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Sheela Mamidenna Abu Dhabi Global Market (ADGM) and Gujarat International Financial Tec-City Special Economic Zone (GIFT SEZ IFSC) are pleased to further their partnership through closer collaboration on efforts and initiatives that foster the developments of each respective financial markets.  This new partnership was established in the signing of Memorandum of Understanding (MoU) by Mr. Ajay Pandey, Director and Group Chief Executive Officer of GIFT SEZ and Mr. Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM. The United Arab Emirates and India have established decades of mutually beneficial cultural and economic bonds and continue to welcome developments in all aspects of this bilateral relationship.  This partnership reinforces Abu Dhabi’s long-term positive relationship with India; it also underscores ...

The Dollar Business Bureau Vijay Rupani, Honourable Chief Minister of Gujarat, today inaugurated the new office of Multi Commodity Exchange of India Ltd. (MCX), India’s largest commodity exchange at GIFT City, Gandhinagar. This office admeasuring over 22,600 sq ft. will house the Exchange’s Business Continuity (BC) and Disaster Recovery (DR) centre and a training and education facility. With an intent to expand the Exchange’s operations in terms of BC and DR, Training & Education and Technology (Software Development and Information Technology Operations), MCX had entered into an MoU with the Gujarat International Finance Tec-City (GIFT City) Company Ltd. during the recently concluded Vibrant Gujarat Global Summit. MCX intends to invest over Rs. 30 crore, apart from creating an employee strength above 100, in ...

The Dollar Business Bureau  The Vibrant Gujarat Global Summit, one of Prime Minister Narendra Modi's pet initiatives during his tenure as the Chief Minister of Gujarat, is to hold its 8th edition beginning from 10 Jan 2017, at Mahatma Mandir, Gandhinagar. “Connecting India to the World” is the theme for Vibrant Gujarat 2017.  The state of Gujarat is known for its drastic economic rise over the past decade, having garnered investments from across the world in many diverse industries ranging from IT to renewable energy. Just as the words 'breathe in a bit of Gujarat' in Amitabh Bachchan's resounding baritone appeal to millions across the breadth of the country, Gujarat's steady rise among globally known locations for 'ease of business' has made the state an investment magnet.  If this isn't sufficient introduction to Gujarat's ...

PTI Prime Minister Narendra Modi inaugurated India's first international exchange -- India INX -- at the International Financial Service Centre (IFSC) of GIFT City on Monday, saying it will enable Indian firms to compete on equal footing with offshore firms.A subsidiary of Bombay Stock Exchange, India INX is one of the world's most advanced technology platforms with a turn-around-time of 4 micro seconds which will operate for 22 hours a day, allowing international investors and NRIs to trade from anywhere across the globe.INX will trade initially in equity derivatives, currency derivatives, commodity derivatives including index and stocks.It plans to offer depository receipts and bonds later.Modi, after opening the exchange by sounding the virtual gong, termed it as a "momentous occasion for ...

Sheela Mamidenna Gujarat International Finance Tec-City (GIFT City) as part of its next phase development has announced the launch of office buildings in the SEZ & non-SEZ area. It has invited proposals from international and national developers to participate in developing office buildings in the SEZ as well as the non-SEZ areas. GIFT City has so far received good response from the leading realty developers as well as leading BFSI and IT players. It has already made allotments of over 15 million square feet of built-up area (BUA) for the development of offices, residential apartments and other facilities to be developed at an estimated investment of more than Rs 10,000 crore. India’s first International Financial Services Centre (IFSC) at GIFT City is already ...

The Dollar Business Bureau Ruling out the earlier predictions that the states’ service sector will generate more revenue after the Goods and Service Tax (GST) is rolled out, Gulati Institute of Finance and Taxation (GIFT) said this could be a wild dream to chase. According to GIFT associate professor Jose Sebastian, the study undertaken by states highlight that states were responsible for only 1.30% of central service tax collection in 2012-13. The state’s service sector is dominated by small-scale businessmen, who fall below the proposed GST threshold of Rs.10 lakh. "What matters is not the size of the service sector per se, but the presence of taxable services and the size of service providers," Sebastian said while presenting his research paper at the ...

The Dollar Business Bureau The Gujarat International Finance  Tec-City Company Ltd., also known as GIFT city, on Thursday signed an agreement with the Singaporean International Arbitration Centre (SIAC) to settle international commercial disputes which involve Indian companies.  As part of the agreement, SIAC and the Singapore International Mediation Centre (SIMC) will cooperate with the Indian companies to sort out international commercial disputes in India's International Financial Services Centre (IFSC) in GIFT city.  SIAC will also establish a representative office in the IFSC-GIFT city with an idea to promote SIAC's arbitration services to its Indian users.  Indian parties remained the top foreign users of SIAC in 2013 and 2015. They have also been ranked among the top five foreign users of SIAC for the last five years.  "We ...