Now, let’s discuss some … At HW, we believes in delivering Real, Honest and Unbiased news to our viewers and is a platform for all political ideologies and parties to present their opinions and point of view. The body will be headquartered in Gandhinagar in Gujarat, as per the notification. Constitution of the International Financial Services Centres Authority: The Bill provides for the establishment of the International Financial Services Centres Authority. AFSA partners with Refinitiv in promoting compliance culture among the AIFC participants. 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. The idea lead by Manmohan Singh in 2006 of IFSC in Mumbai was following the above specifications of the City. Updated: 12 Dec 2019, 10:01 PM IST Shreya Nandi. Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of US$ 7.7 trillion. News. By 2012 all plans of #IFSC at Gujarat were ready and work had almost started. Clearing the air the former chief minister of Maharashtra Devendra Fadnavis in his series of tweets explained, Mumbai has a natural IFSC ecosystem and still can regain if Maharashtra Government wants. In December 2019 the Government of India enacted a law to create an Authority to regulate financial services center and its headquarters is now notified in Ahmedabad. 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. Updated: 21 Nov 2019, 01:34 AM IST PTI The regulators include RBI, SEBI, Pension Fund Regulatory and Development Authority, IRDAI. Astana International Financial Centre. Mumbai’s land was more specific for the IFSC project due to its geographic position and the weather. 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). 15 January 2021. 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. Modi, even after becoming the prime minister, has not forgotten that he is a Gujarati first”. 01. About International Financial Services Centre (IFSC): The IFSC Authority is a unified agency to regulate all financial services in international financial services centres in the country and was notified earlier this week. The International Financial Services Centres Authority Bill, 2019 will be introduced in the Lok Sabha after withdrawal from the Rajya Sabha. Many state leaders’ responses were bitter when the central decision unfolded. This is what financial advisors should do! The Central govt's decision to locate the #IFSC to Gujarat is disappointing & is being done to reduce Mumbai's stature. This decision created a political stir in Maharashtra Politics. AIFC’s independent regulator . International Arbitration Centre International Financial services Centres Authority Hemant Desai, Political Analyst said, “Modi’s love for his home state defeated Mumbai’s natural claim to the status of an IFSC. The Centre should re-consider their decision, after all Mumbai is the financial hub of the country.Why @BJP4Maharashtra leadership silent on this issue? 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. DIFC | 98,268 followers on LinkedIn. The finance ministry has established the International Financial Services Centres Authority (IFSCA) through a notification on Monday. Composition of the authority: The Authority will consist of nine members, appointed by the central government. Astana Financial Services Authority. An ideal destination for finance, business and culture. It was first said to be placed in Mumbai but now IFSC has its place in Gandhinagar. Regulation of Financial Markets: In line with the international trend, Hong Kong’s financial services regulatory system has evolved and developed over the years. NEW DELHI| The central government gazette dated 27 April, has declared Gandhinagar in Gujarat the new headquarters for the IFSC Authority instead of Mumbai. GIFT City is an integrated development on 886 acres of land with 62 mn sq. While responding to the question in the Lok Sabha, the then Finance Minister Arun Jaitley made it crystal clear the country can have only one IFSC and that will be in GIFT city in 2017. The IFSCA vide its notification dated 4 th December 2020 has published the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 which covers Bullion Exchange, Clearing Corporation, Depository and Vaults.. 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