IFSCA Bulletin Jul-Sep 2024 - 11th November 2024 - International Financial Services Centres Authority - Gazette Notification PDF

IFSCA BULLETIN JJUULL--SSEEPP 22002244 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.inContents ___________________________________________________________________________ Chairperson’s Desk....................................................................................................................................................1 IFSC Business Highlights.........................................................................................................................................4 Regulatory Updates...................................................................................................................................................5 Highlights of the Quarter.........................................................................................................................................9 Public Consultation.................................................................................................................................................13 Collaboration and Partnerships...........................................................................................................................16 Events and Activities...............................................................................................................................................17 Current Statistics....................................................................................................................................................24CHAIRPERSON’S DESK GIFT IFSC This implies that as India continues its upward trajectory, a well-developed financial sector will be crucial to provide the necessary foundation for sustained A Catalyst for India 's Economic Growth growth and competitiveness in the global financial services landscape. Contributing to the I ndia@2047 Vision It is in line with this objective that the International Financial Services Centre (IFSC) at Gujarat “Our vision is to develop International Finance Tec-City (GIFT City) was the GIFT IFSC into a envisaged. leading global financial The International Financial Services Centres Authority centre having strong (IFSCA) was set up by the Government of India on April connects with global 27, 2020, as a unified financial regulator with main K Rajaraman financial and commodity objective to develop and regulate financial services in the Chairperson, IFSCA markets across the world” IFSCs and to make the vision of developed India a reality and establish India as a world-class financial hub that could compete with leading global financial centres such I ndia is currently celebrating ‘the great festival of as Singapore and London. democracy’ or ‘Azadi ka Amrit Mahotsav’, a period of 25 IFSCA has adopted a clean-slate principle of studying y ears leading to the 100th year of independence, global best practices and principle of alignment with culminating into the vision of ‘Viksit Bharat in 2047’. In Global Standards in the process of drafting new l ine with this, the budget 2023-24 lays out a blueprint regulation in the last 4 years. The efforts in this regard for achieving long term welfare and development goals. are gradually coming to fruition as international The Indian reforms process driven by Government of financial transactions that were once routed through I ndia has achieved great progress by repealing 1550 global hubs like Singapore, Dubai, and Hong Kong are outdated colonial era laws, replaced many of them with now being conducted from GIFT IFSC establishing it as m o d e rn, progressive and business-friendly laws and a credible alternative for international financial regulations. Hon’ble Finance Minister has announced a dealings. r eview of the Income Tax, GST Act and Customs Duty The IFSC has seen remarkable growth with the banking Structures in the Budget for FY25. More reforms can be and funds sectors at the forefront. Banking assets have expected in enabling high degree of comfort for Indian crossed the $70 Bn billion mark, and the transactions and Foreign Investors. have exceeded $975 Bn billion as of September 2024. The services sector is a key driver of India's export The popularity of this sector can be attributed to the growth, this became even more apparent in midst of the foreign currency borrowings of the Indian Corporates volatility last year, when despite a global export slump, and Public sector entities and trade finance with retail the export of services from India offset the decline in products gaining traction. The number of fund merchandise trade. management companies and funds in the IFSC has also increased significantly, as of September 2024, there are India has witnessed remarkable growth in its services 128 FMEs and 168 funds registered with IFSCA. exports, more than doubling from USD 158 billion to USD 341 billion over the past nine years. Financial The IFSC is mobilising capital effectively, the growing services from the BFSI sector are at the heart of this significance and global participation of Indian market is development, catapulting India to the 8th rank globally evident with GIFT Nifty reaching an all-time high on in business service exports, with its services exports now September 24, 2024, with open interest of $20.84 accounting for 4.3% of the world's total. billion and a single-day turnover of $22.72 billion. IFSCA BULLETIN | 2024CHAIRPERSON’S DESK Ship leasing and aircraft leasing are two business permitted for investing in securities and opening non- segments that were not very popular in India till very interest-bearing foreign currency accounts. However, recently, however, the regulatory ecosystem at IFSC has following the revisions, resident Indians can now make enabled these segments to grow and create ripples in the payments for education fees to foreign universities or global ship leasing market. Ship leasing began in June institutions in IFSC, GIFT City, and are no longer 2023, and numerous leasing entities have been set up required to repatriate idle funds within 15 days. This will ever since. The number of ship lessors are 12 as of help make IFSC even more attractive to foreign investors September 2024. Additionally, aircraft leasing has and financial institutions, enhancing its global grown tremendously with 27 lessors and 159 aviation competitiveness supporting the pillar of Economic assets leased as of September 2024. This growth Empowerment by boosting financial sector growth. positions GIFT City as a rising player in the global The IFSCA supports India's commitment to leasing market. environmental sustainability and in alignment with the To drive economic success through systematic efforts in pillar of Green Growth, the trading and settlement of congruence with the pillars and goals highlighted in the Sovereign Green Bonds (SGrBs) has been permitted budget 2024-25, IFSCA has implemented various with a view to facilitate easier access for non-resident initiatives for instance, aligning with the budget's focus investors to invest and trade in SGrBs through IFSC and on improving Ease of Doing Business and promoting to enhance global climate capital flows into India. To exports, an International Arbitration Centre is being set further strengthen the framework and facilitate up at the GIFT IFSC to provide timely dispute resolution informed decision-making, improved transparency, and under international jurisprudence. This move aims to reduced 'greenwashing' risks, IFSCA has also enabled reduce India's outbound Alternative Dispute Resolution Credit Rating Agencies to undertake additional activities (ADR) expenses and transform them into a thriving relating to ESG Ratings and Data Products Providers. global industry, attracting disputants worldwide. Under The IFSCA recognizes the shortage of workforce for this move, an ADR Centre offering arbitration, BATF (Book-keeping, Accounting, Taxation and mediation, and diverse dispute resolution methods and Financial Crime Compliance) services globally and the an IFSC International Court dealing with all ADR implied inherent potential for export of such services. To matters arising from IFSCs, with powers similar to a enable India to leverage its inherent strengths by High Court are envisioned. This will set India on track to training and development through various programs, become a global leader in ADR, offering top-notch the IFSCA (BATF) Regulations, 2024 were introduced. services at competitive prices. This initiative resonates with the budget pillar of Human Similarly, to materialise the goal of Digital economy, the Capital development to contribute to the goal of Viksit Single Window IT System (SWIT) portal was launched Bharat. by Hon'ble Prime Minister at a public function at Additionally, to leverage India’s strong talent pool and Ahmedabad on September 16, 2024. This portal will to foster industry-academia ties and empowering female provide a one-stop online solution, eliminating the need professionals in the financial services sector, a working for multiple permissions and excessive documentation, group for ‘Augmenting Talent Availability in IFSC’ has and facilitating inter-regulatory coordination between been commissioned. RBI, SEBI, and other regulators and promote ease of doing business. IFSCA stands committed to fuelling India’s growth towards economic excellence. Through collaborative The Reserve Bank of India (RBI) has liberalized the efforts, innovative spirit, and policy support, we will Liberalised Remittance Scheme (LRS) for resident unlock GIFT IFSC's full potential, driving India's Indians in International Financial Services Centres transformation towards a Viksit Bharat. (IFSC), GIFT City. Previously, remittances were only IFSCA BULLETIN | 2024CHAIRPERSON’S DESK The Hon’ble Prime Minister of India, Shri Narendra Modi launching IFSCA’s Single Window IT System (SWIT) IFSCA BULLETIN | 2024IFSC BUSINESS HIGHLIGHTS Total IFSCA 724 Registrations Banking Assets Cumulative Banking Cumulative Transaction Derivatives trade ( including NDF) USD ($) 70.93 Bn USD ($) 91.29 Bn USD ($) 107.15 Bn (as on Sep 2024) (During Jul-Sep 2024) Banking Sector Monthly Turnover Cumulative Debt Listing Aggregate Open (IFSC Exchanges) on Exchanges Interest of all Derivatives Contract 101.99 Bn 63.90 Bn 15.97 Bn USD ($) USD ($) USD ($) (Sep 2024) (upto Sep 2024) (month ended Sep 2024) Capital Market No of Fund No. of Funds/Schemes Total Commitments Management Entities Registered Raised 128 168 12.13 Bn USD ($) (upto Sep 2024) (upto Sep 2024) (upto Sep 2024) Fund Management Total Sustainable Cumulative ESG No. of Debt Listings on Credit by Banks labelled Debt Listing on IFSC Exchanges IFSC Exchanges 1549 Mn 14.78 Bn 24 USD ($) USD ($) Sustainable Finance (During Apr - Sep 2024) (as on Sep 2024) (During Jul - Sep 2024) No. of Qualified GOLD Traded on SILVER Traded on Suppliers/Jewelers IIBX IIBX 28/142 25.43 Tns 42.27 Tns (as on Sep 2024) Bullion No. of Insurance Premium written by Premium transacted Firms/Intermediaries IFSC Insurance by IFSC Insurance Office Intermediary Office 15/23 USD ($) USD ($) (as at end of Sep 2024) Insurance Sector No. of Registered No. of Aviation Assets No. of Ships Leased Aircraft/Ship Lessors Leased 27/12 159 12 Aircraft/Ship Leasing (as at end of Sep 2024) )lanoisivorp( )lanoisivorp( (During Jul-Sep 2024) (During Jul-Sep 2024) (During Jul-Sep 2024) 39 Mn 63 Mn (During Jul-Sep 2024) (During Jul-Sep 2024) (month ended Sep 2024) (month ended Sep 2024)IFSCA BULLETIN | JUL-SEP 2024 Regulatory Updates 5 Regulatory Updates _____________________________________________________________________________________ IFSCA (Banking) (Amendment) regulations 2024 Banking (July 15, 2024) RBI Circular on Remittances to International The IFSCA (Banking) (Amendment) regulations Financial Services Centres (IFSCs) under the 2024 amends the existing IFSCA (Banking) Liberalised Remittance Scheme (LRS) (July 10, Regulations, 2020, and insert following mentioned currencies under the First Schedule as: 2024) i. Swedish Krone (SEK) ii. Norwegian Krone (NOK) The Reserve Bank of India has permitted iii. New Zealand Dollar (NZD) Authorised Persons to facilitate remittances for all permissible purposes under LRS to IFSCs for: iv. Danish Krone (DKK) i. Availing financial services or financial products as per the IFSCA Act, 2019 within IFSCs; and IFSCA (Board for Regulation and Supervision of ii. All current or capital account transactions, in Payment and Settlement Systems) Regulations, any other foreign jurisdiction (other than IFSCs) 2024 notified (July 18, 2024) through a Foreign Currency Account (FCA) held in IFSCs. For these permissible purposes, Clause (a) of sub-section (2) of Section 38 read with resident individuals can open FCA in IFSCs. Section 34B of the PSS Act empowers IFSCA to make regulations providing for the powers and Permitting IBUs to participate in the synthetic functions of the Board for Regulation and securitisation program of Parent bank (July 11, Supervision of Payment and Settlement Systems (“BPSS”), the time and venue of its meetings and 2024) the procedure to be followed by the BPSS at its IBUs have been permitted to participate in the meetings (including the quorum at such meetings). synthetic securitisation program of its Parent bank In exercise of such powers, the International subject to following conditions: Financial Services Centres Authority (Board for i. The Home Regulator of the IBU has adopted the Payment and Settlement Systems) Regulations, Basel III framework and has not prohibited the 2024 (“the regulations”) were notified in order to banks under its jurisdiction from undertaking enable the functioning of the BPSS for IFSC, the such transactions. regulations, inter alia, specify as under: ii. IBU shall notify the Authority before the i. The duties, powers and functions of the BPSS. exposures of the IBU are incorporated in the ii. The procedure to be followed at the meetings of Parent bank’s program for synthetic the BPSS. securitization. iii. How the powers of the BPSS are to be exercised iii. IBU shall comply with provisions of PRU under specific circumstances. Direction, IFSCA Banking Handbook (as iv. The power of the BPSS to set up sub-committees revised (from time to time). and advisory committees. iv. The Authority may require the IBU to submit a copy of the reports being submitted to its Home Sustainable Finance Regulator for such transactions to the extent such report pertains to the assets of the IBU Trading and Settlement of Sovereign Green Bonds included in the program on synthetic securitisation. (SGrBs) in IFSC (September 24, 2024) The Government of India has been issuing SGrBs to mobilize resources for green infrastructure in India.IFSCA BULLETIN | JUL-SEP 2024 Regulatory Updates 6 Considering the substantial increase in Gazette Notification on Securities Contracts international investors' dedication to net-zero (Regulation) Amendment Rules, 2024 (August 28, goals, SGrBs present a promising avenue to attract 2024) significant foreign climate capital into India. To further increase global participation in SGrBs, a As per the notification published, companies that scheme for “Trading and Settlement of Sovereign want to list their securities on stock exchanges in Green Bonds in the IFSC in India” was introduced IFSCs will now have a lower requirement of 10 per by the RBI on August 29, 2024. Subsequently, on cent instead of earlier 25 per cent of their shares September 24, 2024, IFSCA issued a circular on available to the public, regardless of how much “Trading and Settlement of SGrBs in IFSC” capital they have after issuing shares. detailing the operational guidelines for various market participants. This will facilitate easier access Additionally, in Rule 19A, the amendments clarify for non-resident investors to invest and trade in that similar modifications of having minimum SGrBs, enhancing global climate capital flows into public shareholding of 10 per cent instead of earlier India. 25 per cent of their shares available to the public, will also apply to companies already listed on Fund Management recognized stock exchanges in IFSCs. Credit Rating Agencies in the IFSC (July 25, 2024) Valuation of Assets of Schemes under IFSCA (Fund Management) Regulations 2022 by Credit Rating Securities and Exchange Board of India (SEBI), vide circular dated July 19, 2024, on “Enabling Credit Agencies at IFSC (July 25, 2024) Rating Agencies (CRAs) to undertake rating This circular enabled Credit Rating Agencies activities under IFSCA” permitted credit rating (“CRAs”) registered with IFSCA under IFSCA agencies registered with SEBI to undertake rating (Capital Market Intermediaries) Regulations, 2021 activities in the IFSC in accordance with regulation to undertake the valuation of assets of the schemes 9(f) of the SEBI (Credit Rating Agencies) under IFSCA (Fund Management) Regulations, Regulations, 1999 (“SEBI CRA Regulations”) and 2022. With this measure, the schemes launched by para 25 of the Master Circular for CRAs dated May Fund Management Entities in IFSC will have the 16, 2024. The Explanation provided under option to avail of the valuation services for their regulation 9(f) of the SEBI CRA Regulations schemes from the CRAs, in addition to a fund provides that - “...the ratings undertaken by a credit administrator or a custodian, registered with rating agency under the respective guidelines of a IFSCA, or a valuer registered with the Insolvency financial sector regulator or authority shall be and Bankruptcy Board of India (IBBI). under the purview of the respective financial sector regulator or authority”. Capital Markets Accordingly, a CRA registered with SEBI, desirous of providing rating services in the IFSC, shall apply Maintenance of Net Worth by Capital Market for registration with IFSCA in accordance with the requirements provided under the IFSCA (Capital Intermediaries (September 05, 2024) Market Intermediaries) Regulations, 2021 (“CMI The circular draws reference to Regulation 6 of Regulations”), as amended from time to time. The IFSCA (Capital Market Intermediaries) Regulation, activities of the CRAs operating in the IFSC shall be 2021 which mandates CMIs to always maintain subject to the requirements in the IFSCA Act, 2019, stipulated net worth. Further, it is mandated by CMI Regulations and other applicable regulations circular that any CMIs not maintaining stipulated and circulars notified by IFSCA from time to time. net worth at any time shall not undertake any existing or new business activity till the time net worth is restored.IFSCA BULLETIN | JUL-SEP 2024 Regulatory Updates 7 Enabling Credit Rating Agencies to undertake provide the much-needed fillip to the primary market in the IFSC, across various financial additional activities relating to ESG Ratings and instruments. Data Products Providers (July 31, 2024) The salient features of the New Listing Regulations IFSCA issued a circular on enabling CRAs to can be found here: undertake additional activities relating to ESG Ratings and Data Products Providers. With an objective to develop an ecosystem for various activities relating to ESG including sustainability in the IFSC, it was decided that a framework may be specified to enable CRAs registered with the IFSCA (“Authority”) to also undertake services relating to ERDPPs in accordance with the requirements laid down in this circular. Listing of Debt Securities on the recognized stock exchanges in the IFSC (September 11, 2024) IFSCA (Listing) Regulations, 2024 notified (August 30, 2024) IFSCA issued the circular stating that it shall be mandatory for issuers to obtain credit rating for the The Government of India notified the Direct Listing debt securities proposed to be listed on the Scheme in January 2024 providing the legal recognised stock exchanges with effect from framework for direct listing of equity shares of October 01, 2024. public Indian companies on the international exchanges in the IFSC. Subsequently, IFSCA Caution to Public - Dealing with unregistered constituted a Standing Committee on Primary Broker Dealers in the IFSC (September 20, 2024) Markets (“SCOP”), chaired by Shri T. V. Mohandas Pai which recommended that the IFSCA's This press release was issued in order to render regulatory framework for listing of companies caution while dealing with unregistered Broker should be aligned with other international financial Dealer in IFSC. IFSCA observed that some entities centres such as Singapore, Hong Kong, USA and who are not registered with IFSCA were offering UK. Following extensive deliberations in the SCOP investment/broking services over social media and public consultations, it was decided to replace platforms and luring public in making spurious the existing IFSCA (Issuance and Listing of investment in lieu of higher returns. General public Securities) Regulations, 2021 with the New Listing was advised to refer IFSCA website to check Regulations. The Authority in its meeting held on registration of entity and report them to IFSCA if June 27, 2024, approved the New Listing they are approached by such entity Regulations. Metals and Commodities The IFSCA (Listing) Regulations, 2024 (“New Listing Regulations”) provide a unified regulatory Circular on Direct Market Access (DMA) facility and framework for listing of securities and other permitted financial products were notified on Sponsored Access (SA) facility for Bullion Exchange August 30, 2024. The regulations are expected to participants (July 08, 2024) promote ease of doing business for the issuers to access capital market through listing of securities IFSCA issued a circular on July 8, 2024, expanding on the stock exchanges in the IFSC with greater the scope of the IFSCA’s June 21, 2023, circular flexibility and efficiency. The regulations aim to regarding Direct Market Access (DMA) and protect the interests of investors by ensuring that Sponsored Access (SA) guidelines to also include there is full disclosure of material information that Bullion Exchanges, Bullion Trading Members, and are required for decision making by the investors. Bullion Clearing Members within the International The regulations are expected give a boost to primary Financial Services Centre (IFSC). listing, particularly for Indian companies as well asIFSCA BULLETIN | JUL-SEP 2024 Regulatory Updates 8 Circular on Bullion Trading Members and Clearing with them. The “Jurisdictions under Increased Monitoring” are Bulgaria, Burkina Faso, Cameroon, Members in GIFT- IFSC (August 09, 2024) Croatia, Democratic Republic of the Congo, Haiti, Kenya, Mali, Monaco, Mozambique, Namibia, With reference to IFSCA’s circular F.No.329/IFSCA/Bullion MIIs/2021 dated Nigeria, Philippines, Senegal, South Africa, South Sudan, Syria, Tanzania, Venezuela, Vietnam, September 17, 2021, it has been decided to extend Yemen. As per the public statement, Turkiye and the period specified in paragraphs 3 and 4 of the Jamaica have been removed from the list of circulars till October 31, 2024, or till the time IFSCA issues revised guidelines/handbook/circular Jurisdictions under Increased Monitoring based on the decision made at the June 28, 2024, FATF specifying the requirements of minimum Net worth Plenary. and Base Minimum Capital for Bullion intermediaries, whichever is earlier. FAQs on IFSCA Website Other Updates Following FAQs were issued on website during the quarter: Press Release on Financial Action Task Force (FATF) 1. FAQs on Circular titled “Additional High risk and other monitored jurisdictions - June requirements for carrying out the permissible 2024 (July 16, 2024) activities by Finance Company as a Lessor under ‘Framework for Ship Leasing The Financial Action Task Force (FATF), vide 2. FAQs for the International Financial Services public statement ‘High-Risk Jurisdictions subject Centres Authority (Book-keeping, Accounting, to a Call for Action’ dated June 28, 2024, has called Taxation and Financial Crime Compliance on its members and other jurisdictions to refer to Services) Regulations, 2024 the statement on these jurisdictions adopted in February 2020 and October 2022. Further, FATF had earlier identified the following jurisdictions as having strategic deficiencies which have developed an action plan with the FATF to dealIFSCA BULLETIN | JUL-SEP 2024 Highlights of the Quarter 9 Highlights of the Quarter _____________________________________________________________________________________ Driving Innovation with a Single Click: IFSCA’s IT 5. Real time data validation of PAN, DIN, and CIN through APIs are incorporated into SWITS, Gateway which was done in coordination with Ministry of Corporate Affairs (MCA) The Hon’ble Prime Minister Shri Narendra Modi on 6. A Payment Gateway is integrated in the SWITS 16th September 2024 launched IFSCA’s Single which allows for entities to pay different fee Window IT System (SWIT System). obligations online, thereby simplifying existing The Hon’ble Finance Minister, in the Union Budget processes of offline payments/ Demand Drafts. for FY 2023-24 announced “Implementation of a The Payment Gateway enables ease of doing single window IT-enabled system for application business for foreign entities in IFSCs. This was processing of entities desirous of setting up done in coordination with service providers operations in GIFT IFSC” to improve the Ease of dealing with payment gateway services. Doing Business (EoDB) in GIFT IFSC. 7. A Digital Signature Certificate (DSC) Module is integrated into the SWITS which enable signing Towards this end, IFSCA set forth on a mission of documents digitally and also serves as a which has resulted in the development of a Single- means of authenticating identity. This was done Window IT-enabled system for the registration of by working with Certifying Authorities IFSC Entities. authorized by the Controller of Certifying Salient features of the SWIT System: Authorities (CCAs). 1. IFSCA Single Window IT System (SWITS It is expected to increase IFSC's and IFSCA's henceforth) contains a Common Application contribution to the vision of Viksit Bharat@2047, Form (CAF) to be filled by prospective entities by attracting business opportunities to Indian of various financial verticals, and simplifies the shores. process of Registration in IFSCs, by bringing all stakeholders [Financial Sector regulators Sustainable Finance (IFSCA, RBI, SEBI, IRDAI), SEZ Authorities, MIIs/ Bullion MIIs, Prospective entities] onto a Report on Transition Finance by the Expert single IT-enabled system. This CAF was Committee on Climate Finance formulated after comparative analysis with key financial centres like DIFC, Singapore etc. The Expert Committee on Climate Finance was 2. SWITS is integrated vide API with the SEZ constituted by IFSCA on December 21, 2023, to Online System for SEZ-specific approvals from provide a roadmap for IFSCA to develop a climate the SEZ Authorities (IFSCA Administrator). finance ecosystem and instruments at GIFT IFSC This was done in coordination with the with a special focus on Transition Finance as well as Development Commissioner's office and to provide recommendations on establishing the National Securities Depository Limited (NSDL). GIFT-IFSC as a global hub for climate financing. 3. SWITS contains a NoC processing module The Committee is chaired by Shri Dhruba interfacing with three financial sector Purkayastha (Director- Growth and Institutional regulators (RBI, SEBI and IRDAI) for the NoC Advancement, Council on Energy, Environment applications of prospective entities. The and Water) and includes experts across policy think integration was done in coordination with RBI, tanks, standard setters, consultants, industry, and SEBI and IRDAI. global financial institutions. 4. SWITS integrates the process of applying for GSTIN by an IFSC entity. A separate window The Expert Committee has submitted its report on exists for entities to apply for GSTIN which was Transition Finance to the Chairperson, IFSCA, Shri achieved in coordination with GSTN K. Rajaraman on July 01, 2024.IFSCA BULLETIN | JUL-SEP 2024 Highlights of the Quarter 10 The Report on Transition Finance captures the The report highlights that there are over 13.5 recommendations by the Expert Committee under million NRIs and 18.7 million PIOs living in various three pillars: parts of the world. The pension products would provide portability and nomination (succession 1. Scope and definition of Transition Finance plans) features for the NRI investors. The 2. Policy and Regulation Committee has recommended a detailed product design emphasizing each stage of the product. The 3. Financial Mechanisms and Instruments report recommends a comprehensive regulatory framework that strikes a balance between encouraging voluntary participation and safeguarding the interests of the contributors. The Committee has also analyzed the tax design and proposed a tax framework with crucial recommendations to make the product attractive. Payment & Settlement Expert Committee on Climate Finance submitting report on Issued in-principle Approval to Betafront Transition Finance to Chairperson, IFSCA Shri K. Rajaraman (Third from right) and ED, IFSCA Shri Pradeep Ramakrishnan Technologies Private Limited, Zinc Money Pte. Ltd (Fifth from left) and Glomopay Software Private Limited to set up a wholly owned subsidiary as a Payment Service The report emphasizes the role of transition finance Provider for carrying out Payment Services under in driving investments towards hard-to-abate the IFSCA (Payment Services) Regulations, 2024. sectors such as steel, cement, shipping, fertilizers etc. which are crucial for economic growth of India Finance Company and other developing nations. The report offers strategic recommendations to IFSCA and policy makers by exploring global best practices and Certificate of Registration issued to aircraft leasing regulatory landscapes, to enhance the role of GIFT- entities IFSC as a gateway for attracting international climate capital flows in order to achieve India’s Issued Certificate of Registration (CoR) to “RRPF ambitious goal of achieving net-zero by 2070. Engine (India) IFSC Pvt Ltd”, a wholly owned subsidiary of UK-based Alpha Partners Leasing Pension Limited for undertaking operating lease for engines of aircraft or any other part thereof. Report of the Expert Committee on Development of Certificate of Registration issued to ship leasing Pension Products at GIFT IFSC submitted to IFSCA entities The Expert Committee on ‘Development of Pension Issued CoR to the “SCI Bharat IFSC Limited”, a Products at GIFT IFSC’ has submitted its report to wholly owned subsidiary of Shipping Corporation the Chairperson, IFSCA on July 08, 2024. The of India Limited for undertaking a ship operating Committee was constituted to identify the scope of lease. providing pension products targeting global citizens, with special emphasis on NRIs and OCIs Certificate of Registration issued to finance and to explore a possible regulatory framework for companies other than aircraft/ ship leasing the same. Under the Chairmanship of Prof. Mukul entities Asher (Former Professor at the Lee Kuan Yew School of Public Policy at the National University of Issued CoR to ‘Credilix IFSC Private Limited’, a Singapore), the Committee has recommended a wholly owned subsidiary of the Singapore-based non-INR denominated long-term savings product Mogli Labs Asia Private Limited for undertaking to be regulated by IFSCA. factoring and forfaiting of receivables.IFSCA BULLETIN | JUL-SEP 2024 Highlights of the Quarter 11 Innovation and Regulation in Global Financial Insurance Services” at the Global FinTech Festival 2024. Additionally, IFSCA organized an exclusive closed- Certificate of Registration (CoR) granted to Life door session for key stakeholders to explore insurance Corporation of India (LIC) and TATA strategic opportunities and innovations within AIG General Insurance Company Ltd. (TATA AIG). IFSCA. Number of IIOs: IFSCA attended the 1st meeting of the India – Philippines Joint Working Group on FinTech where IFSCA along with RBI had conducted a session on IIOs Life Insurers 2 the topic, “Promote Cooperation on FinTech”. General Insurers Further, IFSCA also attended the 6th meeting of 2 6 India – Singapore Joint Working Group on 30th Stand Alone Health August 2024 via video conferencing. Insurers 4 Reinsurers IFSCA participated in a Technical Workshop on the Global Cross Border Privacy Rules (Global CBPR) Forum, organized by NASSCOM, DSCI, MEITY, Banking and MEA on August 28, 2024. The workshop aimed to provide a preliminary understanding of Global CBPR and the Global Cooperation Arrangement for Permission was granted to a Foreign Bank to setup Privacy Enforcement (Global CAPE), with a Global Administrative Office (GAO) attendance from industry experts, regulators, and government officials. FirstRand Bank Limited (FRB), a South African based banking company, was granted permission IFSCA was invited to participate in the Workshop by the Authority to set up a GAO as a branch in on the Global CBPR Framework organised from IFSC. September 19-21, 2024. The main agenda of the workshop was to deep dive into the Global CBPR FinTech Framework and discuss on how it can enable trusted cross-border flows of personal data and Global Financial Innovation Network promote digital trades (GFIN): IFSCA was elected as a member of the I-Sprint: Currently, all the I-Sprints have been Coordination Group (Board) of GFIN and completed and based on the recommendations of participated in its meeting on July 29, 2024. As a the Jury, winners were declared basis the final Board member, IFSCA recommended the demos presented by the finalists. membership applications of the Central Bank of Jordan and the Financial Markets Authority of New Metals & Commodities Zealand. Additionally, IFSCA proposed a spotlight session to the GFIN Secretariat on October 9, 2024, focused on "Gen AI – Use Cases for BFSI." Total gold imported through IIBX since launch has crossed 43 tonnes valuing USD 3.29 billion approx. IFSCA participated in the policy implementation meeting held on Artificial Intelligence in Insurance Pursuant to IFSCA’s approval, IIBX launched gold Sector on September 03-04, 2024, at Basel, and silver spot contracts with J Matadee FTWZ Switzerland and FinTech Forum Meeting held on vault, Chennai as delivery centre. These contracts September 04, 2024. The meetings covered updates were launched as separate tokens under the existing on AI Application Paper, Digital Assets Survey, products (with GIFT IFSC delivery centre) with SupTech, Embedded Insurance and Artificial effect from 29th July 2024. Intelligence in Insurance Sector. IFSCA participated in a panel discussion on “Innovation in FinTech Regulation: BalancingIFSCA BULLETIN | JUL-SEP 2024 Highlights of the Quarter 12 i. 37 LOA applications for Fund entities Office of Administrator (IFSCA) ii. 10 applications for changes in Directors/ Shareholding pattern Vide Gazette Notification S.O. 940(E) dated iii. 03 Broad-banding applications 28.02.2024, the powers of Development Commissioner under the SEZ Act, have been vested Others with the Administrator (IFSCA) and since then, the Administrator (IFSCA) has been performing the functions of Development Commissioner for IFSC Report of the Expert Committee for drafting entities in GIFT-SEZ, including conducting Unit institutional arbitral rules for the proposed Approval Committee (UAC) meetings, issuance of International Arbitration Centre at GIFT IFSC Letter Of Approval (LOA), approval of Bond-cum- LUT (BLUT), granting extension of LOA, taking submitted to IFSCA note of Commencement, etc. The Expert Committee on drafting institutional Unit Approval Committee (UAC): arbitral rules for the International Arbitration Centre at GIFT IFSC has submitted its report to the During Till Particulars Quarter Sep Chairperson, IFSCA on July 16, 2024. The (Jul-Sep) 2024 Committee was set up by IFSCA pursuant to the No. of UAC Meetings 13 19 announcement of the Hon’ble Finance Minister in No. of New Unit the Union Budget for FY 2022-23 that “An 95 195 Applications considered International Arbitration Centre will be set up in No. of New Unit 95 192 the GIFT City for timely settlement of disputes Applications approved under international jurisprudence”. No. of LOA issued 89 185 The Expert Committee, chaired by Dr. M. S. Sahoo, Post LOA: former Chairperson of IBBI, along with other legal experts in Alternative Dispute Redressal (ADR), During Till was established to draft institutional arbitral rules Particulars Quarter Sep (Jul-Sep) 2024 for the proposed International Arbitration Centre at No. of physical BLUT GIFT IFSC. The committee was also tasked with 73 159 approved suggesting regulatory design, legal framework, and No. of LOA Extensions procedures for the centre. The Arbitration Centre at 60 76 approved IFSC will focus on international jurisprudence, No. of Commencement 32 46 aiming for speedy and cost-effective dispute intimations approved resolution. Ease of Doing Business Initiatives The Committee examined the regulatory and institutional frameworks of well-established Weekly UAC Meetings institutions such as Singapore International To expedite the issuance of Letters of Approval Arbitration Centre (SIAC), Singapore International (LOAs) to Units, weekly UAC meetings were Commercial Court (SICC), Hong Kong initiated in the month of July. Under the International Arbitration Centre (HKIAC), the chairmanship of the Administrator of IFSCA, 13 London Court of International Arbitration (LCIA), UAC meetings have been conducted in the Quarter and Dubai International Arbitration Centre (DIAC) (once every week) among others. It also engaged with international dispute resolution professionals and Circular-Based UAC Approvals representatives from dispute resolution centres to In a significant step towards enhancing Ease of take their feedback and accordingly suggest design Doing Business, the UAC has begun to process for an effective and competitive Alternative Dispute certain applications on a circular basis. In the Resolution Centre (ADRC) at the GIFT-IFSC. Quarter, the UAC has approved by Circulation:IFSCA BULLETIN | JUL-SEP 2024 Public Consultation 13 Public Consultation _____________________________________________________________________________________ may be undertaken by the GRCTC and restrictions Finance Company on these activities (if any). Consultation paper on the proposed Guidelines on Metals and Commodities setting up of International Trade Financing Services Platform (‘ITFS’) (August 30, 2024) Consultation Paper on the IFSCA (Bullion Market) Regulations (August 31, 2024) The purpose of this consultation paper is to gather feedback on the proposed Guidelines for setting up The objective of this consultation paper is to seek an International Trade Financing Services Platform comments from the public on the draft IFSCA (ITFS). The Authority aims to replace the previous (Bullion Market) Regulations, 2024. The purpose of framework with comprehensive guidelines to the proposed IFSCA Bullion Market Regulations, streamline the process and enhance the ease of 2024 is to provide the revised regulatory framework doing business for ITFS operators. for, and ensure the growth and development of, the bullion market ecosystem in the IFSC and in India Consultation paper on the proposed International at large. Once notified, the IFSCA (Bullion Market) Financial Services Authority (Registration of Regulations, 2024 shall replace the extant IFSCA Factors and Registration of Assignment of (Bullion Exchange) Regulations, 2020. Receivables) Regulations, 2024 (August 30, 2024) Capital Markets The purpose of this consultation paper is to gather feedback from the public on the proposed Public Comments on draft IFSCA (Listing) Regulations for the International Financial Services Regulations, 2024 (July 25, 2024) Authority (Registration of Factors and Registration of Assignment of Receivables) in 2024. These The consultation paper seeking comments/ regulations are framed to fulfil the requirement suggestions from the public on the draft IFSCA under the Factoring Regulation Act, 2011. (Listing) Regulations, 2024 was issued by IFSCA on May 03, 2024. The comments/ suggestions Consultation paper on revised ‘Framework for received thereafter were published on the website. undertaking Global/Regional Corporate Treasury The regulations were suitably modified based on the Centres activities by Finance Company/Unit in IFSC’ comments received from the stakeholders and were (September 12, 2024) placed before the Standing Committee on Primary Markets (SCOP). Pursuant to recommendations of IFSCA issued the revised ‘Framework for SCOP, the draft regulations were modified and undertaking Global/Regional Corporate Treasury placed before the Authority in the meeting held on Centre activities (GRCTC) in IFSC’. The revised June 27, 2024. The comments received from the framework aims to streamline the permissible stakeholders were also placed before the Authority. activities/services undertaken by treasury centers and to introduce elements aligned with Consultation paper on the review of IFSCA (Market international best practices such as those prevalent Infrastructure Institutions) Regulations, 2021 in Singapore and Hong Kong, to make it attractive (August 30, 2024) for entities to set up their treasury centers in the IFSC while ensuring the Authority has due IFSCA (Market Infrastructure Institutions) oversight over their activities. The consultation Regulations, 2021 were notified in April 2021 paper also encompasses a draft explanatory note providing a unified regulatory framework for Stock which outlines the scope of various activities thatIFSCA BULLETIN | JUL-SEP 2024 Public Consultation 14 Exchanges, Clearing Corporations and Depositories Consultation paper on the proposed IFSCA (hereinafter referred as MIIs) operating in IFSC. (Investment by IFSC Insurance Office) MIIs are vested with regulatory responsibilities, (Amendment) Regulations, 2024 (September 03, while pursuing their commercial interests like other 2024) profit-oriented entities. It is imperative that the MIIs, in pursuance of their business objectives, IFSCA issued a consultation paper to seek should not lose sight of their regulatory roles. The comments / views/ suggestions from public on the MIIs are also the first line regulators for the proposed amendments to International Financial intermediaries such as Broker-Dealers, Clearing Services Authority (Investment by International Members and Depository Participants. On account Financial Service Centre Insurance Office) of the conflicting nature of the MII’s role, it is felt Regulations, 2022. that governance standards of MIIs need to be robust to enhance and maintain market confidence and Fund Management deter malpractices. Accordingly, to strengthen corporate governance Consultation paper on Review of IFSCA (Fund practices, IFSCA issued a consultation paper in Management) Regulations, 2022 (August 05, 2024) August 2024 to seek the comments of the stakeholders on the amendments proposed in the IFSCA has issued a consultation paper to seek regulations. Amendments in the regulations have comments / views/ suggestions from public on the been proposed based on the Principles for Financial proposed amendments to IFSCA (Fund Market Infrastructures specified by Committee on Management) Regulations, 2022. Payments and Market Infrastructures and International Organization of Securities Commissions. Cyber Security Consultation paper on Listing of Commercial Paper (CP) and Certificates of Deposit (CD) on the Consultation Paper on Principle-Based Guidelines recognized stock exchanges in the IFSC (September on Cyber Security and Cyber Resilience for all 02, 2024) Regulated Entities (REs) in IFSC (September 28, 2024) IFSCA issued a consultation paper to seek comments and suggestions from the public and IFSCA has issued a consultation paper to seek stakeholders on the proposed circular on listing of comments/ views from different stakeholders in commercial paper (CP) and certificates of deposit GIFT IFSC to put in place a principle-based (CD) on the recognised stock exchanges in the IFSC. framework on cyber security and cyber resilience. Global In-house Centres Insurance Feedback / comments/ suggestions for review of Public Consultation on proposed amendments to IFSCA (Global in-house Centres) Regulations, 2020 IFSCA (Registration of Insurance Business) (July 18, 2024) Regulations, 2021 (July 10, 2024) The IFSCA intends to review the IFSCA (Global In- IFSCA had issued a consultation paper to seek House Centres) Regulations, 2020 under regulation comments / views/ suggestions from public on the 7 of the International Financial Services Centres proposed amendments to IFSCA (Registration of Authority (Procedure for making Regulations) Insurance Business) Regulations, 2021. Regulations, 2021 keeping in view of outcome and experience of the market participants and stakeholders. With an intend to have more effectiveIFSCA BULLETIN | JUL-SEP 2024 Public Consultation 15 Global In-House Centres /Global Capabilities proposed IFSCA (Informal Guidance Scheme), Centres ecosystem in GIFT-IFSC and to adopt the 2024 which intends to provide an avenue for international best practices, comments/ financial institutions and persons intending to set suggestions in this regard have been sought from up a Unit in IFSC to seek clarity and guidance on the General public, market participants and various issues pertaining to their potential business stakeholders. activity and transactions, which are under the regulatory ambit of IFSCA. Others Consultation Paper on Complaint Handling and Grievance Redressal (August 30, 2024) Consultation paper on the proposed IFSCA (Informal Guidance Scheme), 2024 (August 20, The objective of this consultation paper is to seek 2024) comments from public and other stakeholders on the draft regulatory framework for complaint IFSCA has issued a consultation paper to seek handling and grievance redressal by the entities comments / views/ suggestions from public on the regulated by IFSCA.IFSCA BULLETIN | JUL-SEP 2024 Collaboration and Partnerships 16 Collaboration and Partnerships _____________________________________________________________________________________ IFSCA executes MoU with Labuan Financial IFSCA and the Institute of Cost Accountants of India (‘ICMAI’) have exchanged Memorandum of Services Authority Understanding (MoU) on 30th August 2024 at IFSCA Headquarters, GIFT City, Gandhinagar. This IFSCA and the Labuan Financial Services Authority collaboration aims to position GIFT IFSC as a have entered into a Memorandum of leading "Global Finance and Accounting Hub." Understanding (MoU) to formalize institutional cooperation between the two institutions for The MoU's primary objective is to support the mutual benefit. The MoU was signed by Mr. K. export of financial services talent from GIFT IFSC. Rajaraman, Chairperson, IFSCA, and Mr. Dato' ICMAI, leveraging its extensive network of overseas Wan Mohd Fadzmi bin Che Wan Othman Fadzilah, chapters and members, will actively disseminate Chairman, Labuan Financial Services Authority, on information about the opportunities available August 19, 2024. within GIFT IFSC. The MoU was formally exchanged between H.E. Mr. Additionally, ICMAI under the guidance of IFSCA, B. N. Reddy, High Commissioner of India to shall develop academic courses tailored to the Malaysia and Mr. Dato' Wan Mohd Fadzmi bin Che specific needs of International Financial Services Wan Othman Fadzilah, Chairman, LFSA on August Centres (IFSCs), aligned to the global best practices. 20, 2024, and witnessed by the Honourable Dato' Seri Anwar Ibrahim, Prime Minister of Malaysia IFSCA executes MoU with Indian Venture and and the Hon’ble Prime Minster of the Republic of Alternate Capital Association (IVCA) India, Shri Narendra Modi. IFSCA and the IVCA have entered into a The objective of the MoU is to facilitate the sharing Memorandum of Understanding (MoU) to enhance of knowledge and best practices on the cooperation for the development of GIFT IFSC as a development, regulation and supervision of the “Global Fund Management Hub”. Shri Dr. Dipesh financial markets of the respective jurisdictions as Shah from IFSCA and Rajat Tandon, President of well as to promote and secure the fitness and IVCA, formally signed the MoU in a special propriety of licensed or registered persons and to ceremony, on September 18, 2024. Shri K. promote high standards and integrity in conduct of Rajaraman, Chairperson IFSCA, Mr Rajat Tandon, business. President IVCA, Dr. Dipesh Shah, Executive IFSCA signs MoU with ICMAI to Develop GIFT IFSC Director IFSCA witnessed the MoU signing. as a Global Finance and Accounting HubIFSCA BULLETIN | JUL-SEP 2024 Events and Outreach Activities 17 Events and Outreach Activities _____________________________________________________________________________________ Conference on “Developing Alternative Dispute insightful addresses from esteemed dignitaries, including Indian Ambassador to Norway H.E Resolution and International Arbitration Centre in Acquino Vimal and other key representatives. GIFT-IFSC” IFSCA in collaboration with GIFT City and GNLU organized a Conference on “Developing Alternative Dispute Resolution and International Arbitration Centre (IAC) in GIFT-IFSC” on September 28, 2024, at GIFT City, marking a significant step towards developing a world class ADR ecosystem in GIFT-IFSC. The Conference was inaugurated by Shri K. Rajaraman, Chairperson, IFSCA in the august presence of Shri Dr. M.S. Sahoo, Former Chairperson IBBI, Prof. (Dr.) S. Shanthakumar, The keynote address by Mr. K. Rajaraman, Director, GNLU and other senior practitioners in Chairperson of IFSCA, focused on opportunities for the field of Alternative Dispute Resolution (ADR). Norwegian financial institutions in India's financial The event was attended by more than 100 gateway i.e GIFT IFSC. participants including ADR Practitioners, experts, academicians, Industry bodies and regulated Sweden entities in GIFT-IFSC. Chairperson IFSCA, accompanied by the delegation, engaged in a roundtable meeting organised by SIBC with Director General for Trade Policy Ms. Camilla Mellander and key pension and investment funds including AP2, Cohesion Investments, Carnegie, Swedbank, Serneke, etc. A brief presentation was made by Sh. K. Rajaraman, Chairperson IFSCA on how the pension funds and investment funds can invest in India and offshore utilising GIFT Investment Fund ecosystem. IFSCA Delegation visit to Scandinavia Norway Embassy of India, Norway, jointly with Norway Denmark India Chamber of Commerce and Industry (NICCI) hosted a high-level meeting in collaboration with Embassy of India, Copenhagen, and IFSCA IFSCA delegation, bringing together business organised an International Conference on “GIFT leaders and sector specialists from both India and International Financial Services Centre: Financial Norway to discuss business opportunities in India's Gateway to India” today. The event was well maiden IFSC at GIFT CITY. attended by leading Danish financial institutions including investment & pension funds, banks, asset The meeting commenced with a warm welcome by management firms, ship leasing companies etc. Mr. Helge Tryti, Chairman of NICCI, followed byEvents and Outreach Activities 18 IFSCA BULLETIN | JUL-SEP 2024 During the conference, Shri K. Rajaraman, Roundtable Meeting with Australian Chairperson, IFSCA, shared insights on the range of Investors and Self-Managed Super Funds benefits that GIFT IFSC provides in areas of The roundtable was attended by key individual banking, capital market, fund management, ship investors and SMSFs based out of Australia, who and aircraft leasing, etc. are keenly exploring the opportunity to invest into IFSCA Delegation Visit to Australia India’s growth story. Chairperson IFSCA made a detailed presentation on the reforms carried out by IFSCA, with support from the Consulate General of Government of India to make India one the of India (CGI) and the Australia India Business fastest growing major economies. Council (AIBC), organized several rounds of interaction with Australian-based financial services industries. During these interactions, various business opportunities at GIFT-IFSC for banks, insurance companies, funds, professional service providers, and FinTechs were presented. Roundtable with Australian Universities organized by Austrade The roundtable was attended by leading Australian Roundtable with Australian FinTech and Universities from New South Wales and RegTech Companies neighbouring provinces. During the roundtable, Chairperson, IFSCA highlighted various Chairperson, IFSCA gave a brief overview of GIFT progressive policy reforms to develop GIFT IFSC as IFSC and IFSCA. He outlined the objectives for an “International Hub for Higher Education”. setting up GIFT IFSC which, inter alia, includes serving as a soft-landing pad for foreign fintechs to enter the Indian market. Roundtable with Family Offices and HNIs/ UHNIs The event was attended by prominent family office and fund management firms based out of Sydney, IFCCI Higher Education Committee Webinar on Australia. During the event, Chairperson IFSCA Evolution of NEP and FHEI norm: A French highlighted several structural reforms carried out Perspective by Government of India over the last 10 years to make India one of the most attractive destinations IFSCA officials participated in a Webinar organized for foreign investments. by Higher Education Committee of the Indo-French Chamber of Commerce & Industry (IFCCI) themed on the “Evolution of NEP & FHEI norms: A French Perspective”. During the webinar, IFSCA officials presented the regulatory and development opportunities in GIFT IFSC, particularly in respect of International Branch Campus opportunitiesEvents and Outreach Activities 19 IFSCA BULLETIN | JUL-SEP 2024 Industry Roundtable - Deakin University GIFT City importance of collaboration between Banks and Insurance Offices for the growth of Trade credit IFSCA Officials participated in roundtable business in GIFT IFSC. interaction organised by Deakin University. During the conference, IFSCA officials highlighted the Financial Crime Expert and Conclave Awards importance of Industry- Academia collaboration for IFSCA officials participated in FinCrimeExpert’s talent development in GIFT IFSC. first ever Conclave and Awards Event. The event Meeting with officials of University of Tasmania was attended by various industry leaders, regulators, LEAs, solution providers and IFSCA officials held a meeting with the Officials of distinguished guests to celebrate outstanding Tasmania University to discuss the IBC achievements in this niche field of Financial Crime opportunities in GIFT IFSC. Compliance. Financial Crime Compliance (FCC) professionals play a crucial role in safeguarding the Meeting with officials of University of Sunshine financial system, which is one of the important Coast elements for a Viksit Bharat Vision, 2024. IFSCA officials held a meeting with the Officials of University of Sunshine Coast. During the meeting, IFSCA officials presented IBC opportunities in GIFT IFSC. GIFT IFSC: Demystifying The Asset Management Landscape IFSCA officials participated in an event organised by Nuvama Asset Services, alongside esteemed partners Deloitte and IC Universal Legal, Advocates Café Alt Conference 2024 & Solicitors. During the event, IFSCA officials shared their insights on asset management IFSCA officials participated in an event organised landscape in GIFT IFSC. Dr. Dipesh Shah, by Cafemutual which was focused on alternative Executive Director (Development) International investments. The event was aimed to help wealth Financial Services Centres Authority (IFSCA), managers, boutique MFD firms, institutional spoke at the event about the asset management investors, family offices and bank/NDs to make landscape in the GIFT IFSC. sense of the latest trends and opportunities in alternative investments. Financial Crime Expert and Capacity Building Event IFSCA officials participated in an event organised by FinCrimeExpert Capacity Building Event which was the first ever of its type in India. It was an initiative to address the growing need for skilled professionals in the field of financial crime prevention and detection. It provides an opportunity for individuals interested in this field to enhance their knowledge and skills through networking, workshops, seminars, and training sessions. Workshop on Trade credit- ECGC IFSCA officials participated in a workshop on Trade Credit Insurance organised by ECGC. During the workshop, IFSCA officials highlighted theEvents and Outreach Activities 20 IFSCA BULLETIN | JUL-SEP 2024 Webinar on "Harnessing Financial Planning and Prosperity in the Era of AI and Critical Technology, which focused on how companies use Opportunities through GIFT IFSC" by FPSB India critical technologies, including AI, to strengthen innovation and sustainability and position IFSCA officials participated in a webinar organised by FPSB themed on "Harnessing Financial themselves as drivers of change in this new era of U.S.-India relations. Planning Opportunities through GIFT IFSC". During the event, IFSCA officials emphasized on Jefferies 3rd India Forum strategic advantages and future potential of GIFT IFSC in transforming financial planning in India. IFSCA officials participated in Jefferies 3rd India The officials also highlighted unique opportunities Forum, which was held at The Oberoi Gurgaon, GIFT IFSC offers to financial planning from Sep 17 - 19, 2024. Jefferies 3rd India Forum professionals. has sign ups from 110+ clients belonging to Global Funds from 10+ geographies. A comprehensive Webinar on theme “Unravel the Gift City: Indian event of its kind, this event brought together Global IFSC” by HSBC IFSCA officials participated in a institutional investors, leading public and private webinar organised by HSBC themed on “Unravel companies from around the region as well as pre- the Gift City: Indian IFSC”. During the webinar, eminent thought leaders and innovative thinkers, IFSCA officials discussed about multiple benefits offering original content and actionable investment for clients exploring investment into Indian insights. markets, whether it is a capital market investment or strategic investments IFSCA officials provided comprehensive overview of the GIFT IFSC ecosystem and the business Global Webinars on GIFT City for MNC clients opportunities it provides for global investors and corporates. IFSCA officials participated in a Global Seminar organised by Standard Chartered bank (SCB) titled ICICI Bank webinar on Asset Management "Unlocking Opportunities in India’s GIFT City: A Global Financial Hub" on 11th and 12th September Opportunities in GIFT City 2024. IFSCA officials highlighted about the key IFSCA officials participated in a webinar organised growth aspirations for the GIFT City, various by ICICI Bank on the theme titled “Asset initiatives to make GIFT City attractive for Management Opportunities in GIFT City”. During Corporates (Non-FIs) and key vision, Growth and the webinar, IFSCA official discussed on the Opportunities for Global Corporates. emerging opportunities for Asset Management in USIBC’s India Ideas Summit and 49th Annual GIFT City. Dr. Shah from IFSCA was invited to provide a keynote address to share valuable insights General Meeting and unveil the future trends shaping Gift City. IFSCA officials participated in India Ideas Summit & 49th Annual Meeting of U.S. Chamber of Commerce’s U.S.-India Business Council (USIBC) which took place on 12th September 2024 at New Delhi. The summit was held on theme - PartnershipEvents and Outreach Activities 21 IFSCA BULLETIN | JUL-SEP 2024 RE-INVEST 2024 GSS+ bond framework, its role in achieving India's sustainable development goals, and the Shri Pradeep Ramakrishnan, Executive Director, opportunities it presents for the financial sector. IFSCA, participated in a panel discussion titled The training workshop commenced with a keynote "Accelerating Capital for India's Energy address by the Chairperson of IFSCA, Shri K. Transition: Spotlight on Enabling Rajaraman. Chairperson IFSCA, in his address Instruments" at RE-invest 2024, held between remarked the significance of embracing innovative 16th to 18th September in Gandhinagar, Gujarat. financial instruments and leveraging GIFT IFSC RE-INVEST is a Government of India flagship event ecosystem to advance India's sustainable to showcase India’s Renewable Energy potential to development agenda. He stated that “The GIFT the world & to invite investment in the sector by IFSC banks have advanced over USD 1.5 billion in initiating multilateral dialogue. It is global green credit, the bond markets have an outstanding renewable energy investors meet, and expo of USD 13.07 billion in GSS+ bonds and the 1st ESG organized by the Ministry of New and Renewable fund is already operational. On the workshop, he Energy (MNRE), Government of India. This year’s remarked, "Capacity building empowers all edition marked India attaining 200 GW of non- stakeholders with the knowledge and tools fossil fuel capacity. necessary to develop and implement innovative In his remarks during the panel discussion, Shri solutions. This workshop is a significant step Pradeep Ramakrishnan emphasized the pivotal role towards enhancing our collective ability to channel of the IFSCA’ s regulatory framework in fostering a green capital effectively to green businesses. robust green bond market within the GIFT IFSC. He Understanding and Capacity to handle new age further highlighted the significance of various instruments such as Transition bonds to steer the sustainable finance initiatives undertaken by IFSCA energy transition in India is direly required. The such as ESG funds and sustainable lending by IBUs workshop fulfils that need.” which are in line with the Government’s mission of making the GIFT IFSC a climate finance hub. Shri K. Rajaraman, Chairperson, IFSCA (In the middle) with Shri Pradeep Ramakrishnan, ED, IFSCA (Second from left) other key dignitaries at GSS+ Bonds Training Workshop with other key dignitaries at the panel discussion during RE- INVEST 2024 The comprehensive training workshop was designed to address the issuance of thematic Green, Social, Sustainable, Sustainability-linked labelled bonds, with particular emphasis on Green, and Transition Bonds (GSS+ Bonds) Training Social, Sustainable, Sustainability-Linked, and Transition Bonds as mechanisms to bridge the Workshop sustainable finance gap in India. The event The National Stock Exchange (NSE), in attracted a diverse range of participants from collaboration with the Climate Bonds Initiatives various sectors, including policymakers, thereby (CBI) and the International Finance Corporation promoting a collaborative environment that (IFC), under the aegis of IFSCA, successfully facilitated knowledge sharing and innovation. organized a two-day training program on GSS+ bonds on September 24, 2024, and September 25, 2024, at Gift city club, Gandhinagar. The workshop aimed to foster knowledge and awareness about theEvents and Outreach Activities 22 IFSCA BULLETIN | JUL-SEP 2024 ILS Asia 2024 - Cat Bond & ILS conference in insurance’ in India’s GIFT IFSC is under active consideration of the Government of India. Singapore Recognizing the potential of the niche segment of Insurance Linked Securities (ILS) and Natural Catastrophes (Nat Cat) risks, and the under- developed nature of regulatory framework in IFSC jurisdiction on the matter, a two-member delegation from IFSCA attended the 6th ILS Asia 2024 Conference held in Singapore. For 2024, the theme for the conference was "Renewing growth opportunities", in the light of robust performance of the CAT Bonds and ILS asset class over the years. The conference gave Detailed deliberations were held during the opportunity to understand regulatory framework & conference regarding growing importance of current practices prevalent in the domain of ILS in captives in the insurance sector. While recognising different jurisdictions and to understand the the growth of captive insurance in USA and segment of ILS from the perspective of ceding European markets, it was emphasised that Asian insurers or reinsurers, investors, asset managers, markets too have big potential of growing captive service providers, fund managers, risk modellers, insurance. law firms, pension investors, investment bankers etc. As Singapore is one of the biggest Asian Re- insurance markets and Asian headquarter for various re-insurers, various Cross Border Reinsurers (CBRs) who book re-insurance business from DTA India are situated in Singapore. Thus, on the background of IRDAI’s recent circular on collateral, the delegation during its visit to Singapore also had one-to-one meetings with certain Cross Border Re-insurers (CBRs) to discuss The speakers also discussed various regulatory opportunities for them in the GIFT-IFSC. frameworks on supervision of Capitve Insurer and its success stories in various Asian jurisdictions, 7th Asian Captive Conference, 2024 at Kuala increased usage of captives to access the Lumpur, Malaysia reinsurance market etc. The participants were unanimous that captives are likely to become Mr. Praveen Trivedi, Executive Director, IFSCA, further embedded into corporate risk strategies, participated in a panel discussion titled “A Captive regardless of market conditions and all regulators Perspective: Insite from Leading Asian Domiciles.” need to have more collaborations, cooperation and at 7th Asian Captive Conference, 2024 at Kuala information sharing to capitalize the full potential Lumpur, Malaysia. The conference was organised of captive insurance for the overall development of by Laban International Business and Financial insurance ecosystem. Centre, Malaysia (Labuan IBFC) and Labuan International Insurance Association (LIIA). In his remarks during the panel discussions, while acknowledging development of captive insurance business in peer jurisdictions like, Singapore, Labuan, Malaysia, Hong Kong etc., Mr. Trivedi informed that the proposal of enabling ‘captiveEvents and Outreach Activities 23 IFSCA BULLETIN | JUL-SEP 2024 IFSCA’s delegation meeting with Labuan Financial Services Authority (LFSA) A delegation led by Mr Praveen Trivedi, Executive Director, IFSCA and Mr Bhaskar Khadakbhavi, General Manager, IFSCA had meeting with Mr Mohd Rizlan Mokhtar, Director, Registration & Authorisation of LFSA and his team members, at their office in Kuala Lumper, Malaysia. University of Wollongong India’s Fintech Event Dr. Dipesh Shah, Executive Director, IFSCA gave a talk on the topic of "GIFT-IFSCA: the Past, the Present, and the Future" at an event organized by University of Wollongong in GIFT IFSC on August 30, 2024. These discussions were on the backdrop of recent MoU signed between IFSCA and Labuan FSA, to facilitate the cooperation and information sharing regarding laws, rules, and regulations governing financial products, financial services, and financial institutions within the respective jurisdictions. Session on "Opportunities in GIFT IFSC”, Kolkata IFSCA officials participated in a two-hour Breakout Session on "Opportunities in GIFT IFSC" in 49th Regional Conference of Eastern India Regional Council, ICAI. The session was focused on various opportunities in IFSC including Direct Listing. The officials of IFSCA and Labuan FSA exchanged knowledge and best practices in the development, regulation, and supervision of respective financial markets. By exchanging insights and strategies, these regulators aim to enhance the stability, transparency, and efficiency of financial markets in both the jurisdictions ultimately benefiting consumers. Panel Discussion on Green and Transition Finance, Mumbai Shri Arjun Prasad, GM, IFSCA participated in a Panel Discussion in the NaBFID Infrastructure Conclave during Sept 2024 and provided an overview of the opportunities for Green and Transition Financing at GIFT IFSC.IFSCA BULLETIN | JUL-SEP 2024 Current Statistics 24 Current Statistics ____________________________________________________________________________________ Table 1: Number of Licenses/ Registrations issued Number of Licenses/ Registrations issued Segment Category During Jul-Sep 2024 As on Sep 30, 2024 IBUs 0 28 Banking GAO 0 2 Aircraft Lessors 1 27 Ship Lessors 1 12 Finance Company Finance Company – Core/ 1 10 Non-core (Including ITFS) MII 0 5 Broker Dealer 2 82 Depository Participant 0 10 Clearing Member 0 22 Capital Market Registered Distributors 1 10 Investment Advisors 0 3 Custodian 0 5 Debenture Trustee 0 4 Investment Banker 1 4 FMEs 12 128 Funds AIFs 25 168 IIOs 2 15 Insurance Intermediaries 0 23 Ancillary Services Ancillary Services Entities 6 78 Bullion MII 0 1 Bullion Bullion Intermediaries 2 19 Vaults 0 3 Direct 1 11 FinTech Sandbox 2 49 GIC GIC 0 3 Foreign University International Branch Campus 0 2 Total 57 724IFSCA BULLETIN | JUL-SEP 2024 Current Statistics 25 Banking Table 2: Number of IBUs Particulars As on Jun 30,2024 As on Sep 30,2024 No. of IBUs 28 28 Table 3: Assets of IBUs Month ended Jul 2024 Aug 2024 Sep 2024 Particulars USD Mn Investments 2903.44 3253.19 3852.40 Sovereign securities 1192.39 1391.00 1865.68 Corporate Bonds 1471.66 1595.19 1730.34 Other investments 239.39 266.99 256.39 Trade Finance 12310.99 13183.85 14172.26 Commercial Loans 27743.86 29743.28 32021.11 Retail loans 85.33 91.58 95.24 Other loans 775.34 871.24 1034.09 Interbank/Interbranch placements 14661.63 14978.50 15962.43 Others 3368.84 3459.17 3796.35 Total 61849.43 65580.80 70933.89 Table 4: Liabilities of IBUs Month ended Jul 2024 Aug 2024 Sep 2024 Particulars USD Mn Customer deposits 4473.50 4960.02 5473.68 Interbank/Interbranch borrowings 42468.18 45377.02 49490.44 Bilateral Borrowings 6350.73 6639.53 7054.15 Multilateral Borrowings 17.15 17.11 0.00 MTN Borrowings and other debt instruments 2703.58 2732.94 2968.96 Others 5836.29 5854.18 5946.66 Total 61849.43 65580.80 70933.89 Table 5: Customer Deposits (in USD Mn) Month ended Jul 2024 Aug 2024 Sep 2024 Demand Time Demand Time Demand Time deposits deposits deposits deposits deposits deposits Retail deposits 380.83 395.65 379.47 408.79 396.25 423.38 Corporate deposits 467.79 3229.24 446.52 3725.24 609.88 4044.12IFSCA BULLETIN | JUL-SEP 2024 Current Statistics 26 Table 6: Non-Resident Deposits Accounts Accounts Accounts held by held by Category Month held by Non- Non- Ended Resident Resident Residents (Amount in USD Mn) Indians Indians (Other (NRIs) Countries) No. of accounts 25 4549 438 Retail Amount 1.71 709.65 65.12 Jul 2024 No. of accounts 2081 484 1417 Corporate Amount 1178.32 1048.51 1470.20 No. of accounts 30 4795 477 Retail Amount 1.71 711.22 75.33 Aug 2024 No. of accounts 2084 476 1551 Corporate Amount 1136.13 1196.46 1839.17 No. of accounts 35 5167 596 Retail Amount 0.19 743.44 76.00 Sep 2024 No. of accounts 2163 519 1571 Corporate Amount 1227.42 1287.57 2139.01 Table 7: Derivative Outstanding of IBUs (USD Mn) (Notional) Month ended Jul 2024 Aug 2024 Sep 2024 FCY-INR Derivatives (to be settled in FCY) 23114.16 26630.70 25494.10 FCY-FCY Derivatives (to be settled in FCY) 12922.34 15181.43 16100.95 INR Interest Rate Derivatives (to be settled in FCY) 49434.24 54243.28 64756.54 FCY Interest Rate Derivatives (to be settled in FCY) 110437.98 115920.91 118927.98 Others 1230.01 1391.10 1379.82 Total 197138.73 213367.42 226659.39 Table 8: Industry wise credit exposure of IBUs Month ended Jul 2024 Aug2024 Sep 2024 Sector Industries Amount Outstanding (USD Mn) Auto Components 164.69 171.71 169.93 Automobile 710.05 803.37 873.60 Capital Goods 138.17 191.38 231.34 Cement and Cement Products 862.67 966.38 994.99 Electronic Systems 461.93 553.98 668.73 Food Processing 522.84 858.94 828.61 Glass and Glassware 17.20 17.32 17.16 Iron & Steel 596.10 707.67 785.92 Laminates/ Plywood/ Boards 7.73 7.48 8.07 Leather and Leather Products 2.55 2.40 2.12 Medical and Medical Equipment 240.00 260.53 288.70 Metals 1962.99 1853.12 1851.03 Paper and Packaging 51.40 54.27 57.97 Petrochemicals 3233.18 3535.67 3958.72 Plastic and Plastic Products 67.11 73.37 70.66 Textiles and Apparels 109.29 73.36 75.91IFSCA BULLETIN | JUL-SEP 2024 Current Statistics 27 Vehicles, Vehicle Parts, and 168.32 173.02 146.93 Transport Equipment Banking and Finance 14087.53 14961.30 16811.35 Clearing Corporation 253.68 263.43 262.61 Education 168.33 166.02 163.80 Financial Services 537.45 686.58 732.47 Healthcare 20.35 17.77 31.97 IT and Software Industry 432.88 406.65 455.56 Services Logistics 16.08 68.62 79.90 NBFC 4891.74 5366.25 6574.77 Professional Services 54.55 54.96 55.00 Retail and e-commerce 230.46 287.15 280.10 Telecommunication 1188.12 1254.73 1341.16 Tourism & Hospitality 194.45 218.80 218.23 Trade/Distributor 129.08 113.94 429.25 Construction 60.23 71.16 61.48 Mining 229.46 205.94 183.64 Oil and Gas 2280.86 2258.32 2420.88 Infrastructure Ports and Shipping 1025.63 988.41 1039.78 Power Sector 1570.68 1573.86 1590.31 Renewable Energy 311.57 413.30 480.41 Roads and Highways 33.63 59.48 58.91 Agriculture and 445.41 439.79 437.50 Forestry Aviation 425.39 518.27 420.91 Chemicals 1585.72 1602.71 1567.22 Jewelry 211.29 223.53 289.48 Paints 0.63 0.63 0.00 Pharmaceuticals 772.06 777.54 783.02 Other Sectors 2853.31 3211.57 3228.62 Total 43326.79 46514.68 51028.72 Table 9: Country wise exposure of IBUs Jul 2024 Aug 2024 Sep 2024 %age of %age of %age of Country Country Country total total total Name Name Name exposure exposure exposure India 74.29 India 74.23 India 73.36 USA 5.02 USA 5.36 USA 6.40 Mauritius 4.17 Mauritius 3.42 Mauritius 3.95 UK 3.55 UK 3.31 Singapore 3.13 Netherlands 2.72 UAE 2.94 UK 3.04 Singapore 2.67 Singapore 2.67 UAE 2.53 UAE 2.50 Netherlands 2.10 Netherlands 1.82 Bahrain 0.93 Bahrain 1.18 Hong Kong 1.47 Hong Kong 0.57 Hong Kong 0.94 Bangladesh 0.57 Bangladesh 0.40 Saudi Arabia 0.67 Ireland 0.51 Others 3.18 Others 3.18 Others 3.22IFSCA BULLETIN | JUL-SEP 2024 Current Statistics 28 Payment and Settlement Table 10: Number of Payment Service Providers (PSP) Particulars Total In-principle Approval Granted 4 Capital Markets Table 11: IFSC Stock Exchanges Turnover (Traded Value in USD Mn) Month Jul 2024 Aug 2024 Sep 2024 Total No. of Traded No. of Traded No. of Traded No. of Traded Particulars contracts Value contracts Value contracts Value contracts Value Commodity 2041 156.72 1519 120.94 1621 133.73 5181 411.39 Futures Index 1978344 96055.2 2059525 101235 1995116 101844 6032985 299134 Futures Index 160523 29.65 178533 26.25 155635 13.58 494691 69.48 Options Currency 668 15.97 440 10.48 366 8.72 1474 35.17 Futures Depository Receipts on 67178 0.3 99308 0.47 61314 0.32 227800 1.08 US stocks Total 2208754 96257.8 2339325 101393 2214052 102000 6762131 299651 Table 12: Aggregate Open Interest (OI) of all derivatives contracts on IFSC Stock Exchanges As on last trading day of Open Interest (no. of contracts) Value (USD Mn) the month Jul 2024 267912 13392.34 Aug 2024 294202 14899.85 Sep 2024 307550 15970.45 Table 13: India INX Global Access During Jul-Sep 2024 Particulars As on Sep 30, 2024 (Accounts Opened) Total Number of Accounts 198 4183 Table 14a: Trading in Global Exchanges through India INX Global Access (Traded Value: USD Mn) Entity Type Particulars Jul-Sep 2024 Till Sep 30, 2024 LRS Equity, ETFs, Funds, Bonds, and other 3.51 18.26 (Residents) products Equity, ETFs, Funds, and other products 30.22 508.51 IFSC Entities Derivatives Products 751.58 31371.72 Non-residents Equity, ETFs, Funds, and other products 3.05 15.82 outside IFSC Derivatives Products 0.57 176.67 Total 788.93 32090.98IFSCA BULLETIN | JUL-SEP 2024 Current Statistics 29 Table 14b: Trading in Global Exchanges through India INX Global Access (Jul-Sep 2024: USD Mn) Total trading Trading in Trading in non- Exchange value Derivatives derivatives KSE* 349.52 - 349.52 HKEX 138.75 - 138.75 SGX 116.05 - 116.05 CME 110.50 - 110.50 NYMEX 26.71 - 26.71 ARCA 20.59 20.59 - NASDAQ 13.07 13.07 - COMEX 5.06 - 5.06 CBOE 3.95 - 3.95 NYSE 1.80 1.80 - Others 2.93 1.31 1.62 Total 788.93 36.77 752.16 *KSE stand for Korea Stock Exchange. the acronym 'KSE' is used for korea stock exchange as same is used by our overseas broker partner (Interactive Brokers LLC). Table 15: Capital Market Intermediaries as on Sep 30, 2024 Type of Entity No. of entities Broker-Dealers 82 Clearing Members 22 Custodians 5 Depository Participants 10 Investment Bankers 4 Investment Advisers 3 Debenture Trustees 4 Distributors of Capital Market Products & Services 10 Sustainable Finance Table 16a: Listing of debt securities at IFSC Exchanges (In USD Bn) Particulars As on Jun 30, 2024 As on Sep 30, 2024 Cumulative debt listings 58.7 63.90 Cumulative ESG labelled debt listing 13.311 14.78 1 The data of Cumulative ESG labelled debt securities changed to USD 13.31 Bn from USD 12.66 Bn (previously reported) for Q1 of 2024 on account of the revised reporting.IFSCA BULLETIN | JUL-SEP 2024 Current Statistics 30 Table 16b: Listing of debt securities at IFSC Exchanges Amount Sr No Name of the issuer Listing Date Labels (USD Mn) 1 Pahal Financial Services Private Limited 03-07-2024 - 5.00 2 Pahal Financial Services Private Limited 03-07-2024 - 7.00 3 Midland Microfin Limited 05-07-2024 - 5.00 4 Pahal Financial Services Private Limited 10-07-2024 - 7.50 5 TruCap Finance Limited 12-07-2024 - 5.00 6 Piramal Capital & Housing Finance Limited 30-07-2024 Sustainable 300.00 7 Muthoot Finance Limited 17-07-2024 - 100.00 8 Kinara Capital Private Limited 01-08-2024 - 12.50 9 Muthoot Microfinance Limited 28-08-2024 - 12.00 Dvara Kshetriya Gramin Financial Services 10 12-08-2024 - 5.00 Private Limited Dvara Kshetriya Gramin Financial Services 11 12-08-2024 - 3.00 Private Limited 12 SAEL Limited 01-08-2024 Green 305.00 13 Canara Bank 12-09-2024 - 300.00 14 Satya Microcapital Limited 30-09-2024 - 5.00 15 Satya Microcapital Limited 30-09-2024 - 8.50 16 REC Limited 30-09-2024 Green 500.00 Kodangal Solar Parks Private Limited 17 Wardha Solar (Maharashtra) Private Limited 11-09-2024 Green 362.50 Adani Renewable Energy (RJ) Limited 18 Adani Ports and Special Economic Zone Limited 23-09-2024 - 500.00 19 Adani Ports and Special Economic Zone Limited 23-09-2024 - 750.00 20 Adani Ports and Special Economic Zone Limited 23-09-2024 - 750.00 21 Adani Ports and Special Economic Zone Limited 23-09-2024 - 500.00 22 Adani Ports and Special Economic Zone Limited 23-09-2024 - 300.00 23 Adani Ports and Special Economic Zone Limited 23-09-2024 - 450.00 24 Satin Credit care Network Limited 30-09-2024 - 5.00 Table 17: Overall Sustainable Financing by IBUs During Apr-Sep 2024 Short term Loans (USD Mn) Cumulative Medium / Long Classification in FY 2024-25 Working Term Loans Trade (USD Mn) Capital/ Supply Others (USD Mn) Finance Chain Finance Green 617.15 79.53 12.35 31.55 740.59 Social 230.68 366.28 4.05 0.00 601.01 Sustainable 44.63 116.60 0.00 0.00 161.23 Sustainability 46.51 0.00 0.00 0.00 46.51 Linked Others 0.00 0.00 0.00 0.00 0.00 Total 938.97 562.41 16.40 31.55 1549.34IFSCA BULLETIN | JUL-SEP 2024 Current Statistics 31 Table 18: Sector-wise classification of Sustainable Financing by IBUs During Apr-Sep 2024 Sector (List is Indicative) Amount Total No. of (USD Mn) Transactions Renewable Energy 813.85 219 Energy Efficiency 0.50 5 Pollution Prevention and Control 5.50 6 Sustainable Water and Wastewater Management 0.00 0 Clean Transportation 12.35 2 Climate Change Adoption 0.00 0 Green Buildings 4.50 2 Affordable Basic Infrastructure 47.00 1 Affordable Housing 1.23 4 Food Security and Sustainable Food Systems 0.00 0 Social Project as per Framework 150.00 1 Sustainable Project as per Framework 0.00 0 Health Care 18.78 37 Social Education 0.00 0 Social Loan 13.64 0 MSME 266.83 3253 Others 215.16 870 Total 1549.34 4400 Insurance Table 19: Written/ Transacted premium by IFSC Insurance Offices and Intermediary Offices Apr-Jun 2024 Jul-Sep 2024 FY 2023-24 (Unaudited) (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 13 28 15 39 IIIOs 23 276 23 55 23 63 *Number of offices are as at the end of the particular period Fund Management Table 20: Number of Fund Management Entities (FMEs) and Funds Particulars As on Jun 30, 2024 As on Sep 30, 2024 FMEs 116* 128* Funds 143 168 *Excluding in-principle approvalsIFSCA BULLETIN | JUL-SEP 2024 Current Statistics 32 Table 21: Investments by Fund Management Schemes at GIFT IFSC as on Sep 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 11 191.6 37.28 19.9 8.8 28.7 0 (including Angel Schemes) Category I and 57 7988.62 3328.21 2815.59 195.99 3011.59 0 II AIFs Category III 100 3954.19 2215.75 1460.97 110.93 1571.90 0 AIFs Total 168 12134.41 5581.24 4296.46 315.72 4612.18 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. This reflects the investments made by the FMEs as on the end of the quarter, excluding 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. The cumulative investments made as at the end of quarter stand at USD 5148.01 million. Table 22: Portfolio Management Services (PMS) as on Sep 30, 2024 Type of Services AUM (in USD Mn) Discretionary & Non- Discretionary PMS 990.13 Advisory Services 648.46 Total 1638.60 Finance Companies/ Finance Units Table 23: Finance Companies/ Finance Units during Jul-Sep 2024 Aircraft Ship FC (Non- Type of Finance Company FC (Core) Total Lease Lease Core) Provisional Registration Granted 1 1 2 0 4 Final CoR Granted 1 1 1 0 3 Registration till Sep 30, 2024 27 12 5 5 49 Table 24: Assets leased by AOL/ Ship Leasing Entities Type of asset As on Jun 30, 2024 As on Sep 30, 2024 By Aircraft Leasing entities Aircraft 31 44 Engines 50 47 Aircraft Auxiliary Power Units (APU) 56 68 Total 137 159 By Ship Leasing entities Ship 6 12IFSCA BULLETIN | JUL-SEP 2024 Current Statistics 33 Table 25: Transactions financed by ITFS Platforms Particulars As on Jun 30, 2024 As on Sep 30, 2024 Number of Transactions financed 411 544 Value of Transactions financed (USD Mn) 18.03 25.68 Metals and Commodities Table 26: Participants on India International Bullion Exchange (IIBX) Participants As on Jun 30, 2024 As on Sep 30, 2024 Qualified Jewellers 129 142 Clients 80 90 ‘Special category’ Clients 49 52 Qualified Suppliers 28 28 Clients 26 26 ‘Special category’ Clients 02 02 Valid India UAE CEPA TRQ Holders 164 357 Table 27: Regulated Entities/ Intermediaries on IIBX Regulated Entities As on Jun 30, 2024 As on Sep 30, 2024 Bullion Trading Members 5 6 Bullion Trading Cum Self Clearing Members 3 3 Bullion Trading Cum Clearing Members 7 8 Bullion Professional Clearing Members 2 2 Vault Managers 3 3 Table 28: Product-wise summary of trades on IIBX During FY 2023-24 During FY 2024-25 During Jul-Sep 2024 Traded Traded Traded Traded Traded Traded Product Value Volume Value Volume Value Volume (USD Mn) (in kg) (USD Mn) (in kg) (USD Mn) (in kg) 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 3.78 51.00 0.00 0.00 UAE GD 100 gm Gold 999 7.24 114.80 3.70 50.00 0.00 0.00 UAEGD TRQ 1 kg Gold 995 252.91 3957.00 1017.37 13055.00 723.49 9129.00 UAEGD TRQ 100 gm Gold 238.38 3747.40 1736.13 22041.70 1305.39 16300.30 999 Total (Gold) 505.27 7928.20 2760.98 35197.30 2028.88 25429.30 UAEGDCEPA SILVER 698.48 908800.00 217.91 228060.00 32.27 32760.00 GRAINS UAEGD SILVER GRAINS 0.00 0.00 0.11 120.00 0.11 120.00 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 8.68 9390.00 8.68 9390.00 Total (Silver)* 698.48 908800.00 226.71 237570.00 41.07 42270.00 *The trading of silver started on IIBX from December 13, 2023IFSCA BULLETIN | JUL-SEP 2024 Current Statistics 34 FinTech Table 29: FinTech Ecosystem in IFSC Sr. No. Particulars Till Sep 30, 2024 Number of Sandbox Entities 49 1 In Innovation Sandbox 22 In Regulatory Sandbox 27 2 Number of FinTech/ TechFin Entities Authorized 9 3 Number of Accelerators Authorized 2 4 Number of Entities exited from Sandbox 4 Ancillary Services Table 30: Activity‑wise break up of ancillary services entities, including in-principal approval No. of Authorized Entities S. No. Core Activity As on June 30, 2024 As on Sep 30, 2024 1 Legal, Compliance and Secretarial 13 13 Professional & Management Consulting 2 11 12 Services Auditing, Accounting, Bookkeeping and 3 22 26 Taxation Services Administration, Asset Management 4 Support Services and Trusteeship 26 27 Services Total 72 78INTERNATIONAL 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