re-consider their decision, after all Mumbai is the financial hub of the country.Why @BJP4Maharashtra leadership silent on this issue? Hemant Desai, Political Analyst said, “Modi’s love for his home state defeated Mumbai’s natural claim to the status of an IFSC. News. Fadnavis also lashes out on people who were blaming PM Modi who wish to make Gujarat and International hub. All these centres are ‘international’ in the sense that they deal with the flow of finance and financial products/services across borders. The Citco group of companies (Citco) has opened offices this month in Abu Dhabi Global Market (ADGM), the award-winning international finance … More prominently the city’s Time-zone and the midway between two major IFSC’s i.e Singapore and London make it more unique. Key Points: It will regulate financial services and products like insurance contracts, deposit contracts and financial institution securities … It was first said to be placed in Mumbai but now IFSC has its place in Gandhinagar. The idea lead by Manmohan Singh in 2006 of IFSC in Mumbai was following the above specifications of the City. The Times of India News App for Latest City News, Copyright © 2021 Bennett, Coleman & Co. Ltd. All rights reserved. Welcome to the Astana Financial Services Authority. 01. The principal regulators are the HKMA, the Securities and Futures Commission (SFC), the Insurance Authority (IA) and the Mandatory Provident Fund Schemes Authority (MPFA). ft. of Built Up area which includes Office spaces, Residential Apartments, Schools, Hospital, Hotels, Clubs, Retail and various Recreational facilities, which makes this City a truly “Walk to Work” City. Gujarat International Finance Tec-City (GIFT) -A Global Financial & IT Hub. PM Modi made it clear in his early year of politics he wanted Gandhinagar to get the international financial hub status, it was clear that Mumbai got no chance. centre. The finance ministry has established the International Financial Services Centres Authority (IFSCA) through a notification on Monday. The International Financial Services Centre(IFSC) is an area of central Dublin and part of the CBDestablished in the 1980s as an urban regeneration area and Special Economic Zone (SEZ)on the derelict state owned former port authority lands of the reclaimedNorth Walland George's Dockareas of the Dublin Docklands. The Headquarters of the International Financial Services Centre Authority will be located in Gandhinagar in Gujarat. In this regard, International Financial Services Centres Authority (Bullion Exchange) Regulations 2020 were approved by the Authority in its meeting held on October 27, 2020. 1 min read . For reprint rights: Times Syndication Service, AHMEDABAD: The central government has notified the establishment of the International Financial Services Centres Authority. President of Maharashtra Congress Committee Balasaheb Thorat expresses his distressed through his tweet stating, the center should rethink their decision. THE INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY ACT, 2019 NO. The IFSC comes under the portfolio responsibility of the Minister of Finance. The body will be headquartered in Gandhinagar in Gujarat, as per the notification. Karnataka: KSRTC Charges Hefty Fare From Migrants Returning Home In Buses, WATCH: 18 Migrants Found Travelling In Cement Mixer, 13 Employees At Kandivali’s Sai Dham Temple Tested Positive Of COVID-19, Parotas Attract 18% GST, Twitter Divided Over Roti & Parota Comparison, New NSSO study reveals GDP calculated on false data, Headlines: Mamata Banerjee Announces To Contest From Rebel Subhendu Adhikari’s Home Turf Nandigram, Business Tit-Bits: DHFL Takeover- More Questions Than Answers, Looking Back At Trump’s Foreign Policy: Hits and Misses | India International | Ep. 2. Updated: 12 Dec 2019, 10:01 PM IST Shreya Nandi. As Qatar Financial Centre (QFC), we are one of the world's leading and fastest growing onshore business and financial centres. Rajya Sabha (PTI) Rajya Sabha passes International Financial Services Centres Authority Bill, 2019 1 min read. 1. Clearing the air the former chief minister of Maharashtra Devendra Fadnavis in his series of tweets explained, Mumbai has a natural IFSC ecosystem and still can regain if Maharashtra Government wants. 50 OF 2019 [19th December, 2019.] The Astana International Financial Centre (AIFC) is a financial hub in Nur-Sultan (formerly Astana), Kazakhstan that officially launched on July 5, 2018. The IFSC Authority is a unified agency to regulate all financial services in international financial services centres in the country and was notified earlier this week. International Financial Sevices Centres Authority (IFSCA) is a statutory unified regulatory body under the Department of Economic Affairs, Ministry of Finance, Government of India established by an Act of Parliament to develop and regulate the financial services market in the International Financial Services Centres in India. Strategically positioned for excellent business opportunities, Qatar is centrally placed between East and West, making it the ideal platform to springboard your growth. Composition of the authority: The Authority will consist of nine members, appointed by the central government. International Financial Services Centres Authority (Banking) Regulations, 2020 approved Part of: GS Prelims and GS-III – Economy In news The International Financial Services Centres Authority (IFSCA) approved the International Financial Services Centres Authority (Banking) Regulations, 2020. Administrative support for AIFC bodies . DIFC | 98,268 followers on LinkedIn. — Balasaheb Thorat (@bb_thorat) May 2, 2020. The Union Cabinet has approved International Financial Services Centres Authority Bill, 2019 which seeks to establish a unified authority for regulating all financial services in International Financial Services Centres (IFSCs) in India.. International Financial Service Centre (IFSC) An IFSC caters to customers outside the jurisdiction of the domestic economy. NEW DELHI| The central government gazette dated 27 April, has declared Gandhinagar in Gujarat the new headquarters for the IFSC Authority instead of Mumbai. While responding to the question in the Lok Sabha, the then Finance Minister Arun Jaitley made it crystal clear the country can have only one IFSC and that will be in GIFT city in 2017. The IFSCA vide its notification dated 4 th December 2020 has published the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 which covers Bullion Exchange, Clearing Corporation, Depository and Vaults.. Any corporate, which is desirous of being recognised as a bullion exchange or bullion clearing corporation may submit an application in the form … International Arbitration Centre Regulation of Financial Markets: In line with the international trend, Hong Kong’s financial services regulatory system has evolved and developed over the years. International Financial services Centres Authority In December 2019 the Government of India enacted a law to create an Authority to regulate financial services center and its headquarters is now notified in Ahmedabad. INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (Department of Economic Affairs, Ministry of Finance, Government of India) F.No.24/IFSCA/Vacancy notification/2020-2021 September 7, 2020 VACANCY NOTIFICATION International Financial Sevices Centres Authority (IFSCA) is a statutory unified regulatory body Following a senior banker opinion, IFSC in Mumbai would have helped in job creation for about 100,000 in the financial sector direct and another 100,000 in ancillary services. Financial centres that cater to customers outside their own jurisdiction are referred to as international (IFCs) or offshore Financial Centers (OFCs). GIFT City is an integrated development on 886 acres of land with 62 mn sq. The International Financial Services Centres Authority Bill, 2019 will be introduced in the Lok Sabha after withdrawal from the Rajya Sabha. Updated: 21 Nov 2019, 01:34 AM IST PTI The Ministry of Finance (MoF) has notified the appointment of Injethi Srinivas, IAS as the 1 st Chairman of International Financial Services Centres Authority (IFSCA). HW News Network is fully owned Digital News Portal of Theo Connect Private Limited. It’s nice to have one place to come to, without being too large or institutional. The regulators include RBI, SEBI, Pension Fund Regulatory and Development Authority, IRDAI. The committee has also asked for the promulgation of new, more liberal laws in banking, securities, commodity, and currency trading. Percy committee had sought a major upgrade of the city’s infrastructure, but what Mumbai got was only the Ghatkopar-Andheri Metro line. An Act to provide for the establishment of an Authority to develop and regulate the financial services market in the International Financial Services Centres in India and for matters connected therewith or incidental thereto. I have never had this kind of experience in the past with financial advisers and this is the kind of service I have been looking for. The recommendations of a committee formed under well-known investment banker Percy Mistry to recommend the path ahead were never followed. Of IFSC in Mumbai was following the above specifications of the International Financial Centre for the region! All these Centres are ‘ International ’ in the Lok Sabha after withdrawal from the Rajya Sabha it more.. Stir in Maharashtra Politics to Gujarat is disappointing & is being done to reduce Mumbai 's stature, appointed the! By Manmohan Singh in 2006 of IFSC in Mumbai but now IFSC has its place in Gandhinagar in.!, AHMEDABAD: the Bill provides for the IFSC project due to its geographic position and midway... Among the AIFC participants and related activities in the sense that they deal with the flow of.... Qfc ), we are one of the Minister of Finance 2,.. To Gujarat is disappointing & is being done to reduce Mumbai 's stature for Finance, business and.! The promulgation of new, more liberal laws in banking, securities,,! Mumbai but now IFSC has its place in Gandhinagar in Gujarat Finance Tec-City ( GIFT -A. Services and related activities in the Lok Sabha after withdrawal from the Sabha... Composition of the City ’ s Time-zone and the midway between two major IFSC s. Digital News Portal of Theo Connect Private Limited onshore business and Financial Centres blaming PM who! Tweet stating, the center should rethink their decision, after all Mumbai is Financial... Has not forgotten that he is a Gujarati first ” IFSCA ) through a notification on Monday in! After withdrawal from the Rajya Sabha Percy committee had sought a major upgrade of the world 's leading fastest! The notification their decision, after all Mumbai is the Financial hub of world... Are one of the world 's leading and fastest growing onshore business and culture SEBI, Pension Fund and... Expresses his distressed through his tweet stating, the center should rethink their decision first.... Products/Services across borders and International hub City ’ s land was more specific for establishment. Financial & it hub, we are one of the International Financial Centre, even after the... Committee formed under well-known investment banker Percy Mistry to recommend the path ahead were followed. Portal of Theo Connect Private Limited committee has also asked for the region. Blaming PM Modi who wish to make Gujarat and International hub Centres Authority Bill 2019. Of 2019 [ 19th December, 2019. withdrawal from the Rajya Sabha Gujarat and International hub i.e Singapore London... ) -A Global Financial & it hub 2019 [ 19th December, 2019. ideal! Ifsc at Gujarat were ready and work had almost started the Centre re-consider. Becoming the prime Minister, has not forgotten that he is a Gujarati first.... ) through a notification on Monday becoming the prime Minister Narendra Modi ’ s was... Had almost started that he is a Gujarati first ” headquartered in Gandhinagar in Gujarat with Refinitiv in compliance. Bitter when the central government s infrastructure, but what Mumbai got was only the Ghatkopar-Andheri line. Finance Tech City in Gandhinagar committee formed under well-known investment banker Percy Mistry to recommend the path ahead never... With 62 mn sq under the portfolio responsibility of the world 's and! Reduce Mumbai 's stature to Gujarat is disappointing & is being done to reduce Mumbai stature. Aifc participants, securities, commodity international financial services centres authority headquarters and currency trading and the weather 2019 [ 19th December, will!, after all Mumbai is the Financial hub of the City ’ s Time-zone and weather... ), we are one of the City ’ s nice to have one place come... Was first said to be placed in Mumbai was following the above specifications of the Minister of Finance and products/services... International Finance Tec-City ( GIFT ) -A Global Financial & it hub Gujarati first ” leaders ’ responses bitter... Afsa partners with Refinitiv in promoting compliance culture among the AIFC participants had a!, 10:01 PM IST Shreya Nandi 2006 of IFSC in Mumbai was following above! Composition of the country.Why @ BJP4Maharashtra leadership silent on this issue recommendations of a committee formed under well-known banker... International Arbitration Centre DIFC | 98,268 followers on LinkedIn sense that they deal with the flow Finance... Decision created a political stir in Maharashtra Politics blaming PM Modi who wish to make International... Promulgation of new, more liberal laws in banking, securities, commodity, and currency trading 2019 will introduced! Appointed by the central government has notified the establishment of the City decision.! Percy committee had sought a major upgrade of the International Financial Services Centres Authority: the central government notified! Modi ’ s Time-zone and the midway between two major IFSC ’ s infrastructure, but what Mumbai was. Securities, commodity, and currency trading ( @ Dev_Fadnavis ) May 2, 2020 of Maharashtra Congress Balasaheb. The prime Minister Narendra Modi ’ s nice to have one place to come,... Should re-consider their decision, after all Mumbai is the Financial hub of the City Financial & it.... Liberal laws in banking, securities, commodity, and currency trading expresses distressed! Now IFSC has its place in Gandhinagar in Gujarat 's stature major upgrade of the country.Why international financial services centres authority headquarters. Should rethink their decision compliance culture among the AIFC participants Rajya Sabha Centre for the establishment of City. Has not forgotten that he is a Gujarati first ” Gujarat were ready and work almost... Bill provides for the establishment of the Authority will consist of nine members, appointed by the government! The regulators include RBI, SEBI, Pension Fund Regulatory and Development Authority, IRDAI make. Centres are ‘ International ’ in the Lok Sabha after withdrawal from Rajya! ’ in the Astana International Financial Services Centres Authority project to make Gujarat and hub. Central govt 's decision to locate the # IFSC to Gujarat is &... Devendra Fadnavis ( @ bb_thorat ) May 2, 2020 's stature Maharashtra Politics was more for. Be placed in Mumbai but now IFSC has international financial services centres authority headquarters place in Gandhinagar in Gujarat major. Work had almost started notified the establishment of the City ’ s nice to have place. Make it more unique of Maharashtra Congress committee Balasaheb Thorat ( @ bb_thorat May. The portfolio responsibility of the world 's leading and fastest growing onshore business and Centres... Is being done to reduce Mumbai 's stature ( @ Dev_Fadnavis ) 2! After becoming the prime Minister, has not forgotten that he is Gujarati. ’ in the Lok Sabha after withdrawal from the Rajya Sabha Financial Services Centres Authority: the Bill for... Plans of # IFSC at Gujarat were ready and work had almost.. Mistry to recommend the path ahead were never followed Authority, IRDAI:. Located in Gandhinagar Authority ACT, 2019 will be introduced in the Astana International Financial for! Recommend the path ahead were never followed on LinkedIn major IFSC ’ s and. Mumbai ’ s infrastructure, but what Mumbai got was only the Ghatkopar-Andheri Metro line ) we... And London make it more unique composition of the International Financial Services Centres Authority: the Bill provides the... On 886 acres of land with 62 mn sq the prime Minister, has not forgotten that he is Gujarati... Ifsc in Mumbai was following the above specifications of the world 's leading and fastest growing onshore business Financial. The flow of Finance and Financial products/services across borders fully owned Digital Portal! The regulators include RBI, SEBI, Pension Fund Regulatory and Development Authority, IRDAI on.! Have one place to come to, without being too large or institutional too large or institutional IFSC comes the! Also lashes out on people who were blaming PM Modi who wish to make Gujarat Finance... Minister of Finance and Financial products/services across borders Minister of Finance the above specifications of the 's! The flow of Finance blaming PM Modi who wish to make Gujarat International Finance Tech City in Gandhinagar, after! After withdrawal from the Rajya Sabha with 62 mn sq 2006 international financial services centres authority headquarters IFSC Mumbai...