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IFSCA
BULLETIN
AAPPRR--JJUUNN
22002244
INTERNATIONAL FINANCIAL
SERVICES CENTRES AUTHORITY www.ifsca.gov.inThe IFSCA Bulletin is issued by the Department of Economic Policy and Analysis,
International Financial Services Centres Authority. The source of data/ information is
the periodic reports submitted by the regulated entities to IFSCA.
IFSCA has no objection to the material published herein being reproduced, provided an
acknowledgement of the same is made.
The soft copy of IFSCA Bulletin in PDF format can be freely downloaded from Reports
and Publications section in IFSCA website (https://ifsca.gov.in)
Any comments and suggestions on any of the features/ sections may be sent to the email
id: dept-epa@ifsca.gov.inContents
___________________________________________________________________________
IFSC Business Highlights.........................................................................................................................................1
Regulatory Updates...................................................................................................................................................2
Highlights of the Quarter.........................................................................................................................................7
Public Consultation................................................................................................................................................10
Collaboration and Partnerships...........................................................................................................................11
Publications and Research....................................................................................................................................12
Events and Activities...............................................................................................................................................12
Current Statistics.....................................................................................................................................................18IFSC BUSINESS
HIGHLIGHTS
Total IFSCA
666*
Registrations
Banking Assets Cumulative Banking Cumulative
Transaction Derivatives trade
( including NDF)
USD ($) 62.45 Bn USD ($) 89.54 Bn USD ($) 78.91 Bn
(as on June 2024) (During April-June 2024)
Banking Sector
Monthly Turnover Cumulative Debt Listing Aggregate Open
(IFSC Exchanges) on Exchanges Interest of all
Derivatives Contract
98.86 Bn 58.70 Bn 13.14 Bn
USD ($) USD ($) USD ($)
(June 2024) (upto June 2024) (month ended June 2024)
Capital Market
No of Fund No. of Funds/Schemes Total Commitments
Management Entities Registered Raised
116 143 11.69 Bn
USD ($)
(upto June 2024) (upto June 2024) (upto June 2024)
Fund Management
Total Sustainable Cumulative ESG No. of Debt Listings on
Credit by Banks labelled Debt Listing on IFSC Exchanges
IFSC Exchanges
1562 Mn 12.66 Bn 21
USD ($) USD ($)
Sustainable Finance (For FY 2023-24) (as on June 2024) (During April-June 2024)
No. of Qualified GOLD Traded on SILVER Traded on
Suppliers/Jewelers IIBX IIBX
28/119 9.8 Tns 195 Tns
(as on June 2024)
Bullion
No. of Insurance Premium written by Premium transacted
Firms/Intermediaries IFSC Insurance by IFSC Insurance
Office Intermediary Office
13/23
USD ($) USD ($)
(as at end of June 2024) Insurance Sector
No. of Registered No. of Aviation Assets No. of Ships Leased
Aircraft/Ship Lessors Leased
26/11 137 06
Aircraft/Ship Leasing (as at end of June 2024)
* Including In-Principle/ provisional registrations
)lanoisivorp( )lanoisivorp(
(During April-June 2024)
(During April-June 2024) (During April-June 2024)
28 Mn
55 Mn
(During April-June 2024) (During April-June 2024)
(month ended June 2024) (month ended June 2024)IFSCA BULLETIN | APR-JUN 2024 Regulatory Updates 2
Regulatory Updates
_____________________________________________________________________________________
IBUs are directed to undertake risk management
Banking
and security measures in the operationalisation of
internet banking services.
Amendments and additions/ deletions to the IFSCA
Further IBUs were directed to submit an
Banking Handbook (April 5, 2024)
implementation plan for providing internet
banking services to the Authority, within 45 days
The IFSCA Banking Handbooks were updated to
from date of issue of this circular.
implement the amendments made to the Banking
Regulations and other suggestions received from Interest on Current Account - Amendment to ACDE
IFSC Banking Units.
Module (Module No. 11) of COB Directions v6.0
In module 12 of the IFSCA Banking Handbook:
(IFSCA Banking Handbook) (June 14, 2024)
Conduct of Business (COB) Directions, one of the
conditions for opening Representative Office viz.
IFSCA issued a circular on Interest on Current
the applicant is from FATF compliant jurisdiction,
account - Amendment to ACDE Module (Module
is amended as “the Banking company’s track record
No. 11) of COB Directions v6.0 (IFSCA Banking
in complying with Anti-Money Laundering/
Handbook) wherein IFSCA had substituted para 2.i.
Combating the Financing of Terrorism (AML/ CFT)
and Para 4.v. of Module no. 11 - Accepting Deposits
guidelines in its home jurisdiction”. This allows
(ACDE) of the COB Directions v6.0 (IFSCA Banking
considering the track record of Banking company in
Handbook).
complying with AML/ CFT guidelines rather than
the jurisdiction of incorporation to set up Para 2.i. shall be read as “Current Account” means
representative office in IFSC. a form of demand deposit, which may or may not
pay interest and wherefrom withdrawals are
Similarly, as mentioned above, in module 17 of the
allowed any number of times depending upon the
IFSCA Banking Handbook: COB Directions, similar
balance in the account or up to a particular agreed
modification is carried out for considering
amount and shall also be deemed to include other
applications for opening Global Administrative
deposit accounts which are neither Savings Deposit
Office.
nor Term Deposit.
The updated versions of the Banking Handbook are
Para 4.v. shall be read as “IBUs are free to
as under:
determine the interest rate on Current Account,
manner of calculation of such interest, periodicity
i. General (GEN) directions v5.0
of credit of such interest and other related matters”
ii. Conduct of Business (COB) directions v6.0
iii. Prudential Directions (PRU) directions v5.0 Permission to offer OTC derivatives on Gold and
Silver: Amendment to OTDE Module (Module no.
Internet banking services to clients of IBUs (April
13) of IFSCA Banking Handbook COB Directions
22, 2024)
v6.0 (June 27, 2024)
Circular on Internet banking services to be offered
IFSCA issued a Circular enabling IFSC Banking
to clients of IBU was issued. Accordingly, IBUs are
Units (IBUs) to undertake OTC derivatives on Gold
directed, to provide information on the products/
and Silver and offer such derivatives to their clients,
services offered on its website, to enable its clients
including Persons Residents in India to hedge the
to communicate with the IBU, and to provide
price risk. In this regard, IFSCA has also issued an
transactional services for the clients to execute the
updated OTC Derivatives (OTDE) Module as part of
transactions.
IFSCA Banking Handbook.IFSCA BULLETIN | APR-JUN 2024 Regulatory Updates 3
Participatory Notes or P-Notes) with Indian
Payment and Settlement
equity/bonds as underlying.
IFSCA (Payment Services) (Amendment) IFSCA has now permitted non-bank entities
registered with IFSCA and having FPI license from
Regulations, 2024 (April 8, 2024)
SEBI, to issue such derivative instruments. The
non-bank entities are required to furnish
The definition of the term “escrow service” which is
information to the clearing corporations in GIFT
one of the payment services that may be provided
IFSC on monthly basis.
by Payment Service Providers (PSPs) has been
modified to cover situations in which more than two
Global Access - Clarification (June 6, 2024)
parties may be involved in a transaction.
IFSCA issued a clarificatory circular on Global
Capital Markets
Access for broker-dealers accessing global markets
from the IFSC. The Circular, inter-alia specifies that
Remote Trading Participants on Stock Exchanges in
broker-dealers accessing global markets directly
the IFSC (April 3, 2024) through their own arrangements need to obtain a
‘no-objection’ from recognized IFSC Stock
IFSCA has permitted foreign Broker-Dealers to Exchanges and pay an annual fee of USD 1,000 to
trade on a proprietary basis in cash settled IFSCA. Pursuant to this clarification, the broker
derivatives on the Stock Exchanges in IFSC, as dealers participating in global access were advised
Remote Trading Participants (RTP). An RTP can to pay the pending annual fees, if any, by June 30,
trade directly on stock exchanges without a Broker- 2024.
Dealer as an intermediary and without having a
physical presence in IFSC. This initiative is Fund Management
expected to facilitate the onboarding of top High
Frequency Trading (HFT)/ Algorithmic trading
Ease of investing enabled for NRI/OCI investors
firms on the stock exchanges leading to enhanced
liquidity across derivatives products on the stock
India has one of largest diaspora spread across the
exchanges in IFSC.
globe, who remit record amount of money to India
The Stock Exchanges have been provided the year after year, making India the largest recipient of
remittances across the globe for several years in a
operational flexibility to specify the eligibility
row. In order to provide a seamless route for the
criteria for onboarding RTPs while ensuring
NRI/OCI investors to invest into Indian securities
compliance with IFSCA (Anti Money Laundering,
through IFSC funds, IFSCA and SEBI have jointly
Counter Terrorist-Financing and Know Your
created a regulatory channel for the same. the
Customer) Guidelines, 2022.
recent amendments to SEBI (Foreign Portfolio
Investors) Regulations, 20191, SEBI Circular dated
Issuance of Derivative Instruments against Indian
June 27, 20242 and IFSCA Circular dated May 02,
securities by non-bank entities in GIFT-IFSC (May 2,
2024 3 have dispensed with the ceiling on the
2024) contribution by NRI/OCI investors to IFSC funds
investing into listed Indian securities and provided
an avenue for IFSC funds to channel NRI/OCI
Consequent to the amendment in Section 18A of the
investments into India in a seamless manner, as
Securities Contracts (Regulation) Act, 1956,
opposed to funds in other foreign jurisdictions
derivative instruments regulated by IFSCA and
which are not permitted to accept NRI/OCI
issued in IFSC by FPIs are recognised as legal and
contribution in excess of 50% of their corpus.
valid. IFSCA had initially permitted IBUs,
registered with SEBI as FPIs, to issue Offshore
Derivative Instruments (ODIs, also known as
1 SEBI (Foreign Portfolio Investors) (Second Amendment) 2 SEBI Circular dated June 27, 2024
Regulations, 2024 3 IFSCA Circular dated May 02, 2024IFSCA BULLETIN | APR-JUN 2024 Regulatory Updates 4
Ease of doing business - Filing of Schemes or Funds Additional requirements for carrying out the
under IFSCA (Fund Management) Regulations permissible activities by Finance Company as a
2022 (April 5, 2024) Lessor under ‘Framework for Ship Leasing’ (May 8,
2024)
IFSCA issued a circular on Ease of doing business -
Filing of Schemes or funds under IFSCA (Fund
The circular outlines that an applicant under the
Management) Regulations 2022 wherein all FME
SL Framework or a lessor, who has obtained a
shall submit Private Placement Memorandum
Certificate of Registration (CoR) under regulation 3
(PPM) along with other documents ensuring
of the FC Regulations, shall not undertake
minimum disclosures and other documents as
transactions which involves transfer, in any form, of
outlined in the Circular, to the Authority. FMEs
the ownership and/ or leasehold right of a ship or
may launch the respective schemes after filing the
required documents along with the disclosures and ocean vessel from a person resident in India (as
complying with other requirements stipulated in defined in clause v of section 2 of the Foreign
this circular. This initiative will bring down the time Exchange Management Act, 1999) to an entity set
period for the launch of new schemes/funds. up in the International Financial Services Centre
(‘IFSC’), for the purpose of providing services solely
Facilitating investments by NRIs and OCIs into
to person resident in India.
Indian securities through Schemes/ Funds in an
However, the said applicant or lessor, may acquire
IFSC (May 2, 2024)
a new ship or ocean vessel or enter into a new
leasehold right contract with person resident
IFSCA issued a circular on Facilitating investments
outside India (as defined in clause w of section 2 of
by NRIs and OCIs into Indian securities through
the Foreign Exchange Management Act, 1999) so as
Schemes/ Funds in an IFSC wherein FMEs
to cater to person resident in India.
intending to invest in Indian securities through
Alternative Route 2 have to comply with the BATF
direction specified by IFSCA.
IFSCA (Book-keeping, Accounting, Taxation and
Finance Company Financial Crime Compliance Services) Regulations,
2024 (June 6, 2024)
Clarifications in relation to permissible activities
The BATF Regulations establish a comprehensive
undertaken by a lessor specified under
regulatory framework for providing book-keeping,
“Clarification on Framework for ship leasing" (April
accounting, taxation, and financial crime
2, 2024) compliance services from the IFSC. The BATF
Regulations were notified following the
This circular clarifies that a lessor may undertake Government of India's notification dated January
the activities specified at paragraph (ii) of sub- 18, 2024, which recognized – book-keeping,
clause E of clause 3 of the SL Framework such as accounting, taxation, and financial crime
Voyage Charters, Contract of Affreightments, compliance services as 'financial services' under Sec
employment in shipping pools and all other legal 3 of the IFSCA Act, 2019. The new regulations are
commercial transactions for employment of ships, divided into seven chapters and two schedules.
only if such lessor in IFSC has absolute or lease hold
The BATF Regulations provides opportunity for
right over the ship/ocean vessel.
firms to offer book-keeping, accounting, taxation,
and financial crime compliance services to non-
resident clients in an efficient and seamless manner
from GIFT IFSC and create larger employment
opportunities for the talented Indian Workforce.IFSCA BULLETIN | APR-JUN 2024 Regulatory Updates 5
Form and Manner for seeking registration and However, such banks would be required to utilize
the services of an IFSC Banking Unit (IBU)
other requirements under International Financial
registered as a Bullion Clearing Member for
Services Centres Authority (Book-keeping,
clearing of their purchase transactions.
Accounting, Taxation and Financial Crime
'Qualified Suppliers’ for supply of bullion on India
Compliance Services) Regulations, 2024 (June 28,
International Bullion Exchange (IIBX) (May 1,
2024)
2024)
IFSCA issued a Circular on ‘Form and Manner for
With a view to widen the scope of participation of
seeking registration and other requirements under
IFSC entities and pool of suppliers on the IIBX,
International Financial Services Centres Authority
eligible units set up in the IFSC have been permitted
(Book-keeping, Accounting, Taxation and Financial
to supply bullion at IIBX, i.e. they are now eligible
Crime Compliance Services) Regulations, 2024’
to apply to become a Qualified Supplier on IIBX
which specified that entities seeking to undertake
(QS-IFSC). QS-IFSC, unless a Bullion Trading
BATF Services in IFSC shall submit the following to
Member, shall participate on IIBX only as a client
IFSCA:
through a Bullion Trading Member.
i. Application Form
Import of UAEGD Gold through IIBX by valid India-
ii. Submission of willingness by existing Ancillary
UAE TRQ holders (May 3, 2024)
Service Providers (if applicable)
iii. Payment of Applicable Fees
Through this Circular, with a view to providing
market participants ease of doing business, it was
Metals and Commodities
clarified that IFSCA’s notification of an entity as a
valid India-UAE CEPA TRQ holder shall remain
Amendment to the IFSCA (Vault Manager) Circular, valid for the subsequent financial year(s) as well,
subject to the following conditions:
2021 dated August 25, 2021 (April 1, 2024)
i. It has been allotted TRQ license/authorization
IFSCA issued a Circular making amendments to the
by the DGFT for that financial year, and
IFSCA (Vault Manager) Circular, 2021. Vault
ii. It has been continually allotted TRQ license/
Managers that have already been registered by the authorization (i.e. every year or as per any other
IFSCA can apply for registration of their additional frequency at which DGFT may issue TRQ
vault(s) under their existing registration. Further, license/authorization) by the DGFT since it was
originally notified by the IFSCA as a valid India-
they will not be required to make additional security
UAE CEPA TRQ holder.
deposit for registration of additional vault(s) under
their existing registration.
Other Updates
Import of gold and silver by Indian Banks through
India International Bullion Exchange IFSC Limited IFSCA issues Request for Proposal (RFP) for Core
(IIBX) (April 19, 2024) Supervisory Technology (Core SupTech) System
Subsequent to Reserve Bank of India’s Circular IFSCA issued a Request for Proposal (RFP) for Core
dated February 9, 2024, allowing Indian banks Supervisory Technology (Core SupTech) System,
authorized to import gold/silver to act as ‘Special wherein IFSCA intends to select an IT Solution
Category Clients’ of the IIBX, IFSCA issued a Provider (SP) to design, develop, implement,
Circular dated 19th April 2024 permitting Indian operate, and maintain the Core Supervisory
Banks, authorized by the RBI to import gold/silver, Technology (Core SupTech) System of IFSCA.
to directly access the trading system of the IIBX,
without the need for a Bullion Trading Member, for
undertaking such import on behalf of their clients.IFSCA BULLETIN | APR-JUN 2024 Regulatory Updates 6
Amendment by RBI to Foreign Exchange Circular inter-alia mandating Cross Boarder Re-
insurers (CBRs), accepting re-insurance business
Management (Foreign Currency Accounts by a
from India, to maintain collateral in India, marking
person resident in India) Regulations, 2015 and
a significant step towards enhancing the domestic
Foreign Exchange Management (Mode of Payment reinsurance landscape. This initiative is expected to
play a pivotal role in retaining reinsurance business
and Reporting of Non-Debt Instruments)
within the country, positioning India as a
Regulations, 2019 (April 19, 2024)
burgeoning hub for reinsurance activities.
The requirement of maintaining the collateral
With respect to Direct Listing of Equity Shares of
locally by CBRs aims to fortify financial security and
Indian companies on IFSC Exchanges, RBI issued
stability, thereby fostering greater confidence
necessary amendments in the Foreign Exchange
among stakeholders and promoting the growth of
Management (Foreign Currency Accounts by a
the reinsurance sector in India. This strategic move
person resident in India) Regulations, 2015 and
underscores India’s commitment to creating a
Foreign Exchange Management (Mode of Payment
robust regulatory framework that not only
and Reporting of Non-Debt Instruments)
safeguards domestic interests but also attracts
Regulations, 2019, providing the necessary
global reinsurance players to invest and operate in
enablers for maintaining foreign currency account
mainland India or in the international side of India
by Indian issuer in the IFSC and remittance of
i.e. GIFT IFSC, under the aegis of IFSCA.
proceeds of the issue from IFSC to India.
FAQs on IFSCA Website
Foreign Exchange Management (Hedging of
Commodity Price Risk and Freight Risk in Overseas
Following FAQs were issued on website during the
Markets) Directions, 2022 (April 15, 2024) quarter:
RBI has permitted resident entities to hedge their i. FAQs on IFSC Insurance Office
gold price risk using OTC derivatives in the IFSC, in ii. Frequently Asked Questions (FAQs) on
addition to through exchanges which had been International Financial Services Centres
permitted in December 2022. This enablement will Authority (Anti Money Laundering, Counter-
provide enhanced flexibility and facilitate effective Terrorist Financing and Know Your Customer)
risk management for resident entities with choices Guidelines, 2022
between exchange-traded and OTC products for iii. FAQs on Registration of a Finance Company/
hedging gold price risk. Finance Unit
IRDAI Master Circular on Reinsurance
The Insurance Regulatory and Development
Authority of India (IRDAI), has issued MasterIFSCA BULLETIN | APR-JUN 2024 Highlights of the Quarter 7
Highlights of the Quarter
_____________________________________________________________________________________
Greece during May 26 - 28, 2024. During the visit,
IFSCA Authority Meeting
IFSCA participated in various IOSCO meetings,
workshops, bilateral meetings with regulators of
19th & 20th IFSC Authority meetings were held on
other jurisdictions.
May 30, 2024, and June 27, 2024, respectively.
During the meetings, following Agenda items were IOSCO Meetings, Conference and Workshops
placed and approved by the Authority:
The delegation attended various IOSCO meetings
1. IFSCA (Book-keeping, Accounting, Taxation such as the Asia Pacific Regional Committee
and Financial Crime Compliance Services Meeting, Growth and Emerging Markets
(BATF)) Regulations, 2024 Committee Meeting, MMoU Monitoring Group
2. IFSCA (Board for Payment and Settlement Meeting, OECD-IOSCO Conference on Sustainable
System) Regulations 2024 Bonds, Presidents Committee Meeting and
3. IFSCA Banking (Amendment) Regulations Regulatory Workshops on various topics including
2024 sustainability-related bond markets and SupTech.
4. IFSCA (Listing) Regulations 2024
Bilateral meetings with securities markets
5. IFSCA (Procedure for Authority Meetings)
regulators of various countries
(Amendment) Regulations 2024
6. IFSCA Annual Report 2023-24 IFSCA held bilateral meetings with securities
markets regulators of several jurisdictions
including Commodity Futures Trading Commission
Banking
(USA), Financial Services Agency (Japan),
Securities and Commodities Authority (UAE),
Licence was issued to Australia and New Zealand
Finansinspektionen (Sweden), Qatar Financial
Banking Group Limited (ANZ Bank) for setting up
Markets Authority, Financial Supervisory
of an IBU at GIFT IFSC.
Commission (Taiwan) and Astana Financial
Added four currencies viz. Swedish Krone (SEK), Services Authority. The discussions were mainly on
Norwegian Krone (NOK), New Zealand Dollar regulatory updates and collaboration on areas of
(NZD) and Danish Krone (DKK) to the list of mutual interest between the authorities.
specified foreign currencies in IFSCA (Banking)
Regulations. Sustainable Finance
Payment and Settlement
Submission of report by the Expert Committee on
Climate Finance
In-principle Approval granted to NCOME TECH
SOLUTIONS PRIVATE LIMITED to set up a
IFSCA has constituted an Expert Committee on
Wholly owned Subsidiary (WoS) as a “Payment
Transition Finance in December 2023 under the
Service Provider” for carrying out “payment
Chairmanship of Mr. Dhruba Purkayastha
services” activities under the IFSCA (Payment
(Director for Growth and Institutional
Services) Regulations, 2024.
Advancement, CEEW). The third meeting of the
committee was held on 08 April 2024 to discuss the
Capital Markets
findings of the sub-groups on scope and definition,
Policy and instruments.
IOSCO Annual Meeting
The committee submitted its report on “Transition
Finance” on July 1, 2024. Report can be accessed
A delegation led by Chairperson participated in the
here.
IOSCO Annual Meeting (AM) 2024, held in Athens,IFSCA BULLETIN | APR-JUN 2024 Highlights of the Quarter 8
FC4S Assessment Programme USD 1.26 Billion. The month of June 2024
witnessed a record monthly gold import
The Financial Centres for Sustainability (FC4S) is a through IIBX of more than 6.7 tonnes.
global network of financial centres, working • Total silver imported through IIBX since its
together to achieve the objectives set by the 2030 launch on December 13, 2023, has crossed 1,100
Agenda and the Paris Agreement. IFSCA is a tonnes.
member of the FC4S network and participated in • IFSCA approved extension in trading hours for
the Assessment Programme (AP) 2022-23 of FC4S T+0 contracts on IIBX by 1 hour. The revising
which is an initiative to evaluate the state of trading hours at IIBX are 9 AM to 6:30 PM, as
sustainable finance in key international financial against 9 AM to 5:30 PM earlier. The revised
centres. The assessment report evaluates the trading hours came into effect from May 24,
financial centres based on three pillars i.e. 2024.
institutional foundations, enabling environment, • IIBX launched trading in Gold Futures on June
and market infrastructure and allows them to track 21, 2024. Gold Futures available on IIBX
their progress in supporting the sustainable finance provide participants with an option to settle
agenda, benchmark their relative position against their open positions by giving/taking physical
best-in-class practices, identify potential actions delivery of gold. Gold Futures trade from 9 AM
pathways and visualize goals, and set priorities to 11:30 PM.
when developing a sustainable finance strategy.
IFSCA constitutes an Expert Committee on
Finance Company
positioning GIFT IFSC as Global Commodity
Trading Hub
Certificate of Registration (CoR) issued to aircraft
leasing entities IFSCA has constituted an Expert Committee on
positioning GIFT IFSC as Global Commodity
“InterGlobe Aviation Financial Services IFSC Trading Hub under the Chairmanship of Shri
Private Limited”, a wholly owned subsidiary of Rajeev Kher, former Commerce Secretary and
InterGlobe Aviation Limited for undertaking former Member of Competition Appellate Tribunal.
aircraft operating and financial lease of aircrafts. The Expert Committee has been set up with a view
to enabling commodity trading in IFSC, which will
Certificate of Registration issued to ship leasing
facilitate business integration of IFSC financial
entities ecosystem with global trade flows, capitalize on
integration opportunities with major commodity
i. Reliance International Leasing IFSC Ltd, a hubs and attract global investment flows into IFSC,
subsidiary of Reliance Industries limited for thereby helping IFSC grow competitively.
undertaking both ship and aircraft operating
lease. FinTech
ii. GE Shipping (IFSC) Ltd, a wholly owned
subsidiary of “Great Eastern Shipping Company Global Financial Innovation Network (GFIN)
Ltd” for undertaking ship operating lease.
iii. Global Shipping IFSC Pvt Ltd, a wholly owned
IFSCA was elected as a member of the Coordination
subsidiary of “Global Chartering Limited”
Group (Board) of GFIN. The Gorup is responsible
(Arcelor Mittal Company) for undertaking ship
for set the overall direction, strategy and annual
operating lease.
work programme of the GFIN. On the proposal of
the Financial Conduct Authority (FCA), IFSCA
Metals and Commodities agreed to be inducted into the GFIN Secretariat.
IFSCA virtually participated in the Coordination
Gorup meeting held on May 21, 2024, and in the
• Total gold imported through IIBX since launch
meeting, the GFIN Secretariat was manned jointly
has crossed 18 tonnes valuing approximately
by FCA and IFSCA.IFSCA BULLETIN | APR-JUN 2024 Highlights of the Quarter 9
International Association of Insurance Supervisors
Insurance
(IAIS) FinTech Forum Meeting
IFSCA granted CoR to Canara HSBC Life Insurance
IFSCA virtually participated in the IAIS FinTech Company Ltd. (Canara HSBC).
Forum Meeting held on June 5, 2024, wherein
With this, out of total 12 registered IIOs, tally of
updates on the work of the SupTech sub-group
registered IIOs in Life Segment have reached to
shared. In addition, the AI Application Paper
five.
drafting team shared updates on their work.
Further, the updates were shared by Application
Other Highlights
Programming Interface (API)/ Open Data sub-
group and Distributed Ledger Technology (DLT)
Data sub-group. Unit Approval Committee (UAC)
IN-SPACe Industry Meet The Government of India vide Gazette Notification
dated February 2, 2024, has vested the powers of
IFSCA participated the Industry Meet organised by the Development Commissioner under SEZ Act
Indian National Space Promotion and 2005, with respect to IFSC units, to an officer
Authorisation Centre (IN-SPACe) on June 6, 2024. nominated by the IFSCA to be designated as
The meet was a step in endeavour of IN-SPACe to ‘Administrator (IFSCA)’ to promote Ease of Doing
have a sustained connect with private space Business and streamline regulatory framework.
industry. In the meet, IFSCA made a presentation
During the quarter five UAC meetings were held
and highlighted the finance opportunities available
under the chairmanship of Shri Praveen Trivedi,
at GIFT IFSC for SpaceTechs.
Administrator, IFSCA. Details can be accessed on
I-Sprint: The status of recently launched/ IFSCA website.
completed Sprints by IFSCA
The office of Administrator (IFSCA) has conducted
total of six meetings of the UAC and has approved
Sprint 09 - “FICCI – IBA PICUP Fintech Awards”
95 applications for setting up a new unit in the
GIFT-IFSC.
The FICCI – IBA PICUP Fintech Awards conference
is being scheduled on August 7, 2024, wherein the Report of the Working Group for the Development
winners of the Sprint will be announced on the basis
of Non-Resident Individual (both Indian as well as
of the final demo.
Foreign) Business and Ease of Registration
Sprint 13 - “Longevity Economy Cohort”
The report of Working Group for the Development
• A total of 15 applications were received
of NRI (both Indian as well as Foreign) Business
• A guidance session was held on for all the
and Ease of Registration was submitted to
applicants on March 28, 2024
Chairperson, IFSCA on May 15, 2024, by the
• Seven applications were shortlisted. Chairman of the Working Group, Dr. Dipesh Shah,
• A mentoring session was held on May 16, 2024, Executive Director, IFSCA. The Working Group
for the shortlisted applicants comprised of experts from various sectors including
• The demo day was held on June 25, 2024, Banking, Funds, Insurance, FinTech etc.
wherein the finalists presented their solution
The report provides insights on benchmarking
before the Jury
against leading IFCs and financial products, and
financial services provided in GIFT IFSC. The
report identifies best practices and policies adopted
globally and also provides recommendations on
onboarding Non-resident individuals to GIFT IFSC.IFSCA BULLETIN | APR-JUN 2024 Public Consultation 10
Public Consultation
_____________________________________________________________________________________
and Settlement Systems) Regulations, 2024 for
Banking
seeking comments/ views/ suggestions from the
public regarding IFSCA (Board for Regulation and
Consultation Paper on proposed IFSCA (Listing)
Supervision of Payment and Settlement Systems)
Regulations, 2024 (May 3, 2024) Regulations, 2024.
As per sub-section (1) of Section 3 read with Section
IFSCA issued a consultation paper on the proposed
34B of the Payment and Settlement Systems Act,
IFSCA (Listing) Regulations, 2024. The proposed
2007 (PSS Act), IFSCA shall be the designated
regulations provide the revised regulatory
authority for regulation and supervision of Payment
framework for the issue and listing of various
Systems in IFSC. As per section (2) of Section 3 read
financial products, including specified securities,
with Section 34B of the PSS Act, IFSCA may, for the
debt securities and other financial products on the
purposes of exercising the powers and performing
recognised stock exchanges in the IFSC.
the functions and discharging the duties conferred
The best practices followed in other jurisdictions on it by or under this Act, by regulation, constitute
such as Hong Kong, UK, Singapore, USA etc. have a committee to be known as the Board for
been studied while proposing amendments in the Regulation and Supervision of Payment and
new regulations. The consultation paper has been Settlement Systems (BPSS). Also, Clause (a) of sub-
issued pursuant to recommendations of the section (2) of Section 38 read with Section 34B of
Standing Committee on Primary Markets on the PSS Act empowers IFSCA to make regulations
various regulatory matters relating to initial public providing for the powers and functions of the BPSS,
offer, use of accounting standards, disclosures, etc. the time and venue of its meetings and the
based on comparative analysis of the practices procedure to be followed by the BPSS at its
followed in other jurisdictions. meetings (including the quorum at such meetings).
The proposed new IFSCA (Listing) Regulations, Seeking suggestions for review of IFSCA (Market
2024 is expected to facilitate access of capital
Infrastructure Institutions) Regulations, 2021 (May
market through listing of securities on the stock
27, 2024)
exchanges in the IFSC. The issuers will be able to
access capital with greater flexibility and efficiency.
IFSCA issued a Press Release seeking suggestions
The regulations are expected to give a fillip to the
for review of IFSCA (Market Infrastructure
primary market activities in the IFSC, across
Institutions) Regulations, 2021. As part of the
various financial instruments.
review process, IFSCA has invited suggestions from
Consultation paper on the IFSCA (Board for the public and regulated entities for reviewing
IFSCA (Market Infrastructure Institutions)
Regulation and Supervision of Payment and
Regulations, 2021. The primary objective is to
Settlement Systems) Regulations, 2024 (May 9,
enhance the liquidity and widen the investor base
2024) on Market Infrastructure Institution in IFSCs.
IFSCA issued a consultation paper on the IFSCA
(Board for Regulation and Supervision of PaymentIFSCA BULLETIN | APR-JUN 2024 Collaboration and Partnerships 11
Collaboration and Partnerships
_____________________________________________________________________________________
EMMoU with IOSCO exchanging MoU in the presence of Dr. Adarsh Swaika,
Ambassador of India in Kuwait
IFSCA signed the Enhanced MoU (EMMoU) of the Bilateral MMoU with BSEC, Bangladesh
International Organization of Securities
Commissions (IOSCO) on May 16, 2024. The IFSCA signed a bilateral MoU with the Bangladesh
signing ceremony of the EMMoU was held during Securities and Exchange Commission (BSEC) on
the Annual Meeting 2024 in Athens, Greece. May 26, 2024, on the sidelines of the IOSCO Annual
Meeting in Athens, Greece.
The IOSCO EMMoU allows for enhanced
cooperation with powers essential for market
integrity, investor protection, and fraud prevention.
With this agreement, IFSCA can now utilize
“ACFIT” powers, which include obtaining and
sharing audit work papers, reviewing financial
statements, compelling testimony, freezing assets,
and accessing existing ISP and telephone records.
Shri K. Rajaraman, Chairperson, IFSCA and Prof. Shibli
Rubayat-Ul Islam, Chairman, BSEC sign the MoU on the
sidelines of the IOSCO Annual Meeting in Greece.
MoU with FIU-IND
IFSCA has signed a MoU with Financial Intelligence
Shri K. Rajaraman, Chairperson, IFSCA signs the IOSCO
Unit-India (‘FIU-IND’) on May 21, 2024. The MoU
EMMOU during the IOSCO Annual Meeting 2024
is covers aspects for mutual co-operation in the
MoU with Capital Markets Authority (CMA), Kuwait areas of mutual interest including sharing of
relevant information, conducting outreach and
On the sidelines of the India-Kuwait Investment training for regulated entities, and compliance with
Conference, organized by the Indian Embassy in each other's obligations under the relevant
Kuwait, IFSCA and CMA signed an MoU aiming to international standards etc.
foster collaboration in sharing technological
advancements and innovations in financial and
regulatory frameworks.
Shri K Rajaraman, Chairperson, IFSCA and Mr. Othman Al- Shri K. Rajaraman, Chairperson, IFSCA and Shri Vivek
Issa, Vice Chairman Capital Market Authority of Kuwait Agarwal, Director, FIU-IND, exchanging MoUIFSCA BULLETIN | APR-JUN 2024 Publications and Research 12
Publications and Research
_____________________________________________________________________________________
Call for Proposals - 2024 under Framework for Services Business (Empirical analysis utilizing data
from 2015 to 2024)”.
Grants of Funds for Research Studies
The objective of the research study includes
IFSCA issued a Framework for “Grant of Funds for benchmarking IFSCs, defining methods to assess
Research Studies by IFSCA” on December 4, 2023, the impact of GIFT IFSC in India’s Financial Centre,
to conduct research studies with the objective of impact assessment of GIFT IFSC on onshoring
supporting IFSCA in policies formulation and in International Financial services business at the
evaluating the impact of implemented policies in regional and global level. The research studies will
GIFT IFSC. The research studies proposed to be also identify major areas which may require
conducted will be backed by strong analytical and attention by IFSCA, based on empirical
empirical formulations. analysis/evidence, where IFSC plays a significant
role in the financial sector to realize
In this regard, IFSCA has now issued a Call for
ViksitBharat@2047 agenda.
Proposals - 2024 inviting research studies on the
topic “Impact of IFSC on International Financial
Events and Outreach Activities
_____________________________________________________________________________________
RBI Governor Visit to IFSCA as a premier platform for thought leaders and
industry experts to exchange insights on global
RBI Governor Shri Shaktikanta Das visited IFSCA economic trends. The summit had attracted over
today. Chairperson IFSCA, Shri K. Rajaraman and 2,500 delegates worldwide to delve into key themes
the IFSCA team made a presentation on the shaping the global economy.
progress made and the future plans of IFSCA. Dr.
During the session, Chairperson IFSCA had
Hasmukh Adhia, Chairman GIFT City and Shri
highlighted notable advancements in GIFT IFSC,
Tapan Ray, MD GIFT City were also present.
including direct listing on IFSC exchanges, which
would enable Indian businesses and startups to
access foreign capital directly from IFSC.
RBI Governor Visit to IFSCA
HSBC Global Investment Summit
Chairperson IFSCA, participated as a panelist in a
Chairperson, IFSCA, during HSBC Global Investment
session titled ‘India’s Wonder Years: What’s driving
SummitFurthermore, Chairperson emphasized
the India Story’, held during the HSBC Global
IFSC's pivotal role in mobilizing capital to support
Investment Summit on April 8, 2024, in Hong
India's ambitious journey towards achieving net-
Kong. The HSBC Global Investment Summit serves
zero emissions, which is estimated to necessitateEvents and Outreach Activities 13
IFSCA BULLETIN | APR-JUN 2024
approximately USD 10 trillion according to discussion moderated by Mr. Young Lee, MD -
independent studies. Chairperson also highlighted Morgan Stanley and explored various themes
aircraft and ship leasing framework and increasing including:
presence of India’s Public Sector Undertakings in
i. Opportunities for financial institutions and
GIFT IFSC which have set up their global treasury
professionals in IFSC
centres to pool and manage their global
ii. Recent developments in GIFT City and the IFSC
investments.
ecosystem.
IFSCA delegation visit to Hong Kong and Seoul, iii. Investment opportunities via GIFT IFSC
South Korea
An IFSCA delegation led by Chairperson IFSCA
visited Hong Kong and Seoul, South Korea from
April 8-12, 2024, to engage with the financial
services institutions, trade bodies and Regulators.
The visit was undertaken to create awareness about
India’s maiden International Financial Services
Centre in GIFT City and sensitize the financial
services players about emerging opportunities in Panel Discussion organized by Consulate General of India on
banking, capital markets, insurance, FinTech, the theme ‘Emerging Opportunities at India’s Maiden IFSC at
Sustainable finance, etc. During the visit GIFT City’
interactions and roundtable meetings were held
Chairperson IFSCA, accompanied by the IFSCA
with industries, organisations, regulators, etc.
delegation, met the CEO of Asia Pacific Loan
Market Association (APLMA), Mr. James Hogan.
Chairperson, IFSCA delivered a keynote address at
Discussions were held on collaboration
a roundtable session in Hong Kong comprising of
opportunities between IFSCA and APLMA in areas
members of ASIFMA. The IFSCA delegation and
of shared interest including exploring option of
executives from various fund management entities
organising APLMA events in GIFT City in
in Hong Kong were present at the event. The
collaboration with IFSCA.
discussion revolved around several key topics
including:
i. Opportunities for FMEs in GIFT IFSC.
ii. The regulatory landscape for funds in IFSC.
iii. The benefits IFSC offers for FMEs.
Meeting with Asia Pacific Loan Markets Association CEO
Chairperson IFSCA, and the IFSCA delegation met
Ms. Bharati Manek, Chairwoman of Indian
Roundtable with ASIFMA members on the theme “Global Chamber of Commerce in Hong Kong. Discussions
Opportunities for Fund Management Entities in GIFT IFSC’
were held on opportunities for financial institutions
Chairperson, IFSCA, participated in a Panel and professionals at GIFT IFSC.
Discussion organized by the Consulate General of
India, Hong Kong and Macau on ‘Emerging
Opportunities at India’s Maiden IFSC’. TheEvents and Outreach Activities 14
IFSCA BULLETIN | APR-JUN 2024
IFSCA delegation visit to Kuwait
An IFSCA delegation led by Chairperson IFSCA
visited Kuwait on April 23, 2024, to participate in
India Kuwait Investment Conference 2.0, which
was organized by the Embassy of India in Kuwait.
During the visit, IFSCA formally signed and
exchanged the Inter-regulatory cooperation
Meeting with The Indian Chamber of Commerce Hong Kong
agreement with Capital Market Authority, Kuwait.
Chairperson, IFSCA held a fruitful conversation During the visit, meetings and roundtables were
with Mr. Darryl Chan, Deputy Chief Executive, held with leading financial sector industry players
HKMA, focusing on developments in the banking in Kuwait, including Kuwait Investment Authority
and financial services sector, as well as (KIA), Public Institution for Social Security
collaboration opportunities between IFSCA and (PIFSS), etc.
HKMA in areas of shared interest.
Chairperson, IFSCA, addressing at India Kuwait Investment
Conference 2.0
Webinar on GIFT City Opportunities
High Commission of India in Colombo, jointly with
IFSCA and the Indo-Lanka Chamber of Commerce
organized a webinar on GIFT City Opportunities
Meeting with Hong Kong Monetary Authority (HKMA) Deputy with corporates and professionals of Sri Lanka.
Chief Executive
Chairperson, IFSCA held a informative
conversation with Mr. Soyoung Kim, Vice
Chairman of FSC, South Korea. The discussion
focused on developments in GIFT IFSC, as well as
collaboration opportunities in areas of shared
interest.
Shri K. Rajaraman, Chairperson, IFSCA and Shri Dipesh Shah,
Executive Director, IFSCA, during the webinar
Meeting with Financial Services Commission, KoreaEvents and Outreach Activities 15
IFSCA BULLETIN | APR-JUN 2024
GIFT IFSC: Town hall on Skilling and Talent International Yoga Day 2024 Celebration
Development for the Future Workplace
IFSCA staff celebrated International Yoga Day with
enthusiasm. Various Yogasanas were performed by
IFSCA officials participated in the event “GIFT
employees, led by Chairperson Shri K Rajaraman,
IFSC: Town hall on Skilling and Talent
who emphasized that Yoga is a manual for human
Development for the Future Workplace” organized
machine & encouraged all to adopt yoga as a way of
jointly by Deakin University and University of
life for overall wellness.
Wollongong. During the event, the two Australian
Universities presented their course offering to the
regulated entities in IFSC and discussed areas of
collaboration.
Shri Dipesh Shah, Executive Director, IFSCA, addressing at the
Event
Visit by delegation of University of California IFSCA staff celebrating International Yoga Day 2024
Chancellor of UC San Diego, USA along with senior Capital Markets
officials visited GIFT IFSC and IFSCA to explore
and understand International Branch Campus
Conference on Direct Listing
Opportunities in GIFT IFSC. IFSCA officials held
extensive discussions with them regarding the
IFSCA, along with NSEIX, organised a conference
advantages of setting up IBC in GIFT IFSC.
in Bengaluru on May 10, 2024, in association with
3one4 Capital and IVCA. The event focused on
Chintan Shivir-2024
Direct Equity Listing and other capital raising
opportunities for Indian Startups in GIFT IFSC.
IFSCA’s 1st Annual Brainstorming exercise with
leading industry participants was organized during
the month of May and June. As part of this exercise,
Chairperson IFSCA held brainstorming sessions
with more than 40 industry leaders and experts to
understand the following:
• Their business activities in India, other
countries, and GIFT IFSC.
• Their plans to expand and enhance business
activities in GIFT IFSC.
• Annual plan for 2024-25 for GIFT IFSC.
• Enabling policies from Government & IFSCA Shri. Pradeep Ramakrishnan, ED, IFSCA addresses the
for accelerating their growth from GIFT IFSC. participants during the conference on Direct Listing held in
Bengaluru
• Their vision for GIFT IFSC as an engine for
Viksit Bharat @ 2047.Events and Outreach Activities 16
IFSCA BULLETIN | APR-JUN 2024
The participants in the conference included framework, ease of doing business, competitive
startups from various sectors, entrepreneurs, costs, skilled talent, and tax incentives. Senior
venture capital funds and other stakeholders based representatives from the shipping industry,
in Bengaluru. The conference largely focused on the including the Hellenic Shipbrokers Association and
opportunities at GIFT IFSC, including raising other maritime associations, participated in the
capital through listing of equity and debt securities event.
on the stock exchanges in the IFSC.
Capital Markets Week, ICSI
ICSI organised Capital Markets Week 2024 during
June 28 - July 04 on the theme "Viksit Bharat:
Economic Acceleration through Capital Markets."
Sessions on “Direct Listing on the Stock Exchanges
in IFSC” was organized during the ICSI events held Shri K. Rajaraman, Chairperson, IFSCA speaks at the
in Mumbai on June 28, 2024, and in Delhi on June conference with the Greek Shipping Industry on the margins of
the IOSCO AM 2024
30, 2024. The sessions focused on various
opportunities at GIFT IFSC, the ecosystem of
capital markets, benefits of direct listing and the
Sustainable Finance
proposed new regulations on listing of financial
products on the stock exchanges in the IFSC.
Country-level private sector roundtable in
partnership with UNDP-FC4S Sustainable Finance
Hub
IFSCA, in partnership with UNDP-FC4S, held a
private sector roundtable on May 31, 2024, at GIFT
City, Gandhinagar. Attendees included dignitaries
from the Ministry of Finance, SEBI, RBI, corporate
leaders, legal advisors, and other stakeholders. The
roundtable aimed to gather private sector
perspectives on the G20 SFWG Agenda and
implement annual recommendations nationally.
Shri Arjun Prasad, GM, IFSCA participated in the Capital
Markets Week, 2024 organised by ISCI
Conference with Greek Shipping Industry
representatives /stakeholders
IFSCA, in coordination with the Embassy of India Mr. Pradeep Ramakrishnan, Mr. Pramod Rao, and Ms. Geetu
Joshi addressing the participants during the roundtable
in Greece, organized a conference on
“Opportunities for Ship Leasing & Financing at Ms. Geetu Joshi, Advisor, Ministry of Finance, Mr.
GIFT IFSC, India” on May 27, 2024, in Athens, Pramod Rao, ED, SEBI & Authority member of
Greece. IFSCA, and Mr. Pradeep Ramakrishnan, ED,
IFSCA, addressed the esteemed participants. Ms.
During the conference, Chairperson Shri K.
Joshi highlighted the government’s role and
Rajaraman highlighted opportunities for Greek
initiatives in meeting Paris commitments and
ship owners and brokers in India, especially in ship
Sustainable Development Goals (SDGs) while, Mr.
leasing and financing at GIFT IFSC. The IFSCA
Rao talked about various regulatory initiatives
delegation outlined GIFT IFSC's benefits, including
taken by SEBI over the last couple of years in
streamlined regulatory processes, a robust legalEvents and Outreach Activities 17
IFSCA BULLETIN | APR-JUN 2024
sustainability reporting and promoting sustainable ecosystem, and a Framework for Transition
finance and Mr. Ramakrishnan highlighted the Finance to support corporate net-zero transitions in
important role being played by the IFSCA in India and the Global South.
channelizing fund towards making GIFT-IFSC a
climate finance hub.
Finance Company
As part of this round table, three round tables
discussions on the following took place. Quarterly meeting was organized with registered
aircraft and ship leasing entities to understand their
i. Just Transition business progress and address any issues related to
ii. Sustainability Reporting Requirements market development.
iii. Financing Nature-based Solutions
AML & CFT
GNLU - Nishith Desai Associates Policy Drafting
Competition, 2024
First IFSCA Annual Anti-Financial Crime Conference
Gujarat National Law University (GNLU) launched
IFSCA hosted its 1st Annual Anti-Financial Crime
the first edition of the “GNLU - Nishith Desai
Conference on May 21, 2024, at the GIFT City Club
Associates Policy Drafting Competition” on April 2,
in GIFT City, Gandhinagar, Gujarat. The
2024. The event, themed ‘Navigating the
Conference was inaugurated by Shri K. Rajaraman,
Regulatory Landscape of Climate Financing at GIFT
Chairperson, IFSCA in the august presence of Shri
IFSC’ focused on evolving regulations and
Vivek Aggarwal, Director, Financial Intelligence
sustainability in financial activities. Participants
Unit (FIU)-India, Smt. Bedhobani Chaudhuri,
drafted policy proposals for a regulatory framework
Additional Director, FIU-India and other senior
for blended finance at GIFT-IFSC.
officials/distinguished speaker s from regulatory
authorities, Self-Regulatory Bodies and capacity
building/AML solution/Data organisations and
service providers.
Chairperson, IFSCA, Shri K. Rajaraman (seventh from left) and
ED, IFSCA Shri Praveen Trivedi (fifth from left) with other key
dignitaries at the GNLU - Nishith Desai Associates Policy
Drafting Competition
The event featured Shri K. Rajaraman
Shri K Rajaraman, Chairperson, IFSCA and Shri Vivek
(Chairperson, IFSCA), Shri Nishith Desai (Founder,
Aggarwal, Director, FIU IND, addressing at IFSCA Annual
Nishith Desai Associates), and Shri Praveen Trivedi Anti-Financial Crime Conference
(Executive Director, IFSCA). Shri K. Rajaraman
The full report of the Conference can be assessed
highlighted IFSCA's initiatives on climate finance,
from IFSCA website.
the development of a Voluntary Carbon MarketIFSCA BULLETIN | APR-JUN 2024 Current Statistics 18
Current Statistics
____________________________________________________________________________________
Table 1: Number of Licenses/ Registrations issued
Number of Licenses/ Registrations issued
Segment Category
During April – June 2024 As on June 30, 2024
IBUs 1 29
Banking
GAO 0 1
Aircraft Lessors 6 26
Ship Lessors 3 11
Finance Company
Finance Company – Core/
0 9
Non-core (Including ITFS)
MII 0 5
Broker Dealer 5 80
Depository Participant 0 10
FMEs 12 116
AIFs 28 143
Capital Market
Registered Distributors 2 9
Investment Advisors 0 4
Custodian 0 5
Debenture Trustee 1 4
Investment Banker 0 3
IIOs 0 12
Insurance
Intermediaries 0 23
Ancillary Services Ancillary Services Entities 4 72
Bullion MII 0 1
Bullion Bullion Intermediaries 2 16
Vaults 0 3
Direct 1 9
FinTech
Sandbox 2 46
GIC GIC 0 3
Foreign University International Branch Campus 0 2
Total 67 642IFSCA BULLETIN | APR-JUN 2024 Current Statistics 19
Banking
Table 2: Number of IBUs
Particulars As on Mar 31,2024 As on Jun 30, 2024
No. of IBUs 23 24
Table 3: Assets of IBUs
Month ended April 2024 May 2024 June 2024
Particulars USD Mn
Investments 2786.18 2767.43 2982.36
Sovereign securities 1207.51 1116.62 1352.60
Corporate Bonds 1545.18 1561.99 1378.37
Other investments 33.49 88.82 251.39
Trade Finance 12562.76 12783.67 12646.47
Commercial Loans 25950.66 26286.27 26686.80
Retail loans 82.69 85.74 85.83
Other loans 729.77 617.22 689.86
Interbank/Interbranch placements 15224.80 14918.47 15305.23
Others 3233.24 3883.88 4056.11
Total 60570.10 61342.68 62452.66
Table 4: Liabilities of IBUs
Month ended April 2024 May 2024 June 2024
Particulars USD Mn
Customer deposits 4337.11 4359.53 4578.94
Interbank/Interbranch borrowings 41809.38 41996.94 43030.94
Bilateral Borrowings 6305.28 6424.27 6215.19
Multilateral Borrowings 267.00 267.05 267.10
MTN Borrowings and other debt instruments 1994.00 2384.83 2414.56
Others 5857.33 5910.06 5945.93
Total 60570.10 61342.68 62452.66IFSCA BULLETIN | APR-JUN 2024 Current Statistics 20
Table 5: Customer Deposits (USD Mn)
Month ended April 2024 May 2024 June 2024
Demand Time Demand Time Demand Time
Deposits Deposits Deposits Deposits Deposits Deposits
Retail Deposits 291.23 359.51 317.97 359.24 477.34 374.21
Corporate
461.35 3225.02 598.25 3,084.07 486.31 3,241.08
Deposits
Table 6: Non-Resident Deposits (USD Mn)
Accounts held by Accounts held by
Month
Category Non-Resident Non-Residents
Ended
Indians (NRIs) (Other Countries)
No. of accounts 3,841 359
Retail
Amount (USD Mn) 583.50 59.16
April 2024
No. of accounts 177 1,037
Corporate
Amount (USD Mn) 448.70 1,016.40
No. of accounts 4097 377
Retail
Amount (USD Mn) 605.39 61.10
May 2024
No. of accounts 305 1204
Corporate
Amount (USD Mn) 631.64 759.55
No. of accounts 4144 391
Retail
Amount (USD Mn) 779.68 62.44
June 2024
No. of accounts 247 1275
Corporate
Amount (USD Mn) 746.30 844.36
Table 7: Derivative Outstanding of IBUs (USD Mn) (Notional)
Month ended April 2024 May 2024 June 2024
FCY-INR Derivatives (to be settled in FCY) 27372.48 25864.5 24773.55
FCY-FCY Derivatives (to be settled in FCY) 10191.64 10688.82 11180.89
INR Interest Rate Derivatives (to be settled in FCY) 28254.21 32879.45 43751.82
FCY Interest Rate Derivatives (to be settled in FCY) 98537.63 99865.63 102386.84
Others 648.33 941.48 2413.79
Total 165004.29 170239.88 184506.89
Table 8: Industry wise credit exposure of IBUs
Month ended April 2024 May 2024 June 2024
Sector Industries Amount Outstanding (USD Mn)
Auto Components 287.11 180.9 432.59
Automobile 658.44 603.39 582.67
Capital Goods 221.46 193.49 193.12
Cement and Cement Products 57.73 875.58 877.69
Electronic Systems 409.52 359.63 407.94
Food Processing 381.42 400.98 384.83
Glass and Glassware 6.74 12.33 17.04
Iron & Steel 310.75 600.54 619.75
Laminates/ Plywood/ Boards 5.33 5.52 6.32
Leather and Leather Products 2.52 2.8 2.5IFSCA BULLETIN | APR-JUN 2024 Current Statistics 21
Medical and Medical
230.74 251.68 251.03
Equipment
Metals 2120.19 1890.97 1933.33
Paper and Packaging 51.67 49.62 51.56
Petrochemicals 3862.2 3867.44 3866.68
Plastic and Plastic Products 52.6 61.84 60.09
Textiles and Apparels 69.79 67.89 68.77
Vehicles, Vehicle Parts, and
19.41 158.48 141.66
Transport Equipment
Banking and Finance 17350.13 14523.04 14114.64
Clearing Corporation 240.49 243.21 237.73
Education 179.23 180.47 167.67
Financial Services 39.57 303.66 531.59
Healthcare 22.65 22.26 44.28
IT and Software Industry 488.07 422.24 430.44
Services Logistics 32 22.3 29.7
NBFC 960.47 4156.46 4574.86
Professional Services 22.09 25.32 25.32
Retail and e-commerce 223.34 244.3 229.2
Telecommunication 881.19 1174.12 1104.88
Tourism & Hospitality 173.87 185.34 195.1
Trade/Distributor 64.32 334.45 335.71
Construction 869.79 57.27 57.71
Mining 142.97 159.39 206.59
Oil and Gas 2014.56 1702.7 1729.39
Infrastructure Ports and Shipping 1187.96 983.67 987.46
Power Sector 1249.7 1233 1426.12
Renewable Energy 173.56 252.86 251.18
Roads and Highways 73.03 34.67 33.29
Agriculture and
105.85 425.08 425.05
Forestry
Aviation 402.59 410.61 417.48
Chemicals 1454.79 1573.84 1537.6
Jewelry 239.15 242.75 276.88
Paints 1.25 1.25 0.63
Pharmaceuticals 1036.36 1022.69 707.84
Other Sectors 3322.3 2649.41 2536.68
Total 41698.9 42169.44 42512.59IFSCA BULLETIN | APR-JUN 2024 Current Statistics 22
Table 9: Country wise exposure of IBUs
April 2024 May 2024 June 2024
%age of %age of %age of
Country Name total Country Name total Country Name total
exposure exposure exposure
India 72.91% India 71.85% India 73.17%
United States of United States of United States of
4.95% 5.48% 5.18%
America America America
Mauritius 3.79% Mauritius 3.90% United Kingdom 4.08%
Singapore 3.75% United Kingdom 3.69% Singapore 3.59%
United Kingdom 3.27% Singapore 3.59% Mauritius 3.42%
United Arab United Arab United Arab
3.14% 3.22% 2.82%
Emirates Emirates Emirates
Netherlands 2.65% Netherlands 2.52% Netherlands 2.42%
Hong Kong 1.33% Hong Kong 1.31% Bahrain 1.16%
Bahrain 0.78% Bahrain 1.09% Hong Kong 0.73%
Egypt 0.61% Bangladesh 0.41% Bangladesh 0.40%
Others 2.82% Others 2.94% Others 3.03%
Payment and Settlement
Table 10: Number of applications received and processed under IFSCA
(Payment Services) Regulations, 2024
Particulars Total
Applications received 2
Applications pending 1
In-principle Approval Granted 1
Final Authorisation Granted 0
Authorisation till June 24* 1
*Including In-principle Approval
Capital Market
Table 11: IFSC Stock Exchanges Turnover (Traded Value in USD Mn)
Month April 2024 May 2024 June 2024 Total
No. of Traded No. of Traded No. of Traded No. of Traded
Particulars
contracts Value contracts Value contracts Value contracts Value
Commodity
1660 124.81 1826 137.63 1502 112.46 4988 374.9
Futures
Index
1873799 83148.52 2065880 92901.73 2124100 98701.28 6063779 274751.52
Futures
Index
167063 17.56 190503 37.72 203994 45.32 561560 100.6
Options
Total 2042522 83290.9 2258209 93077.08 2329596 98859.06 6630327 275227.03IFSCA BULLETIN | APR-JUN 2024 Current Statistics 23
Table 12: Aggregate Open Interest (OI) of all derivatives contracts on IFSC
Stock Exchanges
Month Ended Open Interest (no. of contracts) Value (USD Mn)
Apr 2024 2,74,754 12,477.57
May 2024 2,97,329 13,454.92
Jun 2024 2,72,792 13,143.35
Table 13: India INX Global Access
During Apr-Jun 2024
Particulars As on Jun 30, 2024
(Accounts Opened)
Total Number of Accounts 156 3999
Table 14a: Trading in Global Exchanges through India INX Global Access (Traded Value: USD Mn)
Entity Type Particulars Apr-Jun 2024 Till Jun 30, 2024
LRS Equity, ETFs, Funds, Bonds, and other
2.62 14.75
(Residents) products
Equity, ETFs, Funds, and other products 10.89 478.08
IFSC Entities
Derivatives Products 391.22 28,894.54
Non-residents Equity, ETFs, Funds, and other products 1.73 28.13
outside IFSC Derivatives Products - 176.09
Total 406.47 29591.60
Table 14b: Trading in Global Exchanges through India INX Global
Access (Apr - Jun 2024: USD Mn)
Total trading Trading in Trading in non-
Exchange
value Derivatives derivatives
KSE 161.76 161.76 -
NYMEX 67.73 67.73 -
HKEX 65.73 65.73 -
SGX 64.94 64.94 -
CME 26.40 26.40 -
ARCA 5.15 - 5.15
BATS 4.42 - 4.42
NASDAQ 3.59 - 3.59
CBOT 1.76 1.76 -
CBOE 1.52 1.52 -
Others 3.47 1.39 2.09
Total 406.47 391.22 15.25
Table 15: Capital Market Intermediaries as on Jun 30, 2024
Type of Entity No. of entities
Broker-Dealer 80
Clearing Member 22
Custodian 5
Depository Participants 10
Investment Banker 3
Investment Advisers 4IFSCA BULLETIN | APR-JUN 2024 Current Statistics 24
Debenture Trustee 4
Distributors of Capital Market Products & Services 9
Sustainable Finance
Table 16a: Listing of debt securities at IFSC Exchanges (In USD Bn)
Particulars As on Mar 31, 2024 As on Jun 30, 2024
Cumulative debt listings 56.5 58.7
Cumulative ESG labelled debt listing 12.3 12.66
Table 16b: Listing of debt securities at IFSC Exchanges
Sr No Name of the issuer Listing Date Labels Amount (USD Mn)
1 Varthana Finance Private Limited 02-04-2024 - 10.00
2 Lendingkart Finance Limited 03-04-2024 - 10.00
3 Indiabulls Housing Finance 04-04-2024 Social 350.00
Aviom India Housing Finance
4 11-04-2024 - 1.70
Private Limited
5 Mufin Green Finance Limited 12-04-2024 - 2.00
6 Mufin Green Finance Limited 12-04-2024 - 3.00
Aviom India Housing Finance
7 12-04-2024 - 10.00
Private Limited
8 Kinara Capital Private Limited 03-05-2024 - 10.00
HDFC Bank Limited acting through
9 06-05-2024 - 40.00
its GIFT-City Branch
10 Manappuram Finance Limited 14-05-2024 - 300.00
11 Satin Creditcare Network Limited 16-05-2024 - 10.00
12 Muthoot Finance Limited 16-05-2024 - 650.00
13 Satin Creditcare Network Limited 16-05-2024 - 8.00
14 Midland Microfin Limited 22-05-2024 - 5.00
Dvara Kshetriya Gramin Financial
15 24-05-2024 - 10.00
Services Private Limited
16 Satya Microcapital Limited 06-06-2024 - 10.00
17 State Bank of India 20-06-2024 - 100.00
18 Midland Microfin Limited 24-06-2024 - 5.00
Aviom India Housing Finance
19 25-06-2024 - 5.00
Private Limited
Aviom India Housing Finance
20 26-06-2024 - 3.00
Private Limited
Continuum Trinethra Renewables
21 Private Limited and Other Co- 28-06-2024 - 650.00
IssuersIFSCA BULLETIN | APR-JUN 2024 Current Statistics 25
Table 17: Overall Sustainable Financing by IBUs
During Oct 2023 - March 2024
Cumulative
Medium / Short term Loans (USD Mn)
in FY 2023-
Classification Long Term Working 24 (USD
Trade
Loans (USD Capital/ Supply Others Mn)
Finance
Mn) Chain Finance
Green 68.78 318.10 12.14 0.00 436.31
Social 482.02 90.07 5.00 0.00 577.09
Sustainable 240.00 5.80 0.00 0.00 245.8
Sustainability
279.39 0.00 0.00 0.00 279.39
Linked
Others 23.75 0.00 0.00 0.00 23.75
Total 1093.94 413.97 17.14 0.00 1562.34
Table 18: Sector-wise classification of Sustainable Financing by IBUs
During April 2023 - March 2024
Sector (List is Indicative) Amount Total No. of
(USD Mn) Transactions
Renewable Energy 419.83 368
Pollution Prevention and Control 141.67 2
Sustainable Water and Wastewater Management 0.00 0
Clean Transportation 70.78 8
Green Buildings 1.50 1
Affordable Basic Infrastructure 57.74 2
Affordable Housing 9.46 12
Food Security and Sustainable Food Systems 11.76 16
Health Care 52.01 48
Social Education 7.00 2
Others 790.59 828
Total 1562.33 1287
Insurance
Table 19: Written/ Transacted premium by IFSC Insurance Offices and Intermediary Offices
Apr-Jun 2024
FY 2022-23 FY 2023-24
(Unaudited)
Written/ Written/ Written/
Particulars
Number of Transacted Number of Transacted Number of Transacted
Offices* Premium Offices* Premium Offices* Premium
(USD Mn) (USD Mn) (USD Mn)
IIOs 6 84 12 149 13 28
IIIOs 17 227 23 276 23 55
*Number of offices are as at the end of the particular periodIFSCA BULLETIN | APR-JUN 2024 Current Statistics 26
Fund Management
Table 20: Number of Fund Management Entities (FMEs) and Funds
Particulars As on Mar 31, 2024* As on Jun 30, 2024*
FMEs 104 116
Funds 115 143
*Excluding in-principle approvals
Table 21: Investments by Fund Management Schemes at GIFT IFSC as on Jun 30, 2024
In USD Mn
Investments Complaints/
No. of Total Total
Total Investments made in Legal
Particulars Schemes Commit- Investments
funds into India Foreign Disputes
Registered ments made
raised Jurisdiction outstanding
raised
(A) (B) (A+B)*
Venture
Capital
Schemes
11 188.01 29.39 14.02 7.73 21.75 0
(including
Angel
Schemes)
Category I
49 7,734.54 3,098.13 2,747.82 143.92 2,891.74 0
and II AIFs
Category III
83 3,771.36 2,191.58 1,515.13 76.33 1,591.46 0
AIFs
Total 143 11,693.91 5,319.11 4,276.97 227.98 4,504.95 0
*Excluding the exposure towards derivatives contracts. In the case of fund of fund, cash maintained, and expenses incurred by the
master fund are also excluded
Table 22: Portfolio Management Services (PMS) as on June 30, 2024
Type of Services AUM (in USD Mn)
Discretionary & Non- Discretionary PMS 485.42
Advisory Services 957.51
Total 1442.93
Finance Companies/ Finance Units
Table 23: Finance Companies/ Finance Units during Apr-Jun 2024
Aircraft Ship FC (Non-
Type of Finance Company FC (Core) Total
Lease Lease Core)
Provisional Registration
2 2 2 0 6
Granted
Final CoR Granted 6 3 0 0 9
Registration till Jun 30, 2024* 30 15 9 5 59
*Including provisional registrationIFSCA BULLETIN | APR-JUN 2024 Current Statistics 27
Table 24: Assets leased by AOL/ Ship Leasing Entities
Type of asset As on Mar 31, 2024 As on Jun 30, 2024
By Aircraft Leasing entities
Aircraft 20 31
Engines 49 50
Aircraft Auxiliary Power Units (APU) 56 56
Total 125 137
By Ship Leasing entities
Ship 4 6
Table 25: Transactions financed by ITFS Platforms
Particulars As on Mar 31, 2024 As on Jun 30, 2024
Number of Transactions financed 281 411
Value of Transactions financed (USD Mn) 12.91 18.03
Metals and Commodities
Table 26: Participants on India International Bullion Exchange (IIBX)
Participants As on Mar 31, 2024 As on Jun 30, 2024
Qualified Jewellers 118 119
Clients 70 80
‘Special category’ Clients 48 49
Qualified Suppliers 26 28
Clients 24 26
‘Special category’ Clients 02 02
Valid India UAE CEPA TRQ Holders 82 164
Table 27: Regulated Entities/ Intermediaries on IIBX
Regulated Entities As on Mar 31, 2024 As on Jun 30, 2024
Bullion Trading Members 5 5
Bullion Trading Cum Self Clearing Members 3 3
Bullion Trading Cum Clearing Members 6 7
Bullion Professional Clearing Members 2 2
Vault Managers 3 3IFSCA BULLETIN | APR-JUN 2024 Current Statistics 28
Table 28: Product-wise summary of trades on IIBX
During FY 2022-23 During FY 2023-24 During Apr-Jun 2024
Traded Traded Traded
Traded Traded Traded
Product Value Value Value
Volume Volume Volume (in
(USD (USD (USD
(in kg) (in kg) kg)
Mn) Mn) Mn)
LBMA 1 kg Gold 995 6.69 120 4.52 75 0.00 0
LBMA 100 gm Gold 999 2.65 50 0.00 0 0.00 0
UAE GD 1 kg Gold 995 13.13 241 2.22 34 3.78 51
UAE GD 100 gm Gold 999 0 0 7.24 114.8 3.70 50
UAEGD TRQ 1 kg Gold 995 0 0 252.91 3,957.00 293.88 3,926.00
UAEGD TRQ 100 gm Gold 999 0 0 238.38 3,747.40 430.75 5,741.40
Total (Gold) 22.47 411 505.27 7,928.20 732.10 9,768.00
UAEGDCEPA SILVER
- - 698.48 908,800.00 185.64 195,300.00
GRAINS
UAEGD SILVER GRAINS - - 0 0 0.00 0
SILVER GRAINS - - 0 0 0.00 0
UAEGD SILVER BAR - - 0 0 0.00 0
SILVER BAR - - 0 0 0.00 0
Total (Silver)* - - 698.48 908,800.00 185.64 195,300.00
*The trading of silver started on IIBX from December 13, 2023
FinTech
Table 29: FinTech Ecosystem in IFSC
Sr. No. Particulars Till June 30, 2024
Number of Sandbox Entities 46
1 In Innovation Sandbox 20
In Regulatory Sandbox 26
2 Number of FinTech/ TechFin Entities Authorized 8
3 Number of Accelerators Authorized 1
4 Number of Entities exited from Sandbox 0IFSCA BULLETIN | APR-JUN 2024 Current Statistics 29
Ancillary Services
Table 30: Activity‑wise break up of ancillary services entities, including in-principal approval
S. No. of Authorized Entities
Core Activity
No. As on Mar 31, 2024 As on Jun 30, 2024
1 Legal, Compliance and Secretarial 12 13
Professional & Management Consulting
2 21 22
Services
Auditing, Accounting, Bookkeeping and
3 11 11
Taxation Services
Administration, Asset Management Support
4 24 26
Services and Trusteeship Services
Total 68 72INTERNATIONAL FINANCIAL
SERVICES CENTRES AUTHORITY
2nd & 3rd Floor, PRAGYA Tower, Block 15, Zone 1,
Road 1C, GIFT SEZ, GIFT City, Gandhinagar, Gujarat – 382 355
www.ifsca.gov.in