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Roundtable Interaction: Emerging Opportunities for Global Capability Centres (GCC) in new regime at GIFT SEZ IFSC

Blog: NASSCOM Official Blog

Context

On 12 November 2020, the International Financial Services Centres Authority (IFSCA) notified its Global In-House Centres (GIC) Regulations to provide a framework for recognition and operation of GlCs. This will enable multinational companies (MNCs) to set up GICs in Gujarat International Finance Tec-City (GIFT City), Gandhinagar for outsourced business functions while leveraging the benefits of cost savings accompanied by improved productivity and high-quality service. (A copy of GIC Regulations is attached with this blog)

While the GIC Regulations entails the registration process, functioning and operational requirements for a GIC, the IFSCA has also issued a circular, prescribing the format of application form for seeking registration as a GIC and the annual reporting requirement for a GIC.( A copy of the circular has been attached with this blog. Please read it carefully. It has details of IFSCA officials who can be contacted for GIC/GCC related queries.)

In order to discuss the new policy developments, NASSCOM organized a roundtable interaction on ‘Emerging Opportunities for Global Capability Centres (GCC) in new regime at GIFT SEZ IFSC’. The roundtable held on 18 December 2020, witnessed participation of various industry experts and officials from GIFT City and IFSCA. In this interactive discussion, teams from IFSCA and GIFT City engaged with participants on the regulatory, infrastructure and other relevant developments in the International Financial Services Centre (IFSC) and got feedback from the industry.

Highlights of the Discussion:

Way Forward

For any details on this event or for any other inputs, please write to komal@nasscom.in

 

 About IFSCA

The Government of India established International Financial Services Centres Authority in April 2020 under the Act passed by the Indian Parliament. For the first time, the regulatory powers of four financial services regulators in India, namely, Reserve Bank of India (RBI), Securities & Exchange Board of India (SEBI), Insurance Regulatory Development Authority of India (IRDAI), Pension Fund Regulatory Development Authority of India (PFRDAI), have been vested in IFSCA with respect to regulation of financial institutions, financial services and financial products in the IFSC, making it a unified regulator for the IFSC.

Useful Links

https://ifsca.gov.in/Home

https://ifsca.gov.in/Circular

https://ifsca.gov.in/Regulation?MId=0EqZaxg1yfA=

 

The post Roundtable Interaction: Emerging Opportunities for Global Capability Centres (GCC) in new regime at GIFT SEZ IFSC appeared first on NASSCOM Community |The Official Community of Indian IT Industry.

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