Enabling regulatory provisions for setting up international exchanges for equity, currency and commodity trading at GIFT City will be decided.
When The Securities and Exchange Board of India (SEBI) meets on Sunday to conduct its quarterly board meeting, one of the key agenda would be to define a broad framework of liberalised regulations for financial institutions at the Gujarat International Finance Tech (GIFT) City in Ahmedabad.
The board will be addressed by Finance Minister Arun Jaitley, who in his Budget speech, had announced that the regulations for GIFT City would be issued as soon as March. While presenting budget, FM had said “While India produces some of the finest financial minds, including in international finance, they have few avenues in India to fully exhibit and exploit their strength to the country’s advantage. GIFT in Gujarat was envisaged as International Finance Centre that would actually become as good an International Finance Centre as Singapore or Dubai, which, incidentally, are largely manned by Indians”
Today’s board meet will get ‘GIFT’ one step closer to reality by putting in place enabling provisions for setting up international exchanges for equity, currency and commodity trading at GIFT City.
Sebi chief U K Sinha had communicated on Friday that the regulator would come out with formulations and regulations for GIFT City before the end of the month. Besides ‘GIFT’ other key issue will be looked upon includes a) Conversion of debt to equity may be exempted from takeover code b) FMC-SEBI merger to be taken forward.
In today’s technologically driven environment it is interesting to see that how proposed international exchanges at ‘GIFT’ will create an impact.
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