Union Finance Minister Arun Jaitley to unveil IFSC norms

GANDHINAGAR: Union Finance Minister Arun Jaitley is scheduled to unveil rules and regulations for the upcoming International Financial Services Centre (IFSC) at a conference to be held here at Mahatma Mandir on April 10.

The announcement of norms for IFSC, coming up at the Gujarat International Finance Tec-City (GIFT City) here, will be made at a conference on 'Regulatory Framework for IFSC in India' on April 10, an official release said.

Gujarat Chief Minister Anandiben Patel would also remain present during the conference, the release stated.

Jaitley, along with senior officials of the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) as well as Insurance Regulatory and Development Authority of India (IRDA) will announce regulatory norms for foreign and domestic financial services companies who wish to set up operations at India's first IFSC, the release stated.

Commenting on the development, Gujarat Finance Minister Saurabh Patel said that through this financial services centre, world-class financial services would be available in Gujarat and it would also save the country billions of dollars which go to global financial hubs in London, New York, Dubai, Singapore and Hong Kong.

"The financial Sector in India is set for a giant leap with the announcement of regulatory norms related to India's first IFSC which is being set up at GIFT SEZ, a dream project of our Prime Minister Narendra Modi," Patel said.

At this conference, Jaitley is also schedueled to release a booklet on 'Regulatory Framework for IFSC in India'.

The event is expected to witness participation by heads of foreign and Indian banks, insurance companies, asset management companies, consultancy firms, major brokerage firms, stock exchanges and private equity players from India as well as abroad.