IFSCA Bulletin Jan-Mar 2025

IFSCA BULLETIN JJAANN--MMAARR 22002255 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY www.ifsca.gov.inThe IFSCA Bulletin is issued by the Division 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.inCHAIRPERSON’S DESK Aircraft Leasing: Taking Flight in GIFT IFSC The aviation sector has grown significantly expand/modernize their fleet without over the years due to increasing demand for incurring upfront capital expenditure and fast, reliable and secure means of transport. It thereby promoting greater financial efficiency is projected that the global revenues from the and flexibility. aviation industry will exceed 1 trillion dollars The positive outlook of the Indian aviation and the global passenger numbers will cross industry coupled with a strong order book the 5 billion mark in 20251. presented a unique opportunity to onshore the Over the last decade, the Indian aviation aircraft leasing and financing business, which, market has also grown exponentially on was previously being sourced from overseas account of a growing domestic economy, jurisdictions. Recognizing this opportunity and rising local demand and progressive policy considering the fact that aircraft leasing and reforms. This growth is reflected in the financing is one of the most profitable segments meteoric surge in domestic air passengers, in the aviation value chain, Government of whose number has more than doubled in the India in collaboration with IFSCA have past decade and catapulted India to emerge as undertaken significant steps to develop India’s the third largest domestic aviation market in maiden International Financial Services Centre the world, after USA and China.2 The number (IFSC) in GIFT City, Gujarat as a “Global of operational airports in the country has also doubled from 74 in 2014 to 1573 in 2024. To Aircraft Leasing and Financing Hub”. The cater to the rising demand, Indian airlines have green shoots from this strategic initiative are ordered record number of aircrafts, which are now clearly visible with the number of expected to be delivered over the course of registered aircraft lessors in IFSC growing to next decade or so. 33, which has leased 242 aviation assets including 90 aircrafts and 67 engines. It is The expansion of the global aviation industry noteworthy that leading airline operators such has also propelled the growth of aircraft leasing and financing business. Typically, an as Air India and Indigo have also set up their aircraft leasing transaction involves a leasing arms in IFSC. financial arrangement where an airline or an Following policy, regulatory and tax measures operator, leases an aircraft from a lessor, were carried out to facilitate the aircraft leasing instead of an outright purchase. Leasing of business from GIFT IFSC:- aircrafts allows commercial airlines to 1 3 IATA Ibid. 2 https://pib.gov.in/PressNoteDetails.aspx?NoteId=152143&reg =3&lang=1 IFSCA bulletin | JAN-MAR 2025CHAIRPERSON’S DESK 1) Ministry of Finance notified ‘Aircraft lease notice active participation by IBUs of Indian which shall include operating and financial banks in secondary transactions of lease and any hybrid of operating and commercial aircraft. It is relevant to highlight that the GIFT IFSC aircraft financing financial lease as ‘financial product’ under ecosystem is developing fast wherein IFSCA Act, 2019’. borrowers, lenders, security trustees, law 2) A comprehensive 'Framework for Aircraft firms and facility agents based in GIFT city Leases' was issued in 2022 by IFSCA have been facilitating the end-to-end 3) Directorate General of Civil Aviation execution of such transactions. (DGCA) exempted IFSC-based Aircraft leasing units from any approval/NOC for The Ministry of Civil Aviation is also actively working to align its legal framework with the import/acquisition of the Aircraft. Cape Town Convention (CTC), a global treaty 4) Government of Gujarat has provided that protects the rights of lessors to repossess waiver of stamp duty in relation to Aircraft leased equipment in case of payment defaults. leasing and financing in IFSC. The Protection and Enforcement of 5) Capital gains on transfer of aircrafts leased Interests in Aircraft Objects (PIAO) Act, by IFSC unit were made eligible for 100% 2025 enacted by Parliament, aims to prioritize tax deduction. the Cape Town Convention norms over other 6) Exemption from withholding tax on royalty domestic laws, including the Insolvency and payments by IFSC units to foreign entities Bankruptcy Code (IBC), 2016. This Act will on account of the lease of an aircraft. further augment aircraft leasing activities 7) Interest earned by non-resident financiers from IFSC by providing greater certainty and from IFSC units is not taxable in India. clarity to global lessors. 8) Exemption from withholding tax on lease GIFT IFSC, which is rapidly emerging as a new rentals paid by Indian lessee to IFSC age global financial center is well poised to leasing entity claiming tax holiday. become a leading global hub for aircraft leasing Recently, transactions where IBUs of both and financing business, thereby contributing to Indian as well as foreign banks have the growth of the Indian aviation sector. undertaken long tenor USD aircraft financing from GIFT IFSC for different kind of aircrafts have been observed. It is encouraging to K Rajaraman Chairperson, IFSCA IFSCA bulletin | JAN-MAR 2025IFSC BUSINESS HIGHLIGHTS Total IFSCA 865 Registrations Banking Assets Cumulative Banking Cumulative Transaction Derivatives trade (including NDF) 88.51 Bn 147.69 Bn 104.94 Bn USD ($) USD ($) USD ($) (as on Mar 2025) Banking Sector Avg. Monthly Turnover Cumulative Debt Listing Aggregate Open (IFSC Exchanges) on Exchanges Interest of all Derivatives Contract 92.15 Bn 65.10 Bn 12 Bn USD ($) USD ($) USD ($) (upto Mar 2025) (As on Mar 31, 2025) Capital Market No of Fund No. of Funds/Schemes Total Commitments Management Entities Registered Raised 162 229 15.74 Bn USD ($) Fund Management Total Sustainable Cumulative ESG No. of Debt Listings on Credit by Banks labelled Debt Listing on IFSC Exchanges IFSC Exchanges 2950 Mn 15.43 Bn 9 USD ($) USD ($) (as on Mar 2025) (During Jan-Mar 2025) Sustainable Finance No. of Qualified GOLD Traded on GOLD Traded on Suppliers | Jewelers | IIBX IIBX TRQ Holders 37 | 167 | 441 2.9 Bn Bullion No. of Insurance Premium written by Premium transacted Firms | Intermediaries IFSC Insurance by IFSC Insurance Office Intermediary Office 18 | 27 USD ($) USD ($) (as at end of Mar 2025) Insurance Sector No. of Registered No. of Aviation Assets No. of Ships Leased Aircraft | Ship Lessors Leased 33 | 24 242 18 Aircraft/Ship Leasing (as at end of Mar 2025) )lanoisivorp( )lanoisivorp( * (During Jan-Mar 2025) (During Jan-Mar 2025) (During Jan-Mar 2025) (upto Mar 2025) (upto Mar 2025) (upto Mar 2025) (During Oct 2024- Mar 2025) (Volume) (Value) 31.99 t USD ($) (as on Mar 2025) (During Jan-Mar 2025) (During Jan-Mar 2025) 61.70 Mn 125.60 Mn (During Jan-Mar 2025) (During Jan-Mar 2025) (month ended Mar 2025) (month ended Mar 2025) * Including In-Principle/ provisional registrationsContents _____________________________________________________________________________ Chairperson’s Desk............................................................................................................................................................1 IFSC Business Highlights.................................................................................................................................................3 List of Tables.......................................................................................................................................................................5 Regulatory and Other Updates.......................................................................................................................................7 Enforcement Actions.......................................................................................................................................................12 Public Consultation.........................................................................................................................................................13 Events and Outreach Activities....................................................................................................................................14 Current Statistics............................................................................................................................................................26List of Tables ____________________________________________________________________________ Table 1: Licenses/ Registrations issued by IFSCA based on SEZ LOAs..................................................................................................................26 Table 2: Approvals by SEZ Unit Approval Committee (prior to issue of IFSCA authorization)......................................................................27 Table 3: Number of IBUs......................................................................................................................................................................................................27 Table 4: Assets of IBUs........................................................................................................................................................................................................27 Table 5: Liabilities of IBUs..................................................................................................................................................................................................28 Table 6: Customer Deposits (in USD Mn).......................................................................................................................................................................28 Table 7: Customer Deposits................................................................................................................................................................................................28 Table 8: Derivative Outstanding of IBUs (USD Mn) (Notional)................................................................................................................................28 Table 9: ODI Outstanding of IBUs (USD Mn).................................................................................................................................................................29 Table 10: Industry wise credit exposure of IBUs.........................................................................................................................................................29 Table 11: Country wise exposure of IBUs.......................................................................................................................................................................30 Table 12: IFSC Stock Exchanges Turnover (Traded Value in USD Mn)..................................................................................................................30 Table 13: Aggregate Open Interest (OI) of all derivatives contracts on IFSC Stock Exchanges...................................................................31 Table 14: India INX Global Access....................................................................................................................................................................................31 Table 15: Trading in Global Exchanges through India INX Global Access (Traded Value: USD Mn).............................................................31 Table 16: Trading in Global Exchanges through India INX Global Access (Jan-Mar 2025: USD Mn)...........................................................31 Table 17: Capital Market Intermediaries as on Mar 31, 2025.................................................................................................................................31 Table 18: Demat accounts opened by the Depository during the Quarter...........................................................................................................32 Table 19: Settlement by Clearing Corporations...........................................................................................................................................................32 Table 20: Listing of debt securities at IFSC Exchanges (In USD Bn).....................................................................................................................32 Table 21: Listing of debt securities at IFSC Exchanges (During Jan-Mar 2025)................................................................................................32 Table 22: Overall Sustainable Financing by IBUs........................................................................................................................................................33 Table 23: Sector-wise classification of Sustainable Financing by IBUs...............................................................................................................33 Table 24: Written/ Transacted premium by IFSC Insurance Offices (IIOs) and Intermediary Offices (IIIOs)...........................................33 Table 25: Line of Business wise Direct Insurance Business (Life and General).................................................................................................34 Table 26: Line of Business wise Re-insurance Business...........................................................................................................................................34 Table 27: Claims data (Retail / Re-insurance).............................................................................................................................................................34 Table 28: Number of Fund Management Entities (FMEs) and Funds......................................................................................................................35Table 29: Investments by Fund Management Schemes at GIFT IFSC....................................................................................................................35 Table 30: Investors in IFSC Funds....................................................................................................................................................................................35 Table 31: Trends of Fund Management Activity...........................................................................................................................................................35 Table 32: Portfolio Management Services (PMS) as on Mar 31, 2025.................................................................................................................35 Table 33: Finance Companies/ Finance Units during Jan-Mar 2025.....................................................................................................................36 Table 34: Assets leased by AOL/ Ship Leasing Entities.............................................................................................................................................36 Table 35: Transactions financed by ITFS Platforms....................................................................................................................................................36 Table 36: Business details of Global/Regional Corporate Treasury Centres (GRCTC)....................................................................................36 Table 37: Business details of Core Finance Companies (e.g. Lending, Export financing)................................................................................36 Table 38: Participants on India International Bullion Exchange (IIBX)................................................................................................................36 Table 39: Regulated Entities/ Intermediaries on IIBX...............................................................................................................................................37 Table 40: Product-wise summary of trades on IIBX...................................................................................................................................................37 Table 41: FinTech Ecosystem in IFSC...............................................................................................................................................................................37 Table 42: Activity-wise break up of ancillary services entities including in-principle approvals................................................................38 Table 43: Activity-wise break up of BATF entities authorized including in-principle approvals..................................................................38IFSCA BULLETIN | JAN-MAR 2025 Policy and Regulatory Updates 7 Policy and Regulatory Updates _____________________________________________________________________________________ unit or FPIs in IFSC is now include within the Finance Act, 2025 section 10(4E) of the Act. 5 Definition of Capital Asset u/s 2(14) of the Act amended to treat investments made by SEBI and IFSCA registered Category I and II AIF as capital asset. 6 Extension of various sunset dates applicable for businesses in IFSC up to 31 March 2030: a. Section 10(4D): Commencement of operation for investment division of offshore banking unit to avail ‘specified Hon’ble Finance Minister proposed amendments to fund’ regime. the Income Tax Act for IFSC businesses in Budget b. Section 10(4F): Exemption on income of a for 2025-26. Finance Act, 2025 provides for: non-resident by way of royalty or interest, on account of lease of a ship or aircraft paid 1 Safe Harbour Regime u/s 9A for Offshore Funds by an IFSC unit. managed by Fund managers in India subject to c. Section 10(4H): Exemption from capital conditions. One of the conditions include limit gains on transfer of shares of IFSC SPV or on direct or indirect participation or investment Intermediate IFSC company. in the offshore Fund, by persons resident in d. Section 47(viiac) & 47(viiad): Tax neutral India to 5% of the corpus of the Fund. Finance relocation of Offshore fund to IFSC and Act, 2025 removed this condition on indirect e. Section 80LA: Tax holiday on income from contribution by persons resident in India for transfer of aircraft/ship eligible Funds managed by Fund managers in India. Indian and IFSC Fund Managers can now 7 The Finance Act 2025 has provided relaxation manage global Funds. to Global Treasury Centres in IFSC and group entities from deemed dividend provisions u/s 2 ‘Specified Fund Tax Regime’ available to retail 2(22)(e) of the Act, if the principal/ parent schemes/ ETFs in IFSC u/s 10(4D) of the Act entity of the group is listed, subject to was subjected to onerous conditions limiting conditions. basic business structure. Prescription of additional conditions for the funds in IFSC to 8 The Finance Act 2025 has provided following avail the regime is removed under the Finance exemptions for ship leasing entities in IFSC: Act, 2025. a. Dividend income from SPV to IFSC ship leasing entity u/s 10(34B) of the Act. 3 The Finance Act 2025 has allowed tax neutral b. Capital gains on transfer of shares of SPV by relocation to retail funds/ETFs in IFSC u/s IFSC ship leasing entity or non-resident u/s 47(viiac) and 47(viiad). 10(4H) of the Act. 4 The Finance Act 2025 extended the exemption 9 The Finance Act 2025 provides for exemption u/s 10(4E) to non-residents on specified on the proceeds received on life insurance policy incomes earned from NDF/ ODI/OTC contracts u/s 10(10D) of the Act. entered into with any IFSC unit, being an FPI. Further, distribution of income on OTC 10 Withholding tax rate on any payments made by contracts entered into with an IFSC banking Securitization Trust in India to Specified FundsIFSCA BULLETIN | JAN-MAR 2025 Policy and Regulatory Updates 8 in IFSC (being Indian tax resident) reduced with authorised dealers to be used for all business- from 30% to 10% u/s 194LBC of the Act. related transactions of the IFSC unit. The Authority has directed all IBUs to coordinate with their counterparts in the HO to ensure that internet Banking banking facilities are made available for SNRR accounts of IFSC units held with their counterparts. List of Public Holidays and banking business hours for IBUs (January 17, 2025) Amendment to the Circular on permissible transactions through the SNRR accounts of IFSC The list of public holidays and banking business hours for IBUs were specified vide this circular and units (February 18, 2025) aligned the holiday calendar to that followed by the The circular amends a previous circular on Special Gujarat Government. The circular also mentioned Non-Resident Rupee (SNRR) accounts for IFSC that IBUs shall make necessary arrangements to units. It clarifies that IFSC units may open SNRR provide banking services beyond the banking accounts with authorised dealers in India for business hours to meet the specialised banking business transactions outside IFSC. However, all service requirements of its clients. financial service-related monetary transactions Further circular also mentioned that IBUs shall must be routed through IFSC banking units only. communicate its banking business hours, including business hours to meet specialised banking service Consolidated IFSCA (Registration of Factors and requirements of its clients, to the Authority and to Registration of Assignment of Receivables) its clients and other constituents. Regulations (March 13, 2025) Permissible transactions through the Special Non- IFSCA has issued consolidated regulations Resident Rupee (SNRR) accounts of IFSC units - (amended up to February 13, 2025) for the Amendment (January 29, 2025) registration of factors and assignment of receivables. These regulations outline the The circular was issued for all financial institutions procedure for granting registration certificates to in IFSC to note that an amendment to the Foreign factors and the process for filing transaction Exchange Management (Deposit) Regulations, particulars with the Central Registry through the 2016 (“the regulations”), notified on January 14, Trade Receivable Discounting System (TREDS). 2025, now permits a unit in IFSC to open an SNRR account with an authorised dealer in India (outside Fund Management IFSC) for its business-related transactions outside IFSC. IFSCA (Fund Management) Regulations, 2025 Prior to the abovementioned amendment, SNRR notified (February 19, 2025) account was to be used for business related transactions like administrative expenses in INR With the aim of fostering a robust and globally outside IFSC, INR amount from sale of scrap, competitive fund management ecosystem, IFSCA government incentives in INR, etc. undertook a comprehensive review of the IFSCA (Fund Management) Regulations, 2022. The Internet banking facilities for the Special Non- review, guided by the objective to simplify Resident Rupee (SNRR) accounts of IFSC units - regulations and reduce compliance burden while ensuring investor protection, aimed to strengthen Amendment (January 29, 2025) the regulatory framework while preserving its Based on the amendment to the Foreign Exchange foundational principles. Management (Deposit) Regulations, 2016 (“the Pursuant to an extensively consultative approach, regulations”) notified on January 14, 2025, which the draft of the reviewed regulations was submitted now permits SNRR accounts of IFSC units opened in the Authority meeting held in December 2024,IFSCA BULLETIN | JAN-MAR 2025 Policy and Regulatory Updates 9 and notified in the Official Gazette on February 19, eligibility criteria for onboarding of RTP was 2025, as the IFSCA (Fund Management) revised. RTPs have now been permitted from 28 Regulations, 2025. Aligned with global best jurisdictions in comparison to 13 permitted practices, these regulations encourage innovation jurisdictions. Additionally, the members of global and enhance the ease of doing fund management stock exchanges are not regulated by securities activities in IFSC. market regulator in their home jurisdiction have also been permitted to be onboarded as RTP, Appointment and Change of Key Managerial subject to fulfilment of conditions as specified in the circular. Personnel by a Fund Management Entity (February 20, 2025) Contribution to Settlement Guarantee Fund (SGF) To promote greater accountability within FMEs (March 07, 2025) while furthering its commitment to ease of doing The IFSCA (Market Infrastructure Institutions) business, IFSCA issued a circular on February 20, Regulations, 2021, requires a recognised clearing 2025, outlining a clear and standardised process for corporation to establish and maintain a SGF to the appointment and change of Key Managerial guarantee the settlement of trades executed on a Personnel (KMP) of the FMEs. stock exchange. The SGF may comprise of contributions from clearing members, recognised Capital Markets clearing corporation and recognised stock exchange. A circular was issued to clarify that the Extension of timeline for implementation of the contribution of clearing corporation to its SGF shall be considered as part of its net worth. Additionally, Circular titled “Complaint Handling and Grievance the interest on cash contribution to the SGF would Redressal by Regulated Entities in the IFSC” also accrue to the SGF and pro-rata be attributed to (January 13, 2025) the contributors in proportion to their contribution. IFSCA issued a circular titled “Complaint Handling Metals & Commodities and Grievance Redressal by Regulated Entities in the IFSC” (“the Circular”) on December 02, 2024, mandating Regulated Entities to align their Liquidity Enhancement Scheme for Bullion complaint handling procedures with the norms and Exchange (February 04, 2025) requirements specified in the Circular, w.e.f. January 15, 2025. This circular was issued to permit the Bullion Exchange in the IFSC to introduce one or more Subsequently, IFSCA received representations from Liquidity Enhancement Schemes (LES) to enhance Regulated Entities requesting an extension of the liquidity of illiquid commodity derivatives timeline, citing operational challenges in contracts, with the prior approval of its Governing implementing the Circular. After careful Board. The Bullion Exchange shall formulate its consideration, IFSCA issued another circular on own benchmarks for selecting the securities for January 13, 2025, extending the timeline for liquidity enhancement with the broad objective of implementation of the said Circular to April 1, 2025. enhancing liquidity in illiquid securities. Circular on Remote Trading Participants on the IFSCA (Bullion Market) Regulations, 2025 notified Stock Exchanges (February 11, 2025) (February 13, 2025) In partial modification to the circular issued on The IFSCA (Bullion Market) Regulations, 2025 April 03, 2024, titled “Remote Trading Participants (have been notified in the Official Gazette on on Stock Exchanges in the IFSC”, this revised February 13, 2025. The IFSCA (Bullion Market) circular was issued, which modifies the eligibility Regulations, 2025 replace the IFSCA (Bullion criteria for onboarding of RTPs in IFSC. The Exchange) Regulations, 2020, which were notifiedIFSCA BULLETIN | JAN-MAR 2025 Policy and Regulatory Updates 10 on December 04, 2020. The amendments to the issued a circular to enable lessors in IFSC to IFSCA (Bullion Exchange) Regulations were purchase assets covered under the AL Framework notified on July 05, 2021, which, among other from Indian manufacturers. things, introduced Regulation 59 to make applicable the IFSCA (Market Infrastructure Cyber Security Institutions) Regulations, 2021, in case of any conflict or inconsistency on the same subject Guidelines on Cyber Security and Cyber Resilience matter, with the IFSCA (Bullion Exchange) Regulations, 2020. for Regulated Entities in IFSCs (March 10, 2025) Apart from furthering the objective of price The Guidelines on Cyber Security and Cyber discovery for bullion taking place through Bullion Resilience for Regulated Entities (REs) were Exchange in GIFT IFSC, the Bullion Market prescribed in order to ensure that the operations of Regulations are expected to usher in further ease of REs and the stability of financial ecosystem in doing business, clarify the intent of certain GIFT-IFSC at large are not compromised from regulatory provisions and introduce safeguards as cyber threats. Taking into consideration the diverse are deemed necessary for the protection of business functions of REs in IFSC, ranging from customer’s interest in the bullion market ecosystem institutions like banks to ancillary service in the IFSC. providers, the Guidelines were made principle based, and REs were prescribed to ensure AML & CFT implementation of these Guidelines in accordance with the principle of proportionality, taking into consideration their exposure to cyber threats. The Registration on FIU-IND FINGate 2.0 portal for Guidelines have been categorized under five key compliance with IFSCA (Anti Money Laundering, components viz. Governance, Cyber security and Counter-Terrorist Financing and Know Your cyber resilience framework, Third party risk management, Communication & awareness, and Customer) Guidelines, 2022 (February 25, 2025) Audit. A provision has also been made for REs meeting certain conditions to be exempted from the Under this Circular the Regulated Entities are required to complete their registration on FIU-IND requirements of these Guidelines. portal prior to commencement of business and in case of an urgency to commence business, the Office of Administrator (IFSCA) registration shall be completed within 30 days from the date of commencement of business. Application for setting up of new unit in GIFT-IFSC The Regulated Entities shall also ensure that any (February 18, 2025) addition or modification to their Line of Business is updated on the FIU-IND portal within a period of The office of Administrator (IFSCA) has issued thirty days from the date of commencement of such PUBLIC NOTICE No. 04/2024-25 dated February an additional Line of Business." 18, 2025, advising that entities applying to set up Units in GIFT IFSC must ensure their SEZ applications submitted via the IFSCA's SWIT portal Finance Company or SEZ Online portal, as the case may be, are complete in all respects with all required Framework for Aircraft Lease (February 26, 2025) documents attached. The Unit Approval Committee (UAC) will consider only complete applications. IFSCA issued a consolidated circular on Any incomplete or deficient applications filed on or 'Framework for Aircraft Lease’ (‘AL Framework’), after March 1, 2025, will be returned for which incorporates changes made to the AL rectification and will be taken up only upon Framework vide earlier circulars dated October 30, resubmission in complete form. 2024, and February 26, 2025, pertaining to transactions with persons resident in India. IFSCAIFSCA BULLETIN | JAN-MAR 2025 11 Office of Administrator (IFSCA) Releases FAQ Ancillary Services Booklet Related to SEZ Compliances for IFSC Units Business Performance and Employment (March 28, 2025) Contribution by Ancillary Service Providers The office of Administrator (IFSCA) has released a Special Economic Zone (SEZ) Compliance FAQ During the fourth quarter of the financial year Booklet today as a measure to ensure better 2024–25, the Authorized Ancillary Service understanding of the provisions of SEZ Act/Rules, Providers reported an impressive revenue from minimize the compliance burden and increase the business exceeding USD 10.01 million, reflecting overall regulatory clarity in GIFT-IFSC. This robust business growth and operational efficiency. Booklet has been designed to give comprehensive As of March 31, 2025, Ancillary Service Providers information and guidance regarding SEZ provisions have significantly contributed towards employment covering the whole life cycle of a Unit in GIFT-IFSC, generation within the GIFT IFSC ecosystem, having right from application for SEZ LOA till the Exit of created job opportunities for approximately 610 the unit. skilled professionals; GIC has contributed to Developed as part of IFSCA's commitment to a creation of around 2400 employment till date since simplified regulatory framework, the FAQ Booklet inception. This workforce includes Chartered serves as a quick reference guide, offering clear Accountants (CAs), Company Secretaries (CSs), and explanations on procedures, documentation other qualified professionals, reinforcing the requirements, and approval timelines. Designed in critical role of ancillary services in supporting the response to industry feedback, this user-friendly broader financial services architecture of the GIFT- resource streamlines regulatory processes and IFSC. enhances operational efficiency for businesses Global Presence of Entities within the IFSC within GIFT IFSC. Ancillary Services Ecosystem Other Updates The Ancillary Services ecosystem within the International Financial Services Centre (IFSC) is Metals and Commodities currently home to a diverse range of entities representing multiple jurisdictions worldwide. Total gold imported through IIBX since launch has These include United States, Netherlands, United crossed 101 tonnes valuing USD 8.46 billion Kingdom, France, Singapore, Hong Kong, approx. Philippines, Australia, and several other key international markets. This global footprint underscores the IFSC's increasing appeal as a strategic and competitive location for businesses.IFSCA BULLETIN | JAN-MAR 2025 Enforcement Actions 12 Enforcement Actions _____________________________________________________________________________________ IFSCA through Enforcement Division initiated management entity, post issuance of Show enforcement actions against IFSC units in violation Cause Notice, to ensure that the principles of of the regulatory requirements under the applicable natural justice are being followed as part of the IFSCA regulations. The details of enforcement enforcement process. action taken in brief are: 3. Cancellation of Authorization/Approval: IFSCA 1. Issuance of Show Cause Notice: IFSCA issued a has cancelled the authorization granted to show cause notice against a fund management Prowess Insurance Brokers Pvt. Ltd. (PIBPL entity on account of non-compliance with the IFSC Branch) under IFSCA (Insurance requirements under the IFSCA (Fund Intermediary) Regulations, 2021. Management) Regulations, 2022. The aforementioned actions (1,2 &3) were taken by 2. Hearings post issuance of Show Cause Notice: exercising powers granted to IFSCA under Section IFSCA granted hearing opportunity to a fund 12 & 13 r/w Schedule I of the IFSCA Act, 2019.IFSCA BULLETIN | JAN-MAR 2025 Public Consultation 13 Public Consultation _____________________________________________________________________________________ Expert Committee on Asset Tokenization, to the Fund Management wider audience of relevant stakeholders and domain experts, in order to identify proportional, Consultation paper on SPV framework under IFSCA reasoned and acceptable means of tackling these (Fund management) Regulations, 2022 (January challenges. 09, 2025) Insurance IFSCA issued a consultation paper to seek comments and suggestions from the public and Consultation paper on Proposed IFSCA Circular on stakeholders on SPV framework under IFSCA (Fund management) Regulations, 2022. The Securitization requirements by overseas insurers or purpose of the framework is to promote ease of re-insurers for providing insurance covers to doing business and facilitate the growth of entities regulated by the IFSCA (February 26, 2025) alternative investment industry in the IFSC. The IFSCA’s draft circular outlines securitization Capital Markets requirements for overseas insurers/re-insurers providing insurance to REs in GIFT-IFSC. It proposes safeguards such as maintaining a fixed Regulatory Approach towards Tokenization of Real- deposit (50% of premium) or an irrevocable letter World Assets (February 26, 2025) of credit (75% of liabilities) with IFSC banks. The aim is to balance flexibility for REs with financial Acknowledging the potential of tokenization of real- stability. The objective of this consultation paper is world assets to transform international financial to seek comments / views/ suggestions from public systems, a consultation paper was issued to invite on the proposed Securitization requirements by public comments on regulatory approach towards overseas insurers or re-insurers for providing tokenization of real-world assets in GIFT IFSC. insurance covers to entities regulated by the IFSCA. IFSCA wishes to leverage the unique position of GIFT IFSC and its accompanying advantages for the creation of a thriving digital token ecosystem for Finance Company real-world assets in GIFT IFSC. Public Consultation - Enabling Operating Lease The objective of this consultation paper is to elucidate the viewpoint of IFSCA on the need, Including any Hybrid of Operating and Financial approach and suitable measures to be adopted for Lease of Oilfield Equipment as a Financial Product the regulation of tokenization of certain real-world (March 07, 2025) assets, including financial securities such as funds, bonds, stocks, etc. and other financial products IFSCA issued a consultation paper to gather public such as payments, deposits, bills receivables, feedback on a proposal to specify "oilfield precious metal bullion, commodities, intellectual equipment" as a financial product under the IFSCA property and commercial real estate. Act 2019, so as to enable it as an eligible equipment Simultaneously, IFSCA has put forth the regulatory to be leased by financial institutions in the IFSC. hurdles and challenges identified by it and by theIFSCA BULLETIN | JAN-MAR 2025 Events and Outreach Activities 14 Events and Outreach Activities _____________________________________________________________________________________ supporting India’s ambitious vision for 𝗩𝗶𝗸𝘀𝗶𝘁 Developmental Activities 𝗕𝗵𝗮𝗿𝗮𝘁 @𝟮𝟬𝟰𝟳. Global Securities Market Conclave (GSMC) 1.0 Shri Rajaraman highlighted the reforms carried out by the Government of India and financial sector IFSCA, in coordination with NSE IX, India INX, regulators in the recent past, which lay the NSE ICC, India ICC, IIDL, and IIBX organized the foundation of India’s growth journey while inaugural edition of the 𝐆𝐥𝐨𝐛𝐚𝐥 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 outlining the 5 key dimensions to achieve the vision 𝐂𝐨𝐧𝐜𝐥𝐚𝐯𝐞 𝟏.𝟎 on January 16-17, 2025, at the GIFT of Viksit Bharat - transformational reforms such as City Club, Gandhinagar. The event was dedicated to legal and financial sector reforms to enhance ease fostering innovation and sustainability in the global of doing business; infrastructure development and securities markets ecosystem. achievement of net-zero target, both of which would require innovative ways of bridging the financing gap; strengthening the manufacturing sector; and development of talent. The Chairperson reiterated IFSCA's commitment to the vision of Viksit Bharat and encouraged market participants to support this objective. The program commenced with a warm welcome address by Shri Pradeep Ramakrishnan, Executive Director, IFSCA, followed by the keynote address by Shri K Rajaraman, Chairperson, IFSCA. Later, in an engaging session on the subject ‘𝗚𝗜𝗙𝗧 𝗜𝗙𝗦𝗖: 𝗖𝗼𝗻𝗻𝗲𝗰𝘁𝗶𝗻𝗴 𝗜𝗻𝗱𝗶𝗮 𝘄𝗶𝘁𝗵 𝗚𝗹𝗼𝗯𝗮𝗹 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀’, Dr. Dipesh Shah, Executive Director, IFSCA, highlighted the remarkable growth that GIFT-IFSC The Chairperson, in his address, highlighted the has witnessed under various verticals since IFSCA transformation of IFSCA’s initial mandate from assumed charge as the unified regulator. ‘𝗼𝗻𝘀𝗵𝗼𝗿𝗶𝗻𝗴 𝘁𝗵𝗲 𝗼𝗳𝗳𝘀𝗵𝗼𝗿𝗲’ to its renewed focus onEvents and Outreach Activities 15 IFSCA BULLETIN | JAN-MAR 2025 Dr. Shah outlined the opportunities available in IFSCA-IRDAI GIFT IFSC Global Reinsurance GIFT-IFSC for participants from various spheres of Summit 2025 the financial sector, particularly in the capital markets domain, and encouraged the participants IFSCA-IRDAI GIFT IFSC Global Reinsurance to engage with IFSCA to explore and unlock new Summit was held on January 20, 2025, at Hotel Taj opportunities. Lands End, Mumbai. This one-day summit was jointly organised by the International Financial Service Centres Authority (IFSCA), the Insurance Regulatory and Development Authority of India (IRDAI), and GIFT City, to interact with Global Reinsurers. The Summit was attended by business leaders from the insurance and reinsurance sector, consultants, brokers, lawyers, academic institutions, Associations, and other relevant stakeholders. India Digital Summit 2025 The Internet and Mobile Association of India (IAMAI) organized the 19th edition of the India The second edition of the IFSCA-IRDAI GIFT IFSC Digital Summit (IDS) on January 16-17, 2025, in Global Reinsurance Summit 2025 commenced with New Delhi. As part of the summit, Dr. Dipesh Shah, an inspiring welcome address delivered by Shri Executive Director, IFSCA, spoke at the fireside Praveen Trivedi, Executive Director, IFSCA. Shri chat on “The GIFT of Opportunity: The Strategic Trivedi emphasized the overwhelming response to Advantage of setting up GCCs in IFSCA”. During the the summit, with over 340 distinguished chat, Dr. Shah highlighted the strategic benefits of participants registering from 26 countries, GIFT IFSC for global institutions along with the including 110 international dignitaries, as well as opportunities in GIFT IFSC, particularly focusing representatives from banks, academic institutions, on the advantages of setting up a Global Capability law firms, and insurance and reinsurance firms. Center (GCC) in IFSC. Dr. Shah also emphasized This impressive participation highlights the the strategic benefits of GIFT IFSC for global growing global interest generated by IFSCA. institutions. Shri K Rajaraman, Chairperson IFSCA, in his keynote address, highlighted India’s growth journey driven by increased economic activity andEvents and Outreach Activities 16 IFSCA BULLETIN | JAN-MAR 2025 legislative reforms, financial inclusion and capital destination, catering to international businesses market expansion. He emphasized that the bottom and investors. He highlighted how the regulatory of the pyramid will drive the generation of domestic framework designed by the IFSCA has created an capital which will ultimately contribute to the enabling environment for insurance and India's growth story. He also outlined the key pillars reinsurance companies to establish and thrive, with for achieving the vision of Viksit Bharat 2047, a progressive, tax-efficient, and business-friendly including business-friendly regulations; ecosystem that aligns with global best practices. infrastructure development; green investments towards achievement of net-zero; technological ICAI World Forum of Accountants (WOFA) 2025 advancement and human resource development. He also reiterated the importance of insurance and The Institute of Chartered Accountants of India reinsurance businesses in GIFT IFSC to strengthen (ICAI) hosted the World Forum of Accountants India’s financial ecosystem. He highlighted the (WOFA) 2025, from January 31 to February 2, complementary efforts of IFSCA and IRDAI in 2025, at the Yashobhoomi, India International fostering the growth of insurance industry in Convention and Exhibition Centre (IICC) in New achieving the goal of 'insurance for all' by 2047. Delhi. Dr. Dipesh Shah, Executive Director, IFSCA, participated in an engaging session on Investment Opportunities in India: Inbound and Outbound as part of the WOFA. During the session, Dr. Shah delivered a presentation on ‘Overall Opportunities for Chartered Accountants in India’s International Financial Services Centre.’ During the summit, Dr. Dipesh Shah, Executive Director, IFSCA, made an insightful presentation on the evolution and growth journey of GIFT IFSC as a premier global financial hub. His session, titled “Unveiling the Journey of GIFT IFSC, developing a New Financial Jurisdiction”, provided an in-depth overview of the key milestones, regulatory advancements, and the vast business opportunities available within GIFT IFSC, with a special focus on the insurance and reinsurance sector. Indian Venture and Alternate Capital Association (IVCA) Conclave 2025 Sh. K Rajaraman, Chairperson IFSCA, Dr. Dipesh Shah, Executive Director, and Sh. Pavan Shah, General Manager, attended the IVCA Conclave 2025 in Mumbai on 12 February 2025. Speaking at the session "Innovative Financing: Intersection of Large Capital Flows and Newer Fund Jurisdictions,", the Chairperson emphasized the significant progress made in GIFT-IFSC after setting up of IFSCA. He also reaffirmed IFSCA’s Dr. Shah emphasized GIFT IFSC's strategic role in commitment to investor protection and market positioning India as a competitive global financial integrity.Events and Outreach Activities 17 IFSCA BULLETIN | JAN-MAR 2025 Later, as part of the event, Dr. Shah participated in the CEO World Innovation Index Roundtable to discuss the emerging technologies, opportunities, Dr. Dipesh Shah, made an insightful presentation and challenges in the Indian Ecosystem. Dr. Shah where he highlighted the progress made under also emphasized the role of IFSCA as a new and different business segments with special emphasis unified regulator. on the growing Fund Ecosystem at the IFSC. On the sidelines, an interactive roundtable was held with fund managers and market participants to create greater awareness about GIFT and also to garner feedback on the regulatory framework for Fund Management in IFSC. NIVESH - DESH VIDESH 2025 NRI Money Clinic, a YouTube channel, hosted a two-day Annual Global Investors Conference by the name NIVESH - DESH VIDESH 2025 on February 21-22, 2025, in Mangalore. Dr. Dipesh Shah, Executive Director, IFSCA, attended the conference and delivered a comprehensive presentation on "𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀 𝗳𝗼𝗿 𝗡𝗥𝗜𝘀 𝗮𝗻𝗱 𝗜𝗻𝗱𝗶𝗮𝗻 𝗗𝗶𝗮𝘀𝗽𝗼𝗿𝗮 𝗶𝗻 𝗚𝗜𝗙𝗧 𝗜𝗙𝗦𝗖". Over 3000 NRIs and Indian Diaspora SmartTech Asia 2025 from 72 countries joined in live to listen to Dr. Shah. The event also witnessed participation from over Dr. Dipesh Shah, Executive Director, IFSCA, 150 CXOs from the financial services industry attended the SmartTech Asia 2025 in Mumbai on including professional service providers, law firms, February 13, 2025. Dr. Shah, along with other key etc. dignitaries, inaugurated the ceremony and addressed the audience covering the role and opportunities in the GIFT IFSC for the technology companies.Events and Outreach Activities 18 IFSCA BULLETIN | JAN-MAR 2025 Luxembourg Fund Industry Seminar Indian become global champions with efficient finance and streamlined regulations, by the year Dr. Dipesh Shah, Executive Director, IFSCA, 2047." He also elaborated on GIFT City's vision for participated and delivered a keynote speech on 2047, which is to nurture global corporate “GIFT IFSC: Opportunities for Luxembourg’s fund champions from India by providing cost-efficient industry & investors” at the Luxembourg Fund capital, reducing regulatory burdens, and fostering Industry Seminar co-organized by Association of a competitive environment. This vision is supported Luxembourg Fund Industry and LPEA - by the IFSC's initiatives, which have improved Luxembourg Private Equity & Venture Capital fundraising opportunities, risk management, and Association. During his address, Dr. Shah competitive advantages, particularly for CPSEs. highlighted opportunities for Luxembourg’s fund industry and investors in GIFT IFSC. IFSCA CPSE SUMMIT 2.0: Opportunities in GIFT Shri Pankaj Jain, Secretary, Ministry of Petroleum IFSC and Natural Gas, during his speech, stated, “IFSC To sustain growth momentum and highlight transforms India into a global finance powerhouse, business opportunities for Public Sector simplifying aircraft leasing and borrowing, and Enterprises (PSEs) in GIFT IFSC across areas such corporate expansion." as capital raising, sustainable finance, treasury operations, aircraft and ship leasing, insurance, InVITs, and REITs, IFSCA organized the "IFSCA CPSE SUMMIT 2.0: Opportunities in GIFT IFSC" on February 7, 2025. The summit brought together representatives, including policymakers, industry leaders, financial experts, and senior executives such as CEOs and CFOs from Central Public Sector Enterprises (CPSEs) and leading State Public Sector Enterprises. The event featured insightful keynote addresses and discussions that explored the vast business opportunities for public sector enterprises in GIFT IFSC, aligning with the evolving global financial services landscape. Dr. Dipesh Shah, Executive Director, IFSCA, in his speech emphasized that GIFT IFSC is evolving as a Shri K. Rajaraman, Chairperson, IFSCA, during his beacon of financial innovation and growth, offering address, stated, "IFSCA's unified regulatory an unparalleled ecosystem for global business framework in GIFT City has catalyzed India's transactions and investments. financial sector growth, empowering companies toEvents and Outreach Activities 19 IFSCA BULLETIN | JAN-MAR 2025 leap, aligning CPSEs with international capital for the Viksit Bharat 2047 vision." Shri Ashutosh Sharma, Chief General Manager, IFSCA, reiterated that IFSC boosts India's economy with cutting-edge trade finance, treasury strategies, Shri Balamurugan D., Joint Secretary, MCA, stated, and maritime leasing innovations. "MCA's strategic amendments to the Companies Act propel GIFT IFSC as a global financial hub, easing compliance and fueling investment." Shri Supriyo Bhattacharjee, Chief General Manager, IFSCA, also mentioned that IFSC's Global Treasury Centres epitomize the future of finance, offering a seamless and efficient gateway for cross- border financial services and treasury operations. IFSCA Delegation visit to United Kingdom and Republic of Ireland IFSCA Delegation led by Shri K. Rajaraman, Chairperson, IFSCA to the United Kingdom & Republic of Ireland from March 17-21, 2025, held various conferences, meetings and roundtable interactions: Conference on “Business Opportunities in India’s maiden IFSC at GIFT City Conference was organized to showcase and deliberate upon the emerging business opportunities in India’s maiden IFSC at GIFT City. The Conference witnessed participation from Smt. Surabhi Jain, Joint Secretary, DEA, noted, senior government officials, financial sector "GIFT IFSC's ascent fuels India's global financialEvents and Outreach Activities 20 IFSCA BULLETIN | JAN-MAR 2025 leaders, and key stakeholders from both India and Interaction with members of Chartered the UK. Association of Business Schools: Roundtable interaction on International Branch Campus opportunities for Irish Universities in GIFT IFSC: Seminar on Fund Management Opportunities in GIFT IFSC A seminar on “Fund Management Opportunities in GIFT IFSC, India” was organised with the objective of deepening awareness and engagement with the UK-based asset management and financial services community. The seminar witnessed participation from industry representatives, professionals, and regulatory officials. Roundtable interaction on International Branch Campus opportunities for UK Universities in GIFT IFSC: Outreach Activities with Foreign Universities Interaction on Book-keeping, Accounting, Shri K. Rajaraman, Chairperson, IFSCA, led Taxation and Financial Crime Compliance delegation highlighted India’s growth story, the role Services in IFSC with ICAI and ACCA of IFSC in Viksit Bharat 2047, and gave Shri K. Rajaraman, Chairperson of IFSCA, comprehensive overview of the regulatory highlighted India’s unique positioning as the framework under the IFSCA for International "Talent Capital of the World" and reaffirmed GIFT Branch Campuses and Offshore Education Centres. City’s role as India’s first International Financial The delegation elaborated on Government of Services Centre (IFSC), offering global financial India’s vision to develop GIFT City not only as a institutions and professional service providers a financial services centre but also as a vibrant robust regulatory framework, world-class offshore education destination. infrastructure, and a tax-competitive regime. He emphasized the critical role that accounting, taxation, and compliance professionals play in building trust, ensuring transparency, and enablingEvents and Outreach Activities 21 IFSCA BULLETIN | JAN-MAR 2025 efficient cross-border financial flows, particularly as a reliable and competitive jurisdiction for for financial institutions, fund managers, fintechs, international financial services. He invited global and family offices operating in the IFSC. players to explore trade financing structures and cross-border opportunities using GIFT IFSC as a Dr. Dipesh Shah, Executive Director, IFSCA, base. delivered a detailed presentation on the regulatory framework, recent guidelines under the IFSCA (BATF Services) Regulations, 2024, and business opportunities for global and Indian accounting firms to establish operations in GIFT IFSC. Interaction with The Institute of Chartered Accountants of India (ICAI) UK: Mr. Ashutosh Sharma provided a detailed presentation on the regulatory framework and business incentives for ITFS platforms, pointing to operational ease and the evolving global investor interest in the GIFT ecosystem. Meeting with Mr. Chris Hayward, Policy Chairman, City of London Corporation Interaction with Association of Chartered Certified Accountants (ACCA) London: A constructive and forward-looking interaction was held to explore avenues for structured cooperation. The meeting underscored a shared vision to strengthen bilateral financial collaboration and identified three key areas for future engagement. Interaction on Trade Finance in London At a roundtable of Factors and Trade finance companies organised by RXIL in London, Chairperson of IFSCA highlighted the growing importance of trade finance in strengthening global supply chains and underscored India’s emergenceEvents and Outreach Activities 22 IFSCA BULLETIN | JAN-MAR 2025 Interaction with Ship Leasing and Shipping ncluding lessors, tax advisors, legal experts and Insurance Business policy representatives, to deliberate on the growing opportunities for collaboration in the aircraft Mr. Ashutosh Sharma initiated the discussions with leasing sector between Ireland and India, an overview of the regulatory framework governing particularly through GIFT IFSC. financial activities in GIFT IFSC and specifically highlighted the progress made under the IFSCA Shri K. Rajaraman articulated India’s ambition to (Finance Company) Regulations, 2021. position GIFT IFSC as a global hub for aircraft leasing and aviation finance, modelled after leading jurisdictions like Ireland. He highlighted the significant regulatory progress made by IFSCA and the broader institutional support from the Government of India to attract and sustain global leasing firms in India. Interaction on Global Capability Centre and Global Treasury Centre Opportunities at GIFT IFSC Shri K. Rajaraman highlighted the importance of GCCs and GTCs in enabling global firms to optimize Shri Ashutosh Sharma outlined the institutional their operations and consolidate strategic decision- support available to aircraft leasing firms, including making from a competitive jurisdiction like GIFT a robust framework designed to provide tax City. neutrality, streamlined approvals, and regulatory Mr. Ashutosh Sharma delivered a detailed clarity. presentation highlighting the unique and distinct features of GIFT IFSC and the regulatory Capital Markets framework under the IFSCA Global In-house Centres (GIC) Regulations, 2020. He explained how Interactive session on “Navigating GIFT City GIFT IFSC offers a differentiated value proposition Issuances” through a combination of regulatory ease, fiscal incentives, and international-grade infrastructure. IFSCA, CareEdge Global, and India INX on February 27, 2025, participated in an interactive Meeting with Financial Conduct Authority session, tilted "The Dialogue", that focused on FCA, UK Navigating GIFT City Issuances. This event brought With emphasis GIFT IFSC’s role as India’s together key industry stakeholders, thought emerging global financial hub, discussions held to leaders, and financial experts to explore the strengthen regulatory cooperation, future opportunities and advantages of raising funds collaboration, and covering elements such as through GIFT IFSC. evolving regulatory landscape in financial services ecosystem and providing fair value and transparent services to customers. Interaction with Aircraft Leasing Stakeholders An engaging and well-attended interaction was convened in Dublin with around 100 participants from the aircraft leasing ecosystem. The session brought together a wide spectrum of stakeholdersEvents and Outreach Activities 23 IFSCA BULLETIN | JAN-MAR 2025 IOSCO-APRC Meetings On the sidelines of the APRC meeting, the IFSCA Chairperson met with the delegation of ASIC IFSCA Delegation led by Shri K. Rajaraman, (Australia), SEC (Thailand) and SEC (Sri Lanka). Chairperson, IFSCA, during their visit to Vietnam, The purpose of the meetings was to provide a held various meetings as follows: lowdown on the opportunities available at GIFT IFSC to the delegation and to discuss bilateral 1. APRC Supervisory Directors' Meeting: matters. The Meeting held on February 19, 2025, Sustainable Finance encompassed a comprehensive discussion of Virtual Assets, Use of Technologies – Gen AI Symposium on Sustainable Finance: Driving and RegTech, Cybersecurity, Supervisory work Sustainability through GIFT IFSC and approaches. IFSCA in partnership with India INX, (a subsidiary 2. IOSCO Asia Pacific Regional Committee of BSE), and the Institute of Cost Accountants of Plenary Meeting: India (ICMAI) through its Sustainability Standards organised the Symposium on Sustainable Finance The meeting included detailed discussions on on January 24, 2025. The event brought together various key points such as Update on IOSCO’s policymakers, industry leaders, and experts to key developments, Scams and online harms, explore innovative pathways for sustainability Roundtable discussion on public markets, Use within the GIFT-IFSC ecosystem. The event of Technologies in Supervision and commenced with a welcome address by CMA Dr. Enforcement, Sustainable Finance, Fintech, etc. Ashish P. Thatte and CMA Mr. Ashwin Dalwadi, followed by inaugural addresses by Dr. Praveen 3. SSC VIET NAM'S SYMPOSIUM - Enhancing Trivedi and Dr. Dipesh Shah, Executive Director, Market Resilience IFSCA. During the Symposium, S-MMOU Signing Ceremony was held along with discussions on various key topics such as Crypto and Digital Asset (CDA) Regulatory Challenges and Sustainability Disclosure Challenges and Regional Harmonization. 4. EU-Asia Pacific Forum on Financial Regulation The Forum deliberated on topics such as Update on recent market and regulatory developments The program featured two-panel discussions and Digitalisation and Fintech, Sustainable Finance, five insightful presentations, covering key topics etc. such as transition finance, blended finance, ESG ratings, climate funds, sustainable lending, and the unique opportunities that GIFT-IFSC presents in sustainable finance. FinTech Startup Policy Forum Baithak IFSCA participated in the Startup Policy Forum Baithak 2025 on January 15-16, 2025, at the G 20 Summit Room at Bharat Mandapam, New Delhi.Events and Outreach Activities 24 IFSCA BULLETIN | JAN-MAR 2025 GIFIN Annual General Meeting FinTech Fusion India IFSCA as a board member virtually attended IFSCA participated in the Curtain Raiser event of Annual General Meeting of GFIN held at Calgary, the FinTech Fusion India on the theme “GIFT City Alberta, Canada, from March 25 to 27, 2025. as the Global Capability Centre for FinTech in India” in Hotel Grand Mercure on April 10, 2025. Inaugurations in GIFT City Shri K Rajaraman, Chairperson, IFSCA gave the IFSCA attended the inauguration of GIFT keynote address for the session. International FinTech Institute (GIFT IFI) and the GIFT International FinTech Innovation Hub (GIFT IFIH) which is supported by Asian Development Bank in GIFT City on January 17, 2025. FinTech Forum meeting IFSCA as a Member of the IAIS FinTech Forum attended the FinTech Forum meeting virtually on February 13, 2025. National Stakeholder’s Conference Aadhaar Samvaad The keynote address followed by participation in IFSCA attended the National Stakeholder’s roundtable from Shri. Praveen Kamat, General Conference Aadhaar Samvaad in Jio World Manager. Convention Centre, BKC, Mumbai on January 20, 2025. Ancillary Services Presentation to the Bangalore Chamber of Industry and Commerce (BCIC) on Opportunities for Professionals in GIFT-IFSC As part of the Bangalore Chamber of Industry and Commerce (BCIC) delegation’s visit to GIFT IFSC, A presentation was delivered on IFSCA by Shri a detailed presentation was delivered by Mr. Dipesh Shah, Executive Director and Shri. Joseph Sathyaraj C. M., General Manager, IFSCA and Mr. Joshy, CGM. Harish Jhajharia, Assistant Manager, IFSCA. The presentation focused on the evolving ProfessionalEvents and Outreach Activities 25 IFSCA BULLETIN | JAN-MAR 2025 Services ecosystem within GIFT IFSC and professionals such as Chartered Accountants (CA), underscored the enabling regulatory framework Company Secretaries (CS), MBAs, and others, established by the IFSCA. emphasizing the conducive business environment and policy support that fosters professional growth The session highlighted significant career and and innovation in the IFSC. entrepreneurial opportunities available forIFSCA BULLETIN | JAN-MAR 2025 Current Statistics 26 Current Statistics ____________________________________________________________________________________ Authorisation by IFSCA 4 Table 1: Licenses/ Registrations issued by IFSCA based on SEZ LOAs IFSCA Approvals Segment Category During FY 2024-25 As on March 31, 2025 IFSC Banking Units 2 29 Banking Global Administrative Office 1 1 Payment Services Payment Service Entities 5 5 Aircraft Leasing Entities 6 33 Ship Leasing Entities 13 24 Finance Company - Core/Non - Finance Company 4 13 core incl. RTC International Trade Financing 0 4 Services Platform (ITFS) MII 0 5 Broker Dealer 8 83 Fund Management Entity 47 161 AIFs/Schemes 109 229 Registered Distributors 5 5 Capital Market Investment Advisors 0 1 Credit Rating Agencies 1 1 ESG Ratings and Data Products 0 0 Provider Investment Banker 0 1 Insurance/Reinsurance Entities 6 18 Insurance (IIOs) Insurance Intermediaries (IIIOs) 4 27 BATF Entities 3 3 Ancillary Services Ancillary Services Providers 20 88 MII 0 1 Bullion Market Bullion Intermediaries 0 2 Vault 1 4 Direct Authorization 10 18 FinTech/ TechFin Sandbox -175 27 GIC (large) 0 1 GIC GIC (mid-size) 0 2 Foreign University International Branch Campus 2 4 Total (Unique) 230 790 Entities with Clearing Member 3 23 Additional Depository Participant 0 10 4 Including in-principle/ provisional approvals 5 Number of Entities exited from SandboxIFSCA BULLETIN | JAN-MAR 2025 Current Statistics 27 Registration/ Registered Distributors 2 9 License Custodian 0 5 Bullion Intermediaries 2 18 Debenture Trustee 1 4 Investment Banker 1 3 6 Investment Advisors -1 2 Global Administrative Office 0 1 Grand Total 238 865 Office of Administrator (IFSCA) Table 2: Approvals by SEZ Unit Approval Committee (prior to issue of IFSCA authorization) Particulars During Jan-Mar 2025 Till Mar 2025 UAC Meetings 13 45 New Unit Applications considered 93 373 New Unit Applications approved 94 370 LOA issued 94 369 Banking Table 3: Number of IBUs Particulars As on Dec 31,2024 As on Mar 31,2025 No. of IBUs 28 29 Table 4: Assets of IBUs Month ended Jan 2025 Feb 2025 Mar 2025 Particulars USD Mn Investments 4425.71 4872.49 5390.11 Sovereign securities 2365.67 2691.55 2823.16 Corporate Bonds 1744.76 1610.42 1981.11 Other investments 315.28 570.52 585.84 Trade Finance 11594.19 11727.12 13203.20 Commercial Loans 38918.92 40629.98 45543.29 External Commercial Borrowing (ECB) 22559.67 23679.10 27497.41 Commercial Loans other than ECB 16359.25 16950.88 18045.88 Retail loans 95.59 95.39 97.81 Other loans 701.90 705.55 752.73 Interbank/ Interbranch placements 16500.39 17806.09 19290.62 Others 4927.23 4898.47 4232.63 Total 77163.93 80735.09 88510.39 6 License/ Registration surrenderedIFSCA BULLETIN | JAN-MAR 2025 Current Statistics 28 Table 5: Liabilities of IBUs Month ended Jan 2025 Feb 2025 Mar 2025 Particulars USD Mn Customer deposits 6861.92 7610.39 7307.10 Interbank/Interbranch borrowings 52767.29 55253.40 62866.71 Bilateral Borrowings 7082.81 7446.51 7889.78 Multilateral Borrowings 300.00 300.00 500.58 MTN Borrowings and other debt instruments 3037.57 2963.13 2880.12 Others 7114.34 7161.66 7066.10 Total 77163.93 80735.09 88510.39 Table 6: Customer Deposits (in USD Mn) Month ended Jan 2025 Feb 2025 Mar 2025 Deposits Demand Time Demand Time Demand Time Retail deposits 851.51 340.66 813.71 350.75 939.10 341.32 Corporate deposits 778.19 4891.56 833.44 5612.49 746.30 5280.38 Total 1629.7 5232.22 1647.15 5963.24 1685.4 5621.7 Table 7: Customer Deposits Accounts Accounts held Accounts held Category Month held by by by Ended Resident Non-Resident Non-Residents (Amount in USD Mn) Indians Indians (NRIs) (Other Countries) No. of accounts 63 6677 811 Retail Amount 1.24 1090.83 100.10 Jan 2025 No. of accounts 2349 622 2092 Corporate Amount 1526.58 1777.34 2365.83 No. of accounts 68 7107 886 Retail Amount 2.70 1050.41 111.35 Feb 2025 No. of accounts 2425 609 2136 Corporate Amount 1339.54 1788.96 3317.43 No. of accounts 116 7523 989 Retail Amount 6.66 1150.18 123.58 Mar 2025 No. of accounts 2474 562.03 2113 Corporate Amount 1635.77 1588.36 2802.55 Table 8: Derivative Outstanding of IBUs (USD Mn) (Notional) Month ended Jan 2025 Feb 2025 Mar 2025 FCY-INR Derivatives (to be settled in FCY) 42753.14 42022.36 35919.50 FCY-FCY Derivatives (to be settled in FCY) 20995.51 22546.47 22065.55 INR Interest Rate Derivatives (to be settled in FCY) 84711.17 81925.94 74227.39 FCY Interest Rate Derivatives (to be settled in FCY) 108580.78 108427.47 102692.86 Others 600.02 818.96 1354.74 Total 257640.62 255741.20 236260.04IFSCA BULLETIN | JAN-MAR 2025 Current Statistics 29 Table 9: ODI Outstanding of IBUs (USD Mn) Month Ended Jan 2025 Feb 2025 Mar 2025 Total ODI amount 551.65 899.64 1184.68 Table 10: Industry wise credit exposure of IBUs Month ended Jan 2025 Feb 2025 Mar 2025 Sector Industries Amount Outstanding (USD Mn) Auto Components 257.70 167.89 165.59 Automobile 485.03 473.93 462.60 Capital Goods 367.16 291.08 400.63 Cement and Cement Products 1195.41 1170.44 1178.55 Electronic Systems 773.55 787.50 793.22 Food Processing 999.35 833.83 791.60 Glass and Glassware 31.90 25.01 25.23 Iron & Steel 940.66 877.79 1020.98 Laminates/ Plywood/ Boards 17.88 13.90 14.01 Leather and Leather Products 1.92 1.92 1.61 Medical and Medical 237.09 239.91 224.37 Equipment Metals 1916.81 2001.87 2037.58 Paper and Packaging 69.91 58.79 57.23 Petrochemicals 5461.75 5334.76 5365.29 Plastic and Plastic Products 161.86 110.05 188.92 Textiles and Apparels 188.06 231.16 290.34 Vehicles, Vehicle Parts, and 168.98 177.32 297.07 Transport Equipment Banking and Finance 14578.44 15082.92 16129.13 Clearing Corporation 244.46 242.99 241.62 Education 162.82 162.03 159.07 Financial Services 2685.25 3447.52 3952.94 Healthcare 74.40 83.44 84.95 IT and Software Industry 349.08 398.70 427.23 Services Logistics 80.12 102.92 109.64 NBFC 9369.41 10130.36 12596.69 Professional Services 82.14 81.45 84.81 Retail and e-commerce 409.70 353.59 404.76 Telecommunication 1183.90 1269.70 1950.83 Tourism & Hospitality 139.09 260.54 257.59 Trade/Distributor 508.27 375.45 468.42 Construction 85.47 76.52 76.81 Mining 289.76 373.57 464.00 Infrastructure Oil and Gas 2421.56 2498.51 2498.29 Ports and Shipping 979.96 976.15 932.91IFSCA BULLETIN | JAN-MAR 2025 Current Statistics 30 Power Sector 1659.33 1507.00 2235.37 Renewable Energy 493.64 557.71 642.35 Roads and Highways 31.33 160.86 16.76 Agriculture and 449.14 450.54 425.87 Forestry Aviation 316.04 330.88 318.31 Chemicals 1690.59 1737.86 1642.86 Jewelry 346.90 377.77 414.78 Paints 0.00 0.00 0.00 Pharmaceuticals 668.43 710.48 703.35 Other Sectors 3665.96 3424.32 3850.67 Total 56240.19 57970.92 64404.85 Table 11: Country wise exposure of IBUs Jan 2025 Feb 2025 Mar 2025 Country %age of total Country %age of total Country %age of total Name exposure Name exposure Name exposure India 74.27 India 72.56 India 74.47 USA 6.79 USA 7.35 USA 5.94 UAE 3.39 UK 3.75 UAE 4.22 Mauritius 3.00 UAE 3.60 UK 3.36 Singapore 2.65 Mauritius 2.84 Mauritius 2.94 UK 2.56 Singapore 2.72 Singapore 2.56 Netherlands 2.14 Netherlands 1.83 Netherlands 1.70 Bahrain 0.83 Bahrain 0.84 Bahrain 0.69 Hongkong 0.53 Hongkong 0.80 Hongkong 0.48 Ireland 0.39 Qatar 0.44 Saudi Arabia 0.37 Others 3.45 Others 3.27 Others 3.27 Capital Markets Table 12: IFSC Stock Exchanges Turnover (Traded Value in USD Mn) Month Jan 2025 Feb 2025 Mar 2025 Total for Jan-Mar 2025 No. of Traded No. of Traded No. of Traded No. of Traded Particulars contracts Value contracts Value contracts Value contracts Value Index 2092807 96594.93 1839204 84465.06 2046316 95247.68 5978327 276307.67 Futures Index 215808 45.14 90199 31.65 83883 55.18 389890 131.97 Options Depository Receipts 140967 0.94 115741 0.59 121573 0.57 378281 2.10 on US stocks Total 2449582 96641.01 2045144 84497.3 2251772 95303.43 6746498 276441.74IFSCA BULLETIN | JAN-MAR 2025 Current Statistics 31 Table 13: Aggregate Open Interest (OI) of all derivatives contracts on IFSC Stock Exchanges As on last trading Open Interest Value (USD Mn) day of the month (no. of contracts) Jan 2025 255149 12040.77 Feb 2025 310566 13817.81 Mar 2025 256266 12004.55 Table 14: India INX Global Access During Jan-Mar 2025 Particulars As on Mar 31, 2025 (Accounts Opened) Total Number of Accounts 297 4468 Table 15: Trading in Global Exchanges through India INX Global Access (Traded Value: USD Mn) Entity Type Particulars Jan-Mar 2025 Till Mar 31, 2025 LRS Equity, ETFs, Funds, Bonds, and other 4.22 25.29 (Residents) products Equity, ETFs, Funds, and other products 45.08 597.91 IFSC Entities Derivatives Products 2,080.68 34,859.46 Non-residents Equity, ETFs, Funds, and other products 8.39 58.33 outside IFSC Derivatives Products 1.39 183.17 Total 2,139.76 35,724.16 Table 16: Trading in Global Exchanges through India INX Global Access (Jan-Mar 2025: USD Mn) Total trading Trading in Trading in non- Exchange value Derivatives derivatives HKEX 711.51 711.51 - SGX 530.50 530.50 - CME 402.63 402.63 - KSE 303.80 303.80 - COMEX 74.93 74.93 - NASDAQ 37.52 - 37.52 CBOE 37.51 36.94 0.57 NYMEX 15.16 15.16 - ARCA 12.18 - 12.18 CFE 4.35 4.35 - Others 9.67 2.26 7.42 Total 2,139.76 2,082.07 57.69 Table 17: Capital Market Intermediaries as on Mar 31, 2025 Type of Entity No. of entities Broker-Dealers 83 Clearing Members 23 Custodians 5 Depository Participants 10 Investment Bankers 4IFSCA BULLETIN | JAN-MAR 2025 Current Statistics 32 Investment Advisers 3 Debenture Trustees 4 Distributors of Capital Market Products & Services 14 Table 18: Demat accounts opened by the Depository during the Quarter During Jan-Mar 2025 Particulars As on Mar 31, 2025 (Accounts Opened) Total Number of Accounts 10,426 65,227 Table 19: Settlement by Clearing Corporations Highest Settlement Name of Clearing Average Daily Settlement* Month Value** for the Month Corporation Value (USD) (USD) India International January 2025 6,730.37 33,084.50 Clearing Corporation February 2025 12,339.98 10,3352.00 (IFSC) Limited March 2025 26,437.43 100,872.00 Derivatives: 394,583.19 Derivatives: 1,085,702 January 2025 Cash: 13,437.92 Cash: 35,544.60 NSE IFSC Clearing Derivatives: 424,227.70 Derivatives: 2,155,250 February 2025 Corporation Limited*** Cash: 8,531.97 Cash: 24471.93 Derivatives: 681,690.12 Derivatives: 1,727,268 March 2025 Cash: 10,832.80 Cash: 22,932.93 *Average Daily Settlement Value = Total Settlement value for the Month /Total number of trading days. **Highest Settlement Value for the Month = Highest Pay in Amount in single settlement in a month *** Cash values refer to settlement statistics in Depository Receipts on US Stocks. Sustainable Finance Table 20: Listing of debt securities at IFSC Exchanges (In USD Bn) Particulars As on Dec 31, 2024 As on Mar 31, 2025 Cumulative debt listings 63.68 65.10 Of which Cumulative ESG labelled debt listing 15.43 15.43 Table 21: Listing of debt securities at IFSC Exchanges (During Jan-Mar 2025) Amount Sr No Name of the issuer Listing Date Labels (USD Mn) 1 Kinara Capital Private Limited 02-01-2025 - 12.00 2 Tata Capital Limited 22-01-2025 - 400.00 3 IIFL Finance Limited 27-01-2025 - 325.00 4 WheelsEMI Private Limited 03-02-2025 - 3.00 5 Namdev Finvest Private Limited 07-02-2025 - 12.00 6 Varthana Finance Private Limited 10-02-2025 - 10.00 7 Muthoot Finance Limited 27-03-2025 - 250.00 8 Varanasi Aurangabad NH2 Tollway Private Limited 06-03-2025 - 316.30 9 IIFL Finance Limited 12-03-2025 - 100.00 Total 1428.3IFSCA BULLETIN | JAN-MAR 2025 Current Statistics 33 Table 22: Overall Sustainable Financing by IBUs During Oct 2024 - Mar 2025 Short term Loans (USD Mn) Medium / Long FY 2024-25 Classification Working Term Loans Trade (USD Mn) Capital/ Supply Others (USD Mn) Finance Chain Finance Green 517.85 292.04 5.50 0.00 1076.72 Social 1188.70 413.34 21.00 0.00 1756.04 Sustainable 223.56 79.93 0.00 0.00 348.12 Sustainability 208.57 0.00 0.00 0.00 208.57 Linked Others 0.00 0.00 0.00 0.00 0.00 Total 2138.68 785.31 26.50 0.00 3389.45 Table 23: Sector-wise classification of Sustainable Financing by IBUs FY 2024-25 Sector (List is Indicative) Amount Total No. of (USD Mn) Transactions Renewable Energy 1052.91 701 Energy Efficiency 130.74 6 Pollution Prevention and Control 47.46 2 Sustainable Water and Wastewater Management 0.00 0 Clean Transportation 6.04 4 Climate Change Adoption 0.00 0 Green Buildings 4.50 2 Affordable Basic Infrastructure 107.04 15 Affordable Housing 363.56 10 Food Security and Sustainable Food Systems 0.63 6 Social Project as per Framework 299.44 5 Sustainable Project as per Framework 72.60 22 Health Care 86.36 129 Social Education 50.00 1 Social Loan 178.08 9 MSME 217.55 2316 Others 772.54 2970 Total 3389.45 6198 Insurance Table 24: Written/ Transacted premium by IFSC Insurance Offices (IIOs) and Intermediary Offices (IIIOs) FY 2023-24 Apr-Dec 2024 (Unaudited) Jan-Mar 2025 (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 12 149 16 146 18 61.70** IIIOs 23 276 25 177 27 125.60 *Number of offices are as at the end of the particular period ** Reinsurance data of one IIO is under examination and hence not includedIFSCA BULLETIN | JAN-MAR 2025 Current Statistics 34 Table 25: Line of Business wise Direct Insurance Business (Life and General) Gross Written Premium (in USD Mn) Class of Business Apr-Jun 2024 Jul-Sep 2024 Oct-Dec 2024 Jan-Mar 2025 Aviation 0.17 0.54 0.13 0.00 Fire 1.46 0.00 1.32 0.00 Health + PA 0.34 1.05 1.41 1.63 Life 0.46 0.82 0.90 0.36 Marine Cargo 0.00 0.00 0.01 0.01 Trade credit 0.00 0.00 0.19 0.30 Health 0.00 0.00 0.00 1.31 Total 2.43 2.42 3.96 3.61 Note: The data for FY 2024-25 is unaudited Table 26: Line of Business wise Re-insurance Business Gross Written Premium (in USD Mn) Line of Business Apr-Jun 2024 Jul-Sep 2024 Oct-Dec 2024 Jan-Mar 2025 Engineering 1.07 1.14 2.11 5.78 Fire 8.86 9.78 9.50 32.12 Health + PA 20.16 24.85 26.48 2.21 Health Insurance 0.01 0.00 0.00 5.77 Liability 0.26 0.29 0.37 0.71 Marine Cargo 1.10 0.51 1.18 2.22 Marine Hull 1.28 0.31 0.31 2.10 Motor 9.13 8.34 2.06 2.78 Other Misc. 2.67 2.77 2.75 2.95 Personal Accident 0.00 0.01 0.00 0.007 WC/EL 0.00 0.00 0.00 0.018 Life Re 0.00 0.00 0.00 1.48 Total 44.54 48.00 44.76 58.15 Note: The data for FY 2024-25 is unaudited Table 27: Claims data (Retail / Re-insurance) Particulars Apr-Jun 2024 Jul-Sep 2024 Oct-Dec 2024 Jan-Mar 2025 No. of Claim No. of Claim No. of Claim No. of Claim (Amount in Claims Amount Claims Amount Claims Amount Claims Amount USD Mn) Claims pending at the 43 14.98 25 16.58 27 21.93 35 18.54 beginning New Claims 30 12.32 43 14.98 25 15.20 83 9.78 registered Claims settled 38 6.82 21 28.15 21 27.50 87 6.67 Claims rejected 10 0.00 20 0.00 15 0.00 2 0.00 Claims 25 9.48 27 30.60 16 34.23 29 21.64 outstanding Note: 1) The data for FY 2024-25 is unaudited 2) No. of Claims and Claim amount includes for retail insurance business and re-insurance recoveriesIFSCA BULLETIN | JAN-MAR 2025 Current Statistics 35 Fund Management Table 28: Number of Fund Management Entities (FMEs) and Funds Particulars As on Dec 31, 2024 As on Mar 31, 2025 FMEs 139* 162* Funds 198 229 *Excluding in-principle approvals Table 29: Investments by Fund Management Schemes at GIFT IFSC In USD Mn Cumulative Data Data as on Mar 31, 2025 No. of Investments Investments Total Type of Schemes Commitments Funds Investments into Foreign into India Investments Schemes Registered raised raised made Jurisdictions (A) (A+B)* (B) Venture Capital Schemes 16 200.89 51.40 42.77 27.53 10.28 37.81 (including Angel Schemes) Category I and II 78 10219.63 4578.01 4516.95 3608.85 661.13 4269.99 AIFs Category 135 5321.96 3327.79 3516.47 2084.85 170.41 2255.26 III AIFs Total 229 15742.47 7957.20 8076.19 5721.24 841.82 6563.06 *This excludes exposure towards derivative contracts, cash equivalents, etc. In the case of schemes which are in the nature of fund of funds, cash maintained, and expenses incurred by the master fund are also excluded. Table 30: Investors in IFSC Funds No. of Investors* Complaints/ Legal Type of Scheme As on Dec 31, 2024 As on Mar 31, 2025 Disputes outstanding Venture Capital Schemes 0 434 469 (including Angel Schemes) Category I and II AIFs 962 1025 0 Category III AIFs 1180 1508 0 Total 2576 3002 0 *Investors from more than 50 jurisdictions have contributed across schemes. Table 31: Trends of Fund Management Activity USD Mn Particulars Q4 FY Q1 FY Q2 FY Q3 FY Q4 FY 2023-24 2024-25 2024-25 2024-25 2024-25 Cumulative commitments raised 8410.49 11693.91 12134.41 14880.99 15742.47 Cumulative funds raised 3948.02 5319.11 5581.24 7007.07 7957.20 Table 32: Portfolio Management Services (PMS) as on Mar 31, 2025 Type of Services No of Investors AUM (in USD Mn) Discretionary & Non- Discretionary PMS 128 811.19 Advisory Services 45 372.43 Total 173 1183.62IFSCA BULLETIN | JAN-MAR 2025 Current Statistics 36 Finance Companies/ Finance Units Table 33: Finance Companies/ Finance Units during Jan-Mar 2025 Aircraft Ship FC (Non- Type of Finance Company FC (Core) Total Lease Lease Core)** Provisional Registration Granted 1 2 1 0 4 Final CoR Granted 1 2 2 0 5 Registration till Mar 31, 2025* 33 24 12 5 63 *Including provisional registrations **Other than Aircraft and Ship operating lease Table 34: Assets leased by AOL/ Ship Leasing Entities Type of asset As on Dec 31, 2024 As on Mar 31, 2025 Aircraft Leasing entities Aircraft 63 90 Engines 53 67 Aircraft Auxiliary Power Units (APU) 80 85 Total 196 242 Ship Leasing entities Ships 13 18 Table 35: Transactions financed by ITFS Platforms Particulars As on Dec 31, 2024 As on Mar 31, 2025 Number of Transactions 602 779 Value of Transactions (in USD Mn) 30.56 44.358 Table 36: Business details of Global/Regional Corporate Treasury Centres (GRCTC) Particulars As on Dec 31, 2024 As on Mar 31, 2025 Loans & Advances (in USD Mn) 1707.15 2332.05 Total Investments (in USD Mn) 78.31 141.38 Table 37: Business details of Core Finance Companies (e.g. Lending, Export financing) Particulars As on Dec 31, 2024 As on Mar 31, 2025 Loans & Advances (in USD Mn) 2.95 7.73 Total Investments (in USD Mn) 4.94 6.65 Metals and Commodities Table 38: Participants on India International Bullion Exchange (IIBX) Participants As on Dec 31, 2024 As on Mar 31, 2025 Qualified Jewellers 153 167 Clients 102 118 ‘Special category’ Clients 51 49 Qualified Suppliers 33 37 Clients 31 34 ‘Special category’ Clients 02 02 QS IFSC - 01 Valid India UAE CEPA TRQ Holders 418 441IFSCA BULLETIN | JAN-MAR 2025 Current Statistics 37 Table 39: Regulated Entities/ Intermediaries on IIBX Regulated Entities As on Dec 31, 2024 As on Mar 31, 2025 Bullion Trading Members 6 7 Bullion Trading Cum Self Clearing Members 3 3 Bullion Trading Cum Clearing Members 8 8 Bullion Professional Clearing Members 2 2 Vault Managers 3 3 Table 40: Product-wise summary of trades on IIBX During FY 2023-24 During FY 2024-25 During Jan – Mar 2025 Traded Traded Traded Traded Traded Traded Product Value Value Volume Volume Value Volume (USD (USD Mn) (in kg) (in kg) (USD Mn) (in kg) Mn) LBMA 1 kg Gold 995 4.52 75.00 0.00 0.00 0.00 0.00 LBMA 100 gm Gold 999 0.00 0.00 0.00 0.00 0.00 0.00 UAE GD 1 kg Gold 995 2.22 34.00 8.46 106.00 0.46 5.00 UAE GD 100 gm Gold 999 7.24 114.80 10.97 135.50 0.00 0.00 UAEGD TRQ 1 kg Gold 995 252.91 3957.00 3471.10 40514.00 1449.54 15696.00 UAEGD TRQ 100 gm Gold 999 238.38 3747.40 4437.75 52317.40 1503.30 16298.00 Total (Gold) 505.27 7928.20 7928.28 93072.50 2953.30 31999.00 UAEGD CEPA SILVER GRAINS 698.48 908800.00 217.91 228060.00 0.00 0.00 UAEGD SILVER GRAINS 0.00 0.00 1.10 1100.00 0.00 0.00 SILVER GRAINS 0.00 0.00 0.00 0.00 0.00 0.00 UAEGD SILVER BAR 0.00 0.00 0.00 0.00 0.00 0.00 SILVER BAR 0.00 0.00 9.29 10020.00 0.00 0.00 Total (Silver)* 698.48 908800.00 228.31 239180.00 0.00 0.00 *The trading of silver started on IIBX from December 13, 2023 FinTech Table 41: FinTech Ecosystem in IFSC Cumulative Till Sr. No. Particulars Mar 31, 2025 Number of Sandbox Entities 27 1 In Innovation Sandbox 22* In Regulatory Sandbox 5 2 Number of FinTech/ TechFin Entities Authorized 16 3 Number of Accelerators Authorized 2 4 Number of Entities exited from Sandbox 17 *Including acceleratorsIFSCA BULLETIN | JAN-MAR 2025 Current Statistics 38 Ancillary Services Table 42: Activity-wise break up of ancillary services entities including in-principle approvals No. of Authorized Entities S. No. Core Activity As on Dec 31, 2024 As on Mar 31, 2025 1 Legal, Compliance and Secretarial 14 16 Auditing, Accounting, Bookkeeping and 2 13 13 Taxation Services Professional & Management Consulting 3 29 32 Services Administration, Asset Management 4 Support Services and Trusteeship 27 27 Services Total 83 88 BATF Table 43: Activity-wise break up of BATF entities authorized including in-principle approvals 7 No. of Authorized Entities as on S. No. Core Activity Mar 31, 2025 1 Accounting Services 2 2 Taxation Services 1 7 Fresh application (other than transfer of existing Ancillary Services Entities)INTERNATIONAL 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