India

IFSCA is the Integrated Financial Services Centres Authority of India, formed on 27th April 2020, based on the IFSCA Act 2019 [Unified]. Its headquarters are located at GIFT City, Gandhinagar, Gujarat. IFSCA is an autonomous and single-window regulatory authority responsible for creating and regulating financial products, services, and institutions in the Special Economic Zones of India [Unified]. The creation of IFSCA has been revolutionary in comparison to the fragmented system of financial regulation because IFSCA has taken up the responsibility of regulating the offshore banking units, international stock exchanges, capital markets, and cross-border investment systems from India’s four premier financial regulators, namely, the RBI, SEBI, IRDAI, and PFRDA [Unified]. The IFSCA has been governed by a Board of nine members appointed by the Central Government.

The IFSCA functions as a one-stop shop regulation agency that handles the planning, licensing, and oversight of all financial transactions at the IFSCs of India, including GIFT City [Unified]. Under unified jurisdiction, the authority develops and enforces business-friendly regulations in areas such as cross-border banking transactions, global debt and equity market financing, international insurance structures, and offshore pension funds [Unified]. In merging the functions performed by the central bank (RBI) and capital markets regulator (SEBI), the IFSCA oversees offshore banking units, establishes international stock and bullion exchanges, licenses fintech initiatives, and regulates complicated investment vehicles [Unified]. The ultimate aim is to implement globally accepted financial policies and set up corporate dispute resolution mechanisms to enable foreign direct investments.