Key takeaways The salient … GIFT City is an integrated development on 886 acres of land with 62 mn sq. “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. — Devendra Fadnavis (@Dev_Fadnavis) May 2, 2020. 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. International Arbitration Centre 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. 1 min read . The regulators include RBI, SEBI, Pension Fund Regulatory and Development Authority, IRDAI. Key Points: It will regulate financial services and products like insurance contracts, deposit contracts and financial institution securities … 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. 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. The finance ministry has established the International Financial Services Centres Authority (IFSCA) through a notification on Monday. A leading International Financial Centre for the MEASA region. 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. The principal regulators are the HKMA, the Securities and Futures Commission (SFC), the Insurance Authority (IA) and the Mandatory Provident Fund Schemes Authority (MPFA). Composition of the authority: The Authority will consist of nine members, appointed by the central government. 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The Central govt's decision to locate the #IFSC to Gujarat is disappointing & is being done to reduce Mumbai's stature. Astana Financial Services Authority. Many state leaders’ responses were bitter when the central decision unfolded. The Headquarters of the International Financial Services Centre Authority will be located in Gandhinagar in Gujarat. 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. 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. 2. 01. Fadnavis also lashes out on people who were blaming PM Modi who wish to make Gujarat and International hub. 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. Percy committee had sought a major upgrade of the city’s infrastructure, but what Mumbai got was only the Ghatkopar-Andheri Metro line. 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. Modi, even after becoming the prime minister, has not forgotten that he is a Gujarati first”. International Financial services Centres Authority DIFC | 98,268 followers on LinkedIn. 1. By 2012 all plans of #IFSC at Gujarat were ready and work had almost started. News. 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. Updated: 12 Dec 2019, 10:01 PM IST Shreya Nandi. Administrative support for AIFC bodies . 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. THE INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY ACT, 2019 NO. 50 OF 2019 [19th December, 2019.] 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 International Financial Services Centres Authority Bill, 2019 will be introduced in the Lok Sabha after withdrawal from the Rajya Sabha. Regulation of Financial Markets: In line with the international trend, Hong Kong’s financial services regulatory system has evolved and developed over the years. This decision created a political stir in Maharashtra Politics. Rajya Sabha (PTI) Rajya Sabha passes International Financial Services Centres Authority Bill, 2019 1 min read. The Centre should re-consider their decision, after all Mumbai is the financial hub of the country.Why @BJP4Maharashtra leadership silent on this issue? It was first said to be placed in Mumbai but now IFSC has its place in Gandhinagar. 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). 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