Under this arrangement, trades will be routed to NSE International Exchange (NSE IX) GIFT City from the SGX for trading and execution. This is a big step forward in GIFT City s journey to emerge as a leading international financial service centre and will significantly increase trading volumes and liquidity in GIFT, attracting more investors, traders, and market intermediaries.
This year, the budget exempted taxes on income generated from trades in P-notes by a foreign investor in IFSC, GIFT City. However, the opaque structure of these instruments has made regulators uncomfortable several times.
Some of India’s leading family offices are exploring the option of setting up shop at the International Financial Services Centre (IFSC) or Gift City as the Reserve Bank of India (RBI) tightens scrutiny of overseas direct investments (ODI)