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India Business News: Mumbai: International Financial Services Centres Authority (IFSCA), the regulatory body for the IFSC-GIFT City in Gujarat, has allowed non-banking ent.
This move comes as a follow-up to the announcement made by Finance Minister Nirmala Sitharaman during the Budget Speech of 2023-24, wherein ODIs issued in GIFT-IFSC were recognised as valid contracts
Sebi approves increased FPI participation from NRIs and OCIs via IFSCs, simplifies mutual funds passive schemes. Measures to deter front-running by asset management companies. Issuers can now offer NCDs and NCRPS at reduced face value.
The regulator said such FPIs with NRIs and OCIs as clients should be based out of International Financial Services Centres (IFSCs) in India and regulated by the International Financial Services Centres Authority (IFSCA).