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IFSCA
BULLETIN
OOCCTT--DDEECC
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.inCHAIRPERSON’S DESK
GIFT IFSC –
Hon’ble Finance Minister has announced tax
An emerging wealth management
treatment under the specified fund regime for Retail
hub for HNIs
Funds and Exchange Traded Funds in the Budget for
2024-25. As a consequence, a few fund managers
have registered Retails funds in the last quarter. In
the recent Budget for 2025-26, Hon’ble Finance
“We would be keen to host
Minister also announced exemption from tax on life
all major sovereign
insurance policies issued by IFSC Insurance offices
funds, pension funds
on premium paid if the premium does not exceed 10%
and endowment funds
of the sum assured.
apart from Insurance
and Family Investment India is also currently home to over 850,000 resident
K Rajaraman
Funds in the IFSC in High Net Worth Individuals (HNIs), and this is
Chairperson, IFSCA
India.” 2
projected to double to 1.65 million by 2027 . In 2023,
there was a steep rise in number of HNIs in India, in
Vision of Hon’ble Prime Minister of India for fact, it was one of the best performers in the Asia
ViksitBharat@2047 and India's economic stability Pacific region in terms of HNI wealth growth (12.4%)
and consistent growth track record have inspired as well as HNI population growth (12.2%).
foreign and domestic investors alike. The continuous
Many resident HNIs prefer diversified investing in
and clear reform agenda in replacing ageing laws
global avenues, including Global stock markets. IFSC
with modern business friendly laws, upgradation of
is home to outbound funds pooling resident Indian
financial sector regulations to meet global
contributions for investments in Global
standards, etc., have provided greater trust and
opportunities. The following routes are available for
certainty in Indian markets.
resident entities and individuals for investing
HNIs and UHNIs among India’s diaspora overseas:
n u m bering 15 million Non-Resident Indians (NRIs)
i. Reserve Bank of India's Liberalized
and over 19 million Persons of Indian Origin (PIOs)
Remittance Scheme (LRS), which enables
are key stakeholders in the India Growth Story. In
resident individuals to transfer of amounts
2024, NRIs sent USD 129 billion as remittances to
annually for overseas investments, including
banks in domestic India. The Indian Diaspora see
foreign bank accounts, stocks, bonds, and real
great value in investing in India. NRIs and PIOs
investing in GIFT IFSC can save in USD or in any of estate, however it has an upper limit of USD
the 14 freely convertible currencies permitted in GIFT 250,000 (around ₹1.87 crore). Outward
IFSC. NRIs and PIOs can benefit from the special tax remittances under LRS were over USD 2400
regime and nominations for succession under Indian Million (as of Oct 2024).3
law. ii. Overseas Direct Investment (ODI) enables
investing by resident entities in unlisted foreign
GIFT IFSC is also a key instrumentality in facilitating
entities through equity capital acquisition or
inbound investments into India as AIFs in IFSC can
subscription as per RBI regulations. The
accept investments from NRIs and Overseas Citizens
of India (OCIs) of up to 100%*. Additionally, automatic route for ODI caps the investments at
investors in Category III AIFs are exempt from tax on USD 1 billion. The actual ODI outflow from India
1
distribution and redemption.
1 2
Asset-wealth-management-GIFT IFSC, PwC Rise of HNIs in 2024, The Hindu
* Provided some conditions are met 3 RBI Bulletin, December 2024
IFSCA BULLETIN|OCT-DEC 2024CHAIRPERSON’S DESK
in 2024-25 (as of November) was USD 12,195 global investor community. The funds in IFSC have
Million.4 invested USD 5.88 Billion into India and many other
countries, which demonstrates a healthy growth of
IFSCA regulations enable manufacture of investment
25.5% over the previous quarter. We are also glad to
products in Global currencies in forms such as
witness the phenomenon of relocation of foreign
Alternative Investment Funds (AIFs), Private Equity,
schemes to GIFT IFSC picking up pace.
structured deposits, bonds, unit-linked insurance
policies, etc. by Regulated entities authorized by The seamless and tax neutral relocation facilitated by
IFSCA. In addition to alternative investments, NRI the Government of India for AIFs has led 14 schemes
HNIs often diversify their portfolio by investing in to redomicile to the IFSC from foreign jurisdictions.
multiple avenues like commodities (like gold and In the recent budget, the scheme of relocation has
silver), real estate and REITs, offshore funds, ETFs, been further expanded to allow the Retail Schemes
international equities, ESG funds, etc. and ETFs to relocate to IFSC. Along with the globally
benchmarked regulatory framework and competitive
Fund Managers (FMEs) in GIFT IFSC are authorised
taxation treatment available to funds in IFSC, the
to provide a plethora of wealth management schemes
relocation scheme is expected to further lead to the
through the IFSCA Fund Management regulations,
enhancement of the IFSC funds ecosystem.
these, for instance,
In order to support India’s NetZero@2070 agenda,
IFSCA has waived the fee on the first ten ESG funds
• Venture Capital Schemes (including Angel
Schemes) – to facilitate investments by for FMEs. IFSCA is committed to not only attracting
Accredited Investors / High Net worth investors foreign and domestic fund managers to GIFT IFSC
in start-ups, emerging or early-stage venture but also promoting ESG principles in investment
capital undertakings. decisions. As sustainable finance continues to grow
• Restricted Schemes (Non-Retail Scheme) – to globally, this initiative will allow GIFT IFSC to be at
facilitate investments by Accredited Investors / 5
the forefront of this evolving financial trend .
High Net worth investors in a variety of strategies,
broadly classified as Category I AIFs, Category II
IFSCA has, in December 2024, approved an updated
AIFs and Category III AIFs and
Fund Management Entity Regulations. These
• Retail Schemes – to facilitate investments of retail
regulations have the following key updates that will
investors in Mutual Funds.
support greater traction for wealth management:
The last quarter witnessed the culmination of the
i. Minimum size of scheme is reduced from USD 5
review exercise for IFSCA's regulations for fund
Mn to USD 3 Mn.
management activities. As one of the fastest-growing
ii. Minimum investment amount for PMS is reduced
areas in IFSC, which has seen a robust growth in a
from USD 150,000 to USD 75,000.
short period, the industry today stands strong with
iii. Validity of scheme documents expanded from 6
139 Fund Management Entities (FMEs) that have set months to 12 months along with provision for a
up 198 schemes, of which 116 are Category III AIFs, one-time option for further extension.
70 are Category I & Category II AIFs, while the iv. Waiver from 10% ceiling on FME contribution
remaining 12 are VC & Angel schemes. Across these subject to certain conditions.
categories of schemes, fund managers in IFSC now v. Several relaxations for Fund of funds schemes,
host a wide bouquet of investment offerings to meet such as the requirement for valuation,
appointment of custodian, diversification norms,
the appetite of global investors. The confidence in this
etc., where such requirements are met by the
jurisdiction and its regulatory architecture is visible
master funds.
in the participation by 2576 investors from more than
vi. Simplification and streamlining of the eligibility
50 countries. With Retail Schemes now on the
criteria of KMPs and process of their appointment
horizon, these numbers are expected to grow further,
creating wider recognition of GIFT IFSC amongst the
4 Dept of Economic Affairs 5
IFSCA Press Release
IFSCA BULLETIN|OCT-DEC 2024CHAIRPERSON’S DESK
As the evolving landscape of HNIs preferences is IFSCA has also licensed 16 Insurance Offices that
explored, it is also observed that they entrust private currently offer retail insurance products to NRIs.
firms known as ‘Family Offices’ to manage and grow These products include Unit Linked Insurance
their wealth. These offices are either run by a single Policies, term life, health, travel, student education,
wealthy family or by professional managers who serve etc.
multiple rich clients. In India, there are around 140
GIFT IFSC presents a compelling opportunity for
family offices that cater to extremely wealthy
Resident and Non-Resident HNIs seeking to diversify
individuals, defined as those with a net worth of over
their investments and optimize returns. Amidst rising
6
USD 30 million . Many of these families operate
currency volatility, the investor focus is increasingly
family offices in multiple foreign jurisdictions to shifting towards GIFT IFSC as a safeguard against
manage their wealth. GIFT IFSC can offer a cost- currency depreciation risk, owing to the use of freely
effective solution for running a family fund with convertible foreign currency.
wealth pooled from international jurisdictions.
Coupled with strategic location, business-friendly
Compared to Dubai, Mauritius, or Singapore, GIFT
ecosystem, and favorable tax regime, the GIFT IFSC
IFSC has lower living costs, rentals, and labour
offers a unique advantage for investors looking to tap
expenses. This makes it a cost-efficient home for
into India's growth story and global opportunities.
family offices.
IFSCA is scaling up its supervisory systems and
International Banking Units (IBUs) in GIFT IFSC
implements a supervision plan that covers Regulated
also offer term and structured deposits, besides
Entities on risk-based principles. FATF compliant
providing FPI services for HNIs investing into India.
AML and CFT guidelines have been notified to ensure
As on December 31, 2024, there were 6897 Non-
that proceeds of financial crime do not find way into
resident Indians and Foreigners who have deposited
the GIFT ecosystem.
over USD 1 billion in retail demand and term deposits
in GIFT IFSC IBUs. One IBU has created an exclusive
IFSCA also expects Regulated Entities, that provide
Wealth Management Platform to serve non-
financial services, to be sensitive to the needs of
residents. We expect more IBUs to follow the suit.
investors and respond promptly on
Most IBUs have now launched web-applications that
consumer/investor complaints. A complaint
enable Non-residents or Resident Indians to open
redressal process with recourse to IFSCA in case their
accounts in IBUs and carry out transaction banking
complaints are not redressed has been put in place.
facilities.
(https://ifsca.gov.in/Pages/Contents/Complaints )
6
'Turning Ideas to Gold' - Praxis Global
IFSCA BULLETIN|OCT-DEC 2024IFSC BUSINESS
HIGHLIGHTS
Total IFSCA
766
Registrations
Banking Assets Cumulative Banking Cumulative
Transaction Derivatives trade
( including NDF)
USD ($) 78.2 Bn USD ($) 120 Bn USD ($) 107.3 Bn
(as on Dec 2024) (During Oct-Dec 2024)
Banking Sector
Monthly Turnover Cumulative Debt Listing Aggregate Open
(IFSC Exchanges) on Exchanges Interest of all
Derivatives Contract
85.99 Bn 63.68 Bn 11.16 Bn
USD ($) USD ($) USD ($)
(Dec 2024) (upto Dec 2024) (month ended Dec 2024)
Capital Market
No of Fund No. of Funds/Schemes Total Commitments
Management Entities Registered Raised
139 198 14.88 Bn
USD ($)
(upto Dec 2024) (upto Dec 2024) (upto Dec 2024)
Fund Management
Total Sustainable Cumulative ESG No. of Debt Listings on
Credit by Banks labelled Debt Listing on IFSC Exchanges
IFSC Exchanges
1549 Mn 15.43 Bn 10
USD ($) USD ($)
Sustainable Finance (During Apr - Sep 2024) (as on Dec 2024) (During Oct-Dec 2024)
No. of Qualified GOLD Traded on SILVER Traded on
Suppliers/Jewelers IIBX IIBX
33/153 25.88 1.61
(as on Dec 2024)
Bullion
No. of Insurance Premium written by Premium transacted
Firms/Intermediaries IFSC Insurance by IFSC Insurance
Office Intermediary Office
16/25
USD ($) USD ($)
(as at end of Dec 2024) Insurance Sector
No. of Registered No. of Aviation Assets No. of Ships Leased
Aircraft/Ship Lessors Leased
30/15 196 13
Aircraft/Ship Leasing (as at end of Dec 2024)
)lanoisivorp( )lanoisivorp(
(During Oct-Dec 2024)
t t
(During Oct-Dec 2024) (During Oct-Dec 2024)
49 Mn
59 Mn
(During Oct-Dec 2024) (During Oct-Dec 2024)
(month ended Dec 2024) (month ended Dec 2024)Contents
____________________________________________________________________________
Chairperson’s Desk.........................................................................................................................................................1
IFSC Business Highlights...............................................................................................................................................4
List of Tables.....................................................................................................................................................................6
Regulatory Updates........................................................................................................................................................8
Public Consultation.......................................................................................................................................................14
Events and Outreach Activities.................................................................................................................................15
Current Statistics..........................................................................................................................................................27List of Tables
____________________________________________________________________________
Table 1: Licenses/ Registrations issued by IFSCA based on SEZ LOAs..................................................................................................................27
Table 2: Approvals by SEZ Unit Approval Committee (prior to issue of IFSCA authorization)......................................................................27
Table 3: Number of IBUs......................................................................................................................................................................................................28
Table 4: Assets of IBUs........................................................................................................................................................................................................28
Table 5: Liabilities of IBUs..................................................................................................................................................................................................28
Table 6: Customer Deposits (in USD Mn).......................................................................................................................................................................28
Table 7: Non-Resident Deposits.........................................................................................................................................................................................29
Table 8: Derivative Outstanding of IBUs (USD Mn) (Notional)................................................................................................................................29
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.......................................................................................................................................................................31
Table 12: Number of Payment Service Providers (PSP).............................................................................................................................................31
Table 13: IFSC Stock Exchanges Turnover (Traded Value in USD Mn)..................................................................................................................31
Table 14: Aggregate Open Interest (OI) of all derivatives contracts on IFSC Stock Exchanges...................................................................32
Table 15: India INX Global Access....................................................................................................................................................................................32
Table 16: Trading in Global Exchanges through India INX Global Access (Traded Value: USD Mn).............................................................32
Table 17: Trading in Global Exchanges through India INX Global Access (Oct-Dec 2024: USD Mn)...........................................................32
Table 18: Capital Market Intermediaries as on Dec 31, 2024.................................................................................................................................32
Table 19: Listing of debt securities at IFSC Exchanges (In USD Bn).....................................................................................................................33
Table 20: Listing of debt securities at IFSC Exchanges.............................................................................................................................................33
Table 21: Overall Sustainable Financing by IBUs.........................................................................................................................................................33
Table 22: Sector-wise classification of Sustainable Financing by IBUs...............................................................................................................34
Table 23: Written/ Transacted premium by IFSC Insurance Offices (IIOs) and Intermediary Offices (IIIOs)...........................................34
Table 24: Line of Business wise Direct Insurance Business (Life and General).................................................................................................34
Table 25: Line of Business wise Re-insurance Business...........................................................................................................................................35
Table 26: Claims data (Retail / Re-insurance).............................................................................................................................................................35
Table 27: Number of Fund Management Entities (FMEs) and Funds.......................................................................................................................35
Table 28: Investments by Fund Management Schemes at GIFT IFSC as on Dec 31, 2024.............................................................................36Table 29: Investors in IFSC Funds as on Dec 31, 2024..............................................................................................................................................36
Table 30: Trends of Fund Management Activity...........................................................................................................................................................36
Table 31: Portfolio Management Services (PMS) as on Dec 31, 2024..................................................................................................................36
Table 32: Finance Companies/ Finance Units during Oct-Dec 2024....................................................................................................................37
Table 33: Assets leased by AOL/ Ship Leasing Entities.............................................................................................................................................37
Table 34: Transactions financed by ITFS Platforms....................................................................................................................................................37
Table 35: Business details of Global/Regional Corporate Treasury Centres (GRCTC)....................................................................................37
Table 36: Business details of Core Finance Companies (e.g. Lending, Export financing)...............................................................................37
Table 37: Participants on India International Bullion Exchange (IIBX).................................................................................................................37
Table 38: Regulated Entities/ Intermediaries on IIBX...............................................................................................................................................38
Table 39: Product-wise summary of trades on IIBX...................................................................................................................................................38
Table 40: FinTech Ecosystem in IFSC..............................................................................................................................................................................38
Table 41: Activity-wise break up of ancillary services entities...............................................................................................................................39
Table 42: Activity-wise break up of BATF entities approved including in-principal approval.......................................................................39IFSCA BULLETIN | OCT-DEC 2024 Regulatory Updates 8
Regulatory Updates
_____________________________________________________________________________________
system provider for commencing or carrying on a
Authority Meeting
Payment System in an IFSC. Additionally, the
regulations mandate the system provider to comply
21st IFSC Authority meeting was held on December
with the Principles for Financial Market
19, 2024. During the meeting, following Agenda
Infrastructures (PFMI) issued by Committee on
items were placed and approved by the Authority:
Payments and Market Infrastructures (CPMI) and
International Organization of Securities
i. IFSCA (Bullion Market) Regulations, 2025
Commissions (IOSCO).
ii. IFSCA (Fund Management) Regulations, 2025
Format and manner of seeking authorisation to
Banking
commence or carry on a Payment System in an IFSC
(October 23, 2024)
Format for providing information by a Payment
Service Provider (PSP) (October 08, 2024) Pursuant to the notification of the IFSCA (Payment
and Settlement Systems) Regulations, 2024 on
Pursuant to regulation 32 of the IFSCA (Payment October 14, 2024, the Authority has released the
Services) Regulations, 2024, the Authority has application form that is required to be submitted by
specified the information that shall be submitted by any applicant desirous of commencing or carrying
the Payment Service Provider(s) (PSP) authorised on a Payment System in an IFSC. The application
by the Authority in relation to its operations as a form has 2 parts. Schedule-I is a general
PSP. information form that is required to be filled by any
applicant for getting registered with the Authority.
Directions to IBUs for operations of the Foreign Schedule II contains the specific requirements
relating to the provision of payment systems by the
Currency Accounts (FCA) of Indian resident
system provider in IFSC.
individuals opened under the Liberalised
Remittance Scheme (LRS) (October 10, 2024) IFSCA (Registration of Factors and Registration of
Assignment of Receivables) Regulations, 2024
IFSCA, in exercise of the powers conferred by
Section 13 of the IFSCA Act, 2019, read with (November 22, 2024)
Regulation 20 of the IFSCA (Banking) Regulations,
2020 (as amended), issued a circular which is IFSCA (Registration of Factors and Registration of
applicable to IBUs opening FCA of resident Assignment of Receivables) Regulations, 2024 were
individuals as permitted vide A.P. (DIR Series) notified on November 22, 2024. The objective of the
Circular No.15 pertaining to ‘Remittances to regulations is to provide for the manner of granting
International Financial Services Centres (IFSCs) certificate of registration to Factors and filing of
under the Liberalised Remittance Scheme (LRS)’ particulars of transactions with the Central Registry
dated July 10, 2024, issued by the RBI. by a Trade Receivable Discounting System (TReDS)
on behalf of the Factors under sub-section (1A) of
section 19 of the Factoring Regulation Act, 2011 (12
IFSCA (Payment and Settlement Systems)
of 2012).
Regulations, 2024 (October 14, 2024)
IBUs as participants on International Trade
Using its powers under the Payment and Settlement
Systems Act, 2007, the Authority notified the IFSCA Financial Services platform (December 23, 2024)
(Payment and Settlement Systems) Regulations,
2024 on October 14, 2024. The regulations inter The ITFS guidelines dated July 9, 2021, were
alia specifies the authorisation requirement for the reviewed and new guidelines have been issued forIFSCA BULLETIN | OCT-DEC 2024 Regulatory Updates 9
further ease of business for participants on ITFS of drafting of the circular has taken into account
platform which includes IBUs. IBUs can undertake global best practices and the principles laid out by
Factoring, Reverse Factoring, Bill discounting IOSCO.
under Letter of Credit, Supply Chain Financing,
The master circular spells out comprehensive
Pre-shipment Credit and Forfaiting on the ITFS
regulatory requirements on various aspects such as
platform. Further IBUs can undertake secondary
registration process, permissible activities, credit
market transactions for these activities.
rating activities, governance, ESG Ratings and Data
Products Providers, Valuation and Reporting.
Directions to IBUs for operations of the Foreign
Currency Accounts (FCA) of Indian resident
Listing of Commercial Paper and Certificates of
individuals opened under the Liberalised
Deposit on the recognised stock exchanges in the
Remittance Scheme (LRS) (December 13, 2024)
IFSC (October 17, 2024)
The revised Directions to IBUs for operations of the
The key objective of the Circular is to enable listing
FCA of Indian Resident Individuals (RI) opened
of new products on the stock exchanges in the IFSC
under the Liberalised Remittance Scheme (LRS)
for providing an opportunity to the investors to
was issued on December 13, 2024, so as to
invest in short term instruments in the IFSC. This
streamline the operations of the foreign currency
will contribute towards development of the capital
accounts, as per requirement under the applicable
market ecosystem in the IFSC.
FEMA Directions. The direction specifies the
compliances required by the IBU while operating
Framework for ESG Ratings and Data Products
the FCA.
Providers in the IFSC (October 30, 2024)
Under this direction, IBUs are enabled to permit RI
to open FCA for remitting funds from onshore India IFSCA issued a circular specifying the regulatory
and from locations other than onshore India, under framework as a new category of intermediary under
the Liberalised Remittance Scheme of the RBI, the IFSCA (Capital Market Intermediaries)
subject to applicable provisions. The remitted Regulations, 2021. The regulatory norms have been
amount may be further deployed by the RI for laid down pursuant to benchmarking the global best
availing financial products or financial services, as practices, IOSCO report and Code of Conduct
defined in section 3 (1) (d) and 3(1) (e), respectively, published by ICMA.
of the IFSCA Act, 2019 (IFSCA Act), within IFSCs
The circular has details regarding various aspects
and/ or for undertaking all permitted current or
such as applicability, registration, net worth, fit and
capital account transactions, in any foreign
proper, permissible activities, code of conduct, ESG
jurisdiction (i.e. other than IFSCs).
rating process, continuing disclosures etc. The
regulatory framework for ERDPPs is an important
Capital Markets step towards developing the ecosystem for
sustainable finance within GIFT IFSC in a
transparent and regulated manner.
Master Circular for Credit Rating Agencies (October
01, 2024)
IFSCA (Market Infrastructure Institutions)
IFSCA issued the Master Circular for Credit Rating (Amendment) Regulations, 2024 (November 01,
Agencies, consolidating the operational guidelines
2024)
for permitted activities by the registered CRAs.
Amendments in IFSCA (Market Infrastructure
The master circular supersedes various circulars
Institutions) Regulations, 2021, primarily to
issued earlier by IFSCA on credit rating agencies
strengthen governance norms of the MIIs. MIIs are
and all the circulars and guidelines issued by SEBI
vested with regulatory responsibilities, while
(prior to October 01, 2020) in respect of credit
pursuing commercial interests like other profit-
rating agencies registered with IFSCA. The process
oriented entities.IFSCA BULLETIN | OCT-DEC 2024 Regulatory Updates 10
It is important that the MIIs, in pursuance of their IFSCA, maintenance of records, disclosures on
business objectives, should not lose sight of their website and annual report, reporting and
regulatory roles. The MIIs are also the first line maintenance of online system for complaint
regulators for the CMIs such as Broker-Dealers, handling. The circular comes into force with effect
Clearing Members and Depository Participants. from April 01, 2025.
Because of the conflicting nature of the MII’s role, it
is felt that governance standards of MIIs need to be
Insurance
robust to enhance and maintain market confidence
and deter malpractices. Corporate Governance
Consolidated IFSCA (Investment by IIO)
becomes even more significant in an IFSC context,
where MIIs engage in global connect arrangement. Regulations, 2022 (November 05, 2024)
Therefore, to ensure accountability and mitigate
potential conflict between regulatory and business- Subsequent to the IFSCA (Investment by IFSC
development roles of employees of the MIIs, the Insurance Office) (Amendment) Regulations, 2024,
amended regulations have incorporated provisions a consolidated version of the said regulations was
for MIIs to ring-fence the functions and personnel placed on the website of the IFSCA, keeping in view
pertaining to regulatory, compliance, risk the ease of doing business for Regulated Entities
management, and investor grievances from the rest (REs).
of the functions.
Consolidated IFSCA (Registration of Insurance
Also, a more comprehensive code of conduct for the
Business) Regulations, 2021 (November 12, 2024)
MIIs and their governing board, directors,
committee members, and key management
Subsequent to the amendment to IFSCA
personnel has been specified. Other key
(Registration of Insurance Business) Regulations,
amendments include the provisions for the
2021 in light of the amendments notified by the
appointment of a Chief Risk Officer, Chief Legal
IRDAI on August 22, 2023, to its (Re-insurance)
Officer, and Chief Information Security Officer, and
Regulations, 2018 and the launch of Single Window
a requirement for a recognised clearing corporation
IT System (SWITS) platform with common
to develop a framework for the orderly winding
application form, a consolidated version of the said
down of its operations.
regulations was placed on the website of the IFSCA,
keeping in view the ease of doing business for REs.
Complaint Handling and Grievance Redressal by
Regulated Entities in the IFSC (December 02, 2024)
Finance Company
IFSCA issued a circular specifying the norms and
requirements for handling of complaints and Guidelines for utilisation of office space or
redress of grievances of financial consumers by
manpower or both by Finance Company(ies)/
regulated entities in the IFSC in a fair, transparent,
Unit(s) undertaking ship leasing activity in the IFSC
professional and impartial manner.
(October 04, 2024)
The regulatory framework has been issued with the
objective to safeguard the interests of financial The Ministry of Commerce and Industry vide
consumers in the IFSC, which is essential for Gazette Notification dated March 14, 2024, had
building confidence of consumers and fostering amended rule 21B of the SEZ Rules 2006, to enable
trust and credibility in the financial markets in the ship leasing unit in IFSC to utilise the office space
IFSC. or manpower or both of another unit in IFSC for the
purpose of ship leasing, with the approval of the
The framework provides detailed norms and
Authority. Pursuant to the above notification, the
requirements inter alia relating to having a policy
Authority issued these guidelines specifying the
for complaint handling and grievance redressal,
condition and processes by which an FC/FU
procedure for complaint handling along with
undertaking ship leasing in IFSC may avail this
timelines, appeal mechanism, complaint before
facility as issued in case of aircraft leasing entities.IFSCA BULLETIN | OCT-DEC 2024 Regulatory Updates 11
Amendment to the ‘Framework for Aircraft Lease’
Fund Management
with regard to transactions with person (s) resident
in India (October 30, 2024) Clarifications in relation to Investment Restrictions
on Retail Schemes set up in IFSCs (October 29,
IFSCA revised the ‘Framework for Aircraft Lease’ by
inclusion of an additional clause which clarified 2024)
nature of transactions that IFSC lessors can
IFSCA issued clarification regarding investment
undertake with Indian residents. Accordingly, the
restrictions for retail schemes under the Fund
revised framework clarifies that no person(s)
Management Regulations, 2022. To support retail
resident in India may sell, transfer, lease, or
schemes, the Authority exempts certain limits on
otherwise dispose (‘disposal’) any asset(s) covered
investments in unlisted securities, including the
under the said framework, or any right or interest
15% ceiling for open-ended schemes, USD 10,000
related to such assets, to a Finance Company
minimum for close-ended schemes, and the 50%
engaged in aircraft leasing activity, in
ceiling for unlisted securities in close-ended
circumstances where such assets, on or after its
schemes. FMEs managing fund-of-funds must
disposal, will be operated or used solely by
disclose details of underlying schemes and any
person(s) resident in India or to provide services to
association with their managers. This circular takes
person(s) resident in India. However, the
effect immediately under the IFSCA Act, 2019, and
restrictions mentioned above will not apply in
regulation 146 of the Fund Management
situations where: (i) the disposal is made to a Lessor
Regulations, 2022.
who is not a 'Group Entity' of the individual(s)
involved as per the said Framework and (ii) such
Review of IFSCA (Fund Management) Regulations,
disposal is to a Lessor as part of sale and leaseback
arrangement of such assets which are being 2022 (December 21, 2024)
imported into India for the first time.
In the ongoing efforts to strengthen the regulatory
framework for fund management within the IFSC
Guidelines on setting up and operation of
while simplifying processes and reducing
International Trade Finance Service Platform
compliance costs, IFSCA issued a consultation
(ITFS) (December 23, 2024) paper on August 05, 2024, inviting public
comments on the proposed amendments to the
Replacing the earlier guidelines for ITFS, the
IFSCA (Fund Management) Regulations, 2022.
updated guidelines introduce several
enhancements, including streamlined eligibility Following a thorough review and analysis of the
criteria for setting up ITFS, the adoption of on-tap feedback received, the proposed changes were
registration instead of a fixed application window, discussed in the meeting of the Fund Management
and the expansion of permissible activities to Advisory Committee (FMAC) held on November 26,
include secondary market transactions of TFUs and 2024. The revised regulations were deliberated at
the facilitation of clearing and settlement of funds. the Authority meeting held on December 19, 2024,
Additionally, the list of eligible participants now and subsequently a summary of the key decisions of
includes payment service providers. Stakeholders the Authority were informed through a press
can refer to the press release on the revised release.
guidelines for a detailed understanding of the key
The new Fund Management Regulations 2025,
changes here.
which incorporate the approved changes, will be
notified in the gazette shortly.IFSCA BULLETIN | OCT-DEC 2024 Regulatory Updates 12
AML/CFT Sustainable Finance
Exempting certain entities/activities from the Principles to mitigate the Risk of Greenwashing in
applicability of IFSCA (Anti Money Laundering, ESG labelled debt securities in the IFSC (November
Counter-Terrorist Financing and Know Your 21, 2024)
Customer) Guidelines, 2022 (November 18, 2024)
While there is no universally accepted
definition/taxonomy of greenwashing, the term
This Circular exempt certain entities/activities
“Greenwashing” generally refers to the deceptive
from the applicability of the IFSCA
practice of making unsubstantiated, false, vague,
(AML/CTF/KYC) Guidelines, 2022, subject to the
exaggerated or misleading claims regarding the
condition that such entities shall conduct and
sustainability benefits of a product, service, or
document a Business Risk Assessment. Where such
business operation. It also includes practices such
assessment envisages any AML/CTF risks, the
as concealing, omitting, or hiding relevant
entities shall comply with the Prevention of Money
information in sustainability claims and use of
Laundering Act, 2002, and the rules made
words, labels, symbols, and imagery placing
thereunder, as well as the IFSCA (AML/CTF/KYC)
emphasis on positive environmental aspects while
Guidelines, 2022. Furthermore, all Financial
downplaying or concealing harmful attributes.
Institutions are required to transact or receive
monetary consideration only through an account
There is growing concern globally amongst
maintained with a Banking Unit in IFSC.
stakeholders, including investors, regarding the
accuracy and reliability of claims made by issuers
Procedure for implementation of Section 51A of the about the sustainability benefits of the projects or
assets they invest in. With the growing listing of
Unlawful Activities (Prevention) Act, 1967- Change
ESG-labelled Debt Securities on the IFSC
in the details of the Central [Designated] Nodal
exchanges, establishing a robust framework to
Officer (November 18, 2024) address the issue of greenwashing is imperative.
This Circular is issued to bring to the notice of the This circular is issued in order to promote
Regulated Entities in IFSC about the Corrigendum transparency, accountability and adequacy of
dated April 22, 2024, issued by Ministry of Home disclosures to investors, which prescribed the
Affairs, CTCR Division/ CFT Cell. The Corrigendum following five principles for the issuers of ESG
updates the details of the Central [Designated] labelled Debt Securities.
Nodal Officer responsible for implementing Section
51A of the Unlawful Activities (Prevention) Act, i. Being True to Label - Avoid misleading labels
1967. and terminology
ii. Screen the Green - Transparency in
methodology for project selection and
Modifications under the IFSCA (Anti Money
iii. evaluation
Laundering, Counter-Terrorist Financing and Know
iv. Walk the talk - Managing and tracking use of
Your Customer) Guidelines, 2022 (November 22, proceeds
v. Overall Impact - Quantification of Negative
2024)
Externalities
This Circular is issued to modify certain provisions vi. Be alert - Monitoring and Disclose
of the IFSCA (AML/CTF/KYC) Guidelines 2022
with respect to Requirements/ Obligations under
International Agreements Communications from
International Agencies (Chapter XI) and Group-
wide Programmes (clause12.2).IFSCA BULLETIN | OCT-DEC 2024 13
Office of Administrator (IFSCA) Others
Submission of Monthly Performance Report (MPR) IFSCA Informal Guidance) Scheme, 2024
and Services Export Reporting Form (SERF) by IFSC (December 02, 2024)
Units (December 23, 2024)
The Scheme is aimed at providing a mechanism for
seeking clarity and guidance inter-alia on various
The office of Administrator (IFSCA) issued PUBLIC
issues pertaining to a potential business activity and
NOTICE No. 03/2024-25 dated December 23,
transactions, which are under the regulatory ambit
2024, whereby the IFSC units have been directed to
of the IFSCA and on other legal issues emanating
submit their complete and accurate MPR and SERF
from the acts administered by IFSCA.
data in the SEZ Online portal as on the last day of
every month by the 5th of the succeeding month.
Failure to submit the reports in the portal shall be
viewed seriously and may invite appropriate penal
action.IFSCA BULLETIN | OCT-DEC 2024 Public Consultation 14
Public Consultation
_____________________________________________________________________________________
ii. It also provides for new regulatory approach for
Capital Markets
distributors, ESG Ratings and Data Products
Provider and Broker Dealers desirous of
Consultation paper on Principles to mitigate the
accessing global markets only
risk of greenwashing in ESG labelled debt iii. The minimum net worth requirements for
various categories of intermediaries have been
securities in the IFSC (October 04, 2024)
rationalized
IFSCA has issued a consultation paper to seek iv. The new regulations provide more clarity on
comments and suggestions from the public and appointment of Principal Officer, Compliance
stakeholders on Principles to mitigate the risk of Officer and other human resources in the IFSC
greenwashing in ESG labelled debt securities in the v. There are several other changes, including
IFSC. alignment of definitions of “key managerial
personnel”, “control”, “fit and proper” criteria
with other regulations notified by the Authority.
Consultation paper on the proposed IFSCA (Capital
Market Intermediaries) Regulations, 2024
The new regulations aim to promote ease of doing
(November 21, 2024) business for the entities participating in the capital
markets by simplifying and rationalizing the
IFSCA issued a consultation paper on Nov 21, 2024, requirements based on feedback and suggestions
to seek comments and suggestions from the public received from the stakeholders.
and stakeholders on the draft IFSCA (Capital
Market Intermediaries) Regulations, 2024. The
Consultation Paper on proposed IFSCA (KYC
purpose of the proposed new regulations is to
Registration Agency) Regulations, 2024 (December
provide the revised regulatory framework for
registration, regulation and supervision of capital 06, 2024)
market intermediaries set up in the IFSC. Earlier,
The purpose of the proposed IFSCA (KYC
the regulatory framework for capital market
Registration Agency) Regulations, 2024 (“KRA
intermediaries in the IFSC have been issued under
Regulations”) is to provide the regulatory
the IFSCA (Capital Market Intermediaries)
framework for the registration, regulation, and
Regulations, 2021.
supervision of KRAs set up in the IFSC. The
The draft regulations have been proposed based on objective is to enable the KRAs to set up in the IFSC
the global best practices and have taken into and to centralize the KYC records of the
account the IOSCO Principles relating to regulation clients/customers onboarded by various types of
of intermediaries. regulated entities to facilitate smooth onboarding of
the clients/customers by Regulated Entities and
The salient features of the New CMI Regulations,
enhance their efficiency with respect to Customer
include:
Due-Diligence (CDD).
i. The new regulations provide the regulatory
framework for “Research Entity” as a new
category of IntermediaryIFSCA BULLETIN | OCT-DEC 2024 Events and Outreach Activities 15
Events and Outreach Activities
_____________________________________________________________________________________
Roundtable Conference: Opportunities for US
Developmental Activities
Institutions in GIFT IFSC
GIFT IFSC New York Conference 2024: Fund
During the IFSCA high-level delegation visit to the
Management and Capital Market Opportunities in US, a roundtable conference was organized in
GIFT IFSC collaboration with the Consulate General of India in
New York and ICAI and was attended by 50+
During the IFSCA high-level delegation visit to the professionals from the financial services industry
US, a conference was organised in New York to including CA professionals. Chairperson, IFSCA
highlight the opportunities for Fund management emphasised on the vision of Government to make
and Capital Market in Gift IFSC. During the GIFT IFSC a “Global Finance and Accounting hub”
conference, the Chairperson, of IFSCA addressed and highlighted the outsourcing opportunities
the participants by highlighting significant available for US Accounting Professionals under the
achievements of India in critical sectors such as recently notified IFSCA (Book-keeping,
infrastructure, green energy, asset monetization, Accounting, Taxation and Financial Crimes
trade and investments, etc. He also emphasized the Compliance Services) Regulation 2024.
latest regulatory and business developments in
GIFT IFSC, which have opened compelling
opportunities for US institutions.
Dr. Dipesh Shah, Executive Director, IFSCA made a
Later, Dr. Dipesh Shah, Executive Director, IFSCA
detailed presentation on the IFSCA Regulations and
made a detailed presentation on IFSC business
Frameworks such as BATF, FinTech Entity
opportunities across banking, funds industry,
Framework, Fund Management Regulations, etc.
capital markets, fintech, etc. He highlighted various
facets of IFSCA Fund Management Regulations and
gave insights on the overall fund management
ecosystem in GIFT IFSC.Events and Outreach Activities 16
IFSCA BULLETIN | OCT-DEC 2024
IFSCA delegation visit to UAE and Qatar Meeting with Dr. Maryam Alsuwaidi, CEO,
Securities & Commodities Authority (UAE –
IFSCA delegation led by Mr. K. Rajaraman, SCA)
Chairperson, IFSCA visited Qatar and UAE from
November 10-13, 2024. During the visit, several
conferences, roundtable meetings and one-to-one
meetings were held with Banks, Fund Managers,
Insurance firms, including:
Interaction with Dr Tamy Ahmed Ali Al
Boutamy Al Binali, CEO, Qatar Financial
Markets Authority (QFMA) in presence of Mr.
Sandeep Kumar, Deputy Chief of Mission,
Embassy of India, Doha, Qatar
Interaction with Qatari Businesses and Indian
Diaspora in presence of Shri Vipul, Ambassador Meeting with Mr. Arif Amiri, CEO, Dubai
of India to Qatar in Doha. International Financial Centre
Meeting with Abu Dhabi Global Market’s
Financial Services Regulatory Authority
(ADGM’s FSRA)Events and Outreach Activities 17
IFSCA BULLETIN | OCT-DEC 2024
Interaction organised by Shri Sunjay Sudhir, management. The discussion covered various fund
Ambassador of India in UAE, with Abu Dhabi structures and the applicable tax regime.
based businesses and HNIs
Interaction with Shipping Entities in Dubai
Conference on ‘Booking Accounting Taxation &
Financial Compliance Services (BATF)
Interaction organised by the Embassy of India
Opportunities in GIFT IFSC’
with Indian Businesses and HNIs organised by
the CG of India to Dubai
During the IFSCA delegation visit to Dubai, the
ICAI (Dubai) Chapter – NPIO organised an
engaging session to explore professional
opportunities within India’s IFSC.
Interaction on GIFT IFSC Investment Funds
opportunities
Chairperson, IFSCA addressed ICAI members
During the IFSCA delegation visit to Dubai, a emphasizing the role of the IFSC in building a New
session was organized with Fund Managers, Wealth India, Mr. Satish Sivan, Consul General of India in
Managers, and Family Offices in which the Dubai, highlighted the growing India-UAE
Chairperson, IFSCA, provided an overview of GIFT relations and Dr. Dipesh Shah, ED, IFSCA
IFSC, describing it as a global platform for presented the promising business opportunities for
investments into and out of India, aligned with the the professional community in IFSC.
country’s "2047 Vision." Key highlights included
financial sector reforms, ease of doing business, and
the development of green bonds, capital markets,
and leasing ecosystems.
Dr. Dipesh Shah, ED, IFSCA, elaborated on
opportunities for financial services businesses in
GIFT IFSC, particularly focusing on fundEvents and Outreach Activities 18
IFSCA BULLETIN | OCT-DEC 2024
Shri Harsh Sanghavi, Hon’ble Minister of State –
Home and Industries, Government of Gujarat
speaking at the IFSCA Talent Summit
The event also witnessed three enriching panel
discussions on various themes associated with
talent management in GIFT IFSC, by distinguished
IFSCA Talent Vista 2024
moderators and panelists. The details of the Panel
discussions are as follows:
IFSCA, supported by Quality Control of India (QCI)
and University of Wollongong, organized 1st edition
i. The inaugural panel discussion talked about
of its “IFSCA Talent Vista 2024: Reimagining
various facets involved in fostering industry-
Future of Finance at GIFT IFSC” on November 15,
academia collaboration.
2024, at GIFT City Club, GIFT City, Gandhinagar,
Gujarat.
This was an Academia-Industry Collaboration
platform for talent development in GIFT IFSC. The
purpose of the event was to enable effective
collaboration of academia and corporates for
getting the cutting-edge talent ready to cater to
industry demand in GIFT IFSC with a vision to
transform the city into a “New Age Global Financial
Centre”.
ii. The second panel discussed ways to meet talent
needs in GIFT IFSC, a growing center for sectors
like fintech, aircraft & ship leasing, and
sustainable finance, among others.
The event was graced by the Chief Guest, Shri Harsh
Sanghavi, Hon’ble Minister of State – Home and
Industries, Government of Gujarat, and included
Key addresses by renowned speakers from industry
and academia.Events and Outreach Activities 19
IFSCA BULLETIN | OCT-DEC 2024
iii. Dr. Dipesh Shah, ED, IFSCA, moderated the companies now no longer feel the need to move
session on Enhancing the Competitiveness: operations abroad.
Attracting Global Talent to GIFT IFSC as part
of the IFSCA Talent Vista 2024. During the India Management Research Conference: IIM
session, the panellist discussed on how
Ahmedabad (IMRC)
companies and startups can harness GIFT City’s
ecosystem for scaling their operations. The
IIM Ahmedabad organized a conference in
panel also emphasized the critical role of skill
behavioural science with the theme “The
development, mentorship, and upskilling, along Psychology of Risk-taking: A Review of behavioural
with innovative educational models to support
aspects in financial decision-making.” Dr. Dipesh
these efforts.
Shah, Executive Director, IFSCA participated in the
"India Management Research Conference 2024"
(IMRC 2024) at IIM Ahmedabad and shared his
views on the importance of decision-making in the
mega projects in the sphere of psychology of risk-
taking.
Business Standard BFSI Insight Summit
Dr. Dipesh Shah, ED, IFSCA, participated as a
panellist in the panel discussion ‘How prepared is
GIFT City in giving a boost to India's financial
sector?’ held during the Business Standard BFSI India Business Forum 2024
Insight Summit on November 8, 2024, at the Jio
World Convention Centre, Mumbai. Business Dr. Dipesh Shah, ED, IFSCA, was a keynote speaker
Standard BFSI Insight Summit brings the entire in the “Unlocking Opportunities: The Strategic
industry together to discuss the here & now and Potential of GIFT City” session at the Inaugural
after, Insight Out! India Business Forum 2024 held on December 17,
2024, at Goa organized by Allinial Global. Allinial
Global is a renowned association of independent
accounting and advisory firms, consisting of 268
member firms across 109 countries with a
combined revenue exceeding $6 billion. During the
keynote session, Dr. Shah made a detailed
presentation on the overall opportunities at GIFT
IFSC, with a specific focus on BATF opportunities.
During the discussion, Dr. Shah highlighted the
notable advancement in GIFT IFSC including that
the number of registered firms increased from 129
to over 725 after the government established the
IFSCA, the unified regulator for GIFT City. He also
emphasised that with the GIFT IFSC offering firms
the benefits of offshore havens within India,Events and Outreach Activities 20
IFSCA BULLETIN | OCT-DEC 2024
Global Treasury Centre and Fintech Opportunities: Taiwanese delegation visit to GIFT City
GIFT City
On December 4, 2024, a 31-member Taiwanese
delegation, led by Mr. D.C. Lei, visited GIFT City to
Dr. Dipesh Shah, Executive Director, IFSCA,
explore business opportunities for Taiwanese
participated in the event "Global Treasury Centre
financial institutions and understand the financial
and Fintech Opportunities: GIFT City" organized by
services ecosystem at GIFT IFSC.
Axis Bank on December 9, 2024, in Mumbai. As
part of the event, Dr. Shah delivered a special note
The delegation comprised senior officials from
on the "Opportunities at GIFT City IFSC" and
TABF, the Central Bank of Taiwan, the Bankers
highlighted various initiatives taken by IFSCA to
Association of R.O.C., the Financial Supervisory
develop GIFT IFSC as a hub for Global Treasury
Commission, and leading Taiwanese banks.
Centres and Fintech.
During the visit, IFSCA officials delivered a detailed
presentation on the business opportunities
available within GIFT IFSC. Following the
presentation, a Q&A session was held, addressing
questions from the delegation.
The delegation then interacted with select market
participants from units already operating within
GIFT IFSC. Market participants shared their
experiences, challenges, and the support ecosystem
in GIFT IFSC, highlighting the array of
opportunities available.
Next Billion Forum
Suzuki Group hosted the “Next Billion Forum” at
GIFT City on December 23, 2024. A large
delegation from Japan, senior Government
officials, industry leaders as well as experts
participated in the event. The event was organized
to mark the launch of Next Bharat Venture Fund-I
from GIFT IFSC by the Suzuki Group.
As part of the event, a presentation on GIFT IFSC
The delegation participated in a tour of GIFT City,
was made at the forum by Dr. Dipesh Shah,
visiting world class infrastructure features such as
Executive Director, IFSCA, highlighting various
Automated Waste Collection System (AWCS), b)
business opportunities available in GIFT IFSC for
Utility Tunnel, District Cooling System (DCS) and
Japanese institutions and investors.
City Control and Command Centre (C4).
The delegation then visited India INX, where a
presentation was made by the India INX team
highlighting its business operations, growth, and
prospects for Taiwanese capital market
intermediaries within the GIFT ecosystem.
3rd India-UK Financial Markets Dialogue
The third meeting of India-UK Financial Markets
Dialogue was hosted by Department of Economic
Affairs, Ministry of Finance in GIFT City, Gujarat
on December 12, 2024.Events and Outreach Activities 21
IFSCA BULLETIN | OCT-DEC 2024
The Dialogue was led by senior officials from the
Capital Markets
Indian Ministry of Finance and HM Treasury, with
participation from Indian and UK regulatory
Celebration of the IOSCO World Investor Week,
agencies, including the Reserve Bank of India
(RBI), the Securities and Exchange Board of India 2024
(SEBI), International Financial Services Centre
Authority (IFSCA), Insurance Regulatory and IFSCA celebrated the IOSCO World Investor Week,
Development Authority of India (IRDAI), Pension 2024 (WIW) during the week starting October 14,
Fund Regulatory and Development Authority 2024.
(PFRDA), the Bank of England (BoE) and the
The IOSCO WIW is a global week-long campaign to
Financial Conduct Authority (FCA).
raise awareness about the importance of investor
The Dialogue opened with reflections on education and protection and highlight the various
developments since the last meeting in April 2023, initiatives of securities regulators. IFSCA, in
including the opportunity presented by India’s coordination with the stock exchanges and other
intention to release a financial sector vision and market participants celebrated the IOSCO World
strategy and the UK’s commitment to publishing a Investor Week and participated in a series of events
financial services growth and competitiveness (webinars, physical events, interaction with
strategy. Both sides agreed to work to maximise students, short videos, messages on social media
synergies. etc.) with the objectives to create awareness about
the various opportunities in the IFSC for investors
and to highlight the regulatory initiatives taken by
IFSCA in the areas of securities regulation. The key
themes for the WIW revolved around sustainable
finance and technology.
The various activities conducted were as under:
Opening Bell Ringing Ceremony
Shri Pradeep Ramakrishnan, ED, IFSCA rang the
Delegates from India and the UK shared
opening bell at NSE IX, on October 15, 2024, to
perspectives on priorities and ongoing reforms
commence the celebration of IOSCO World
within their respective jurisdictions. The Dialogue
Investor Week, 2024.
focused on collaboration in evolving fields of
Release of short video series by IFSCA
financial regulation, noting the areas of mutual
interest in both markets for increasing bilateral
IFSCA released a series of nine short videos on
trade and investment between the financial sectors.
creating awareness about “GIFT IFSC - The
Gateway to India” covering the following themes:
Innovation was a key theme throughout the
dialogue, acknowledging the importance of Fintech,
and the key role of financial data in enabling • Message from Chairperson, IFSCA on the
business activity. Both parties highlighted priorities occasion of IOSCO that threw light on how
identified in the IUKFP Fintech and Data Paper IFSCA is committed towards protecting the
published last year and agreed to host the next interests of investors
meeting of the India-UK Fintech Joint Working • The IFSC Ecosystem - Then, now and the future
Group in early 2025 to take forward agreed • What makes the IFSC a hotbed for innovation in
priorities. Participants discussed related priorities, financial technology
including the G20 payments roadmap, digital • Sustainable Finance
payment connectivity, regulatory sandbox • IFSCA's Impact on Industry: Aircraft & Ship
collaboration, collaboration on Central Bank Digital Leasing (Case Study)
Currencies, and future cooperation on other • New Age Exchanges at the IFSC: India INX,
emerging technologies including AI and Quantum NSE IX & IIBX
computing.Events and Outreach Activities 22
IFSCA BULLETIN | OCT-DEC 2024
• Raising Debt Capital: A New Era for Indian iii. Shri Pradeep Ramakrishnan, ED, IFSCA
Businesses addressed a seminar by ICSI in coordination
• Direct Listing: A New Chapter for Indian with India INX on "Direct Listing, Investment
Companies Opportunities in GIFT IFSC" at Ahmedabad.
• International Banking Units at GIFT IFSC: A
Gateway to Global Finance
Social Media Campaign on a smart investor
A social media campaign about WIW messages for
a smart investor on the themes related to
sustainable finance, investor resilience, frauds and
scams prevention etc. was conducted during the
WIW week.
Webinars during WIW
i. Shri Pradeep Ramakrishnan, ED, IFSCA,
participated in a webinar organized by NSE IX
iv. Shri Arjun Prasad, GM, IFSCA, participated in a
and CII on "Fund Raising and Investment
webinar organized by INDIA INX in
Opportunities at GIFT City". He provided an
collaboration with MFIN on "International
overview about the regulatory framework in
Capital Market Opportunities in GIFT IFSC".
IFSC along with key features of new Listing
Regulations.
ii. Shri Pradeep Ramakrishnan, ED, IFSCA,
participated in a webinar organized by NSE IX
v. Shri Shubham Goyal, AGM, IFSCA participated
on "Innovators in Climate Finance". He shared
in a webinar organised by ANMI in coordination
insights about the regulatory measures by
with NSEI- X on "GIFT IFSC - Bridge for Indian
IFSCA for developing GIFT IFSC as a Climate
and Global Investors" and provided an overview
Finance Hub.
of the regulatory framework at GIFT IFSC.Events and Outreach Activities 23
IFSCA BULLETIN | OCT-DEC 2024
Closing Bell Ceremony WIW with senior officials of various financial institutions,
fund managers, and PE/VC investors on the
Shri Arjun Prasad, GM, IFSCA rang the closing bell
opportunities in GIFT IFSC.
during the ceremony organised by India INX and
IIM Ahmedabad Alumni Association. He shared
insights on the various opportunities in GIFT IFSC
through an interactive session with IIMA Alumni
and Angel/VC investors.
Interactive session on 'Navigating GIFT City
Issuances', Mumbai
IFSCA is association with CareEdge and NSE
International Exchange (NSE IX), held 'The
Dialogue', an exclusive interactive session on
Panel Discussion on “Leadership Dialogue:
'Navigating GIFT City Issuances', in Mumbai on
Sustainable Finance Regulation and Policy” December 16, 2024.
Shri Pradeep Ramakrishnan, ED, IFSCA
participated in a Panel Discussion on “Leadership
Dialogue: Sustainable Finance Regulation and
Policy” during the 8th Annual ICMA & JSDA
Conference held in Tokyo on November 22, 2024.
The Panel delved into best practices followed by
regulators in Asian jurisdictions on Sustainable
Finance. Shri Pradeep Ramakrishnan shared
insights on the various initiatives taken by IFSCA to
develop GIFT IFSC as a hub for sustainable finance.
Shri Arjun Prasad, GM, IFSCA also participated in Panel Discussion on “Strategic Insights into the
the discussions and meetings.
Future of Debt Markets”
Shri Pradeep Ramakrishnan, ED, IFSCA and Shri
Akash Boddeda, AM, IFSCA attended the India
Debt Capital Market Summit 2024 on November
29, 2024. Shri Pradeep Ramakrishnan participated
in the Panel Discussion on “Strategic Insights into
the Future of Debt Markets” and shared his insights
on the growth of the debt market including listing
of GSS+ bonds in GIFT IFSC.
Event on “Unlocking the GIFT City Opportunity” at
Bengaluru
An event was organized today by HDFC Bank on
“Unlocking the GIFT City Opportunity” in
Bengaluru on December 10, 2024. Shri K.
Rajaraman, Chairperson, and other senior officials
of IFSCA participated in the event and interactedEvents and Outreach Activities 24
IFSCA BULLETIN | OCT-DEC 2024
societal resilience”. Shri K Bhaskar, General
Insurance
Manager, IFSCA, represented IFSCA at the event.
20th Singapore International Reinsurance
Conference
The 20th Singapore International Reinsurance
Conference (SIRC) 2024 saw over 3,300
participants, with nearly 2,000 joining in from
overseas. The event was attended by stakeholders
from insurance industry like insurance/reinsurance
companies, intermediaries, bankers, insure tech
companies, CAT modelling companies, cyber
expert, credit rating agencies,
Sustainable Finance
insurance/reinsurance consultants and solution
provide, exchanging platform etc.
IVCA GreenReturns Summit, 2024
During the conference, IFSCA team led by the
Executive Director (Insurance) had various
The GreenReturns Summit 2024, was organized by
meetings to discuss the GIFT IFSC Insurance
the Indian Venture and Alternate Capital
proposition with global reinsurers / intermediaries
Association (IVCA) on December 2 and 3, 2024, in
and various stakeholders. During these
New Delhi. The Summit aimed to address the
interactions, the team highlighted key regulatory
pressing need for climate finance and to identify
enablers, business incentives, and the ease of doing
innovative solutions to drive sustainable
business offered by IFSCA to attract international
development. Shri K Rajaraman, Chairperson,
players.
IFSCA participated in a Fireside Chat on
"Mobilizing Climate Finance: IFSC as a Global
IFSCA Delegation visit to the USA Climate Finance Hub" at the IVCA GreenReturns
Summit 2024.
IFSCA Delegation led by Chairperson, IFSCA, with
the various stakeholders during the visit to the During the discussion, Chairperson highlighted the
United States of America (New York and San numerous opportunities that GIFT IFSC offers to
Francisco) from October 21-25, 2024, during the global investors. He discussed various initiatives
course of various conferences, meetings and undertaken by IFSCA to support sustainable
roundtable interactions, met with various industry finance, including the promotion of ESG funds and
players including Berkshire Hathaway Insurance sustainable lending by IFSC Banking Units (IBUs).
Company, Starr Insurance Holdings Inc, Berkley He also emphasized the critical role of IFSCA’s
Insurance Company etc. During these interactions, regulatory framework in developing a robust green
the team highlighted key regulatory enablers, bond market within the GIFT IFSC. Furthermore,
business incentives, and the ease of doing business the Chairperson extended an invitation to Fintech
offered by IFSCA to attract international players. and Greentech startups to establish their presence
at GIFT IFSC and leverage global market
opportunities.
IAIS Annual Conference
The Conference took place on December 5-6, 2024,
in Cape Town, South Africa. The conference
brought together over 500 participants from more
than 105 jurisdictions and speakers, engaging panel
discussions and interactive roundtables to explore
pivotal topics around the theme “Licence to
operate: the role of insurance to strengthenEvents and Outreach Activities 25
IFSCA BULLETIN | OCT-DEC 2024
Shri Pradeep Ramakrishnan, Executive Director, IOSCO members of its Growth and Emerging
IFSCA also participated in a panel discussion on Markets Committee (GEMC), representing 31
"Strategies for Increasing Climate Adaptation jurisdictions. The network aimed at supporting the
Investments" at the GreenReturns Summit 2024. adoption and use of the IFRS Foundation’s
In his remarks during the panel discussion, he sustainability reporting standards in emerging
emphasized the critical need for increased markets.
investments in climate adaptation, particularly in
developing countries facing significant financing
gaps. He also shared valuable insights on policy
frameworks that can stimulate such investments.
He further highlighted the robust ESG ecosystem at
GIFT IFSC, including the attractive incentives
available for ESG funds.
Finance Company
Quarterly meeting was organized with registered
Core Finance Companies, aircraft and ship leasing
entities to understand their business progress and
address any issues related to market development.
The Asia Climate Summit (ACS 2024)
FinTech
Asia Climate Summit (ACS), 2024 is being
organised by International Emissions Trading
Singapore FinTech Festival 2024
Association (IETA), in collaboration with the
Federation of Indian Chambers of Commerce &
IFSCA participated in the Singapore FinTech
Industry (FICCI) and International Carbon Action
Festival (SFF) held in Singapore on November 6,
Partnership (ICAP) from October 22, 2024, to
2024. The event was attended by the Chairperson,
October 24, 2024, in Delhi.
IFSCA, who engaged in various bilateral meetings,
Shri Pradeep Ramakrishnan, ED, IFSCA roundtable discussions, and panel sessions.
participated as lead discussant in the session on
‘Investor - Corporate dialog on climate risk
mitigation and management; State of Sector-
Climate Action by India Inc 2024’ organised by
cKinetics on the sidelines of the ACS2024.
IOSCO Growth and Emerging Markets Committee -
Network for Adoption or Other Use of ISSB
Standards Session at European Union Supervisory Digital
Finance Academy (EU-SDFA)
IFSCA on December 18, 2024, participated in the
launch of a dedicated network to support the
Shri Joseph Joshy, CTO & CGM was invited to
adoption and other use of IFRS Sustainability
speak at the European Union Supervisory Digital
Disclosure Standards (ISSB Standards), held in
Finance Academy (EU-SDFA), Florence, Italy
Ankara, Turkey, with the support of the
established by the European Commission –
International Sustainability Standards Board
Directorate General (DG) Reform. 37
(ISSB). The Network started with a group of 32
representatives from 25 Countries representing 31Events and Outreach Activities 26
IFSCA BULLETIN | OCT-DEC 2024
Regulators (namely 14 Central Banks and 17
Market, Pension and Payment Supervisors) apart
from representatives from European Banking
Authority (EBA), European Securities and Markets
Authority (ESMA), European Insurance and
Occupational Pensions Authority (EIOPA) and EU-
SDFA attended the Sessions.
Session 1 titled "Digital Finance Experiences from
non-European Jurisdiction" focussed on India
Stack, IFSC Ecosystem including the FinTech
Entity Framework and Sandboxes. Session 2 titled
"Cross-sectoral trends and priorities in Digital
Finance" was delivered by IFSCA in partnership
with World Economic Forum (WEF) and ESMA.Current Statistics
____________________________________________________________________________________
Authorisation by IFSCA
Table 1: Licenses/ Registrations issued by IFSCA based on SEZ LOAs
Number of Licenses/ Registrations issued
Segment Category
During Oct-Dec 2024 As on Dec 31, 2024
IBUs 0 28
Banking
GAO 0 2
Aircraft Lessors 3 30
Ship Lessors 3 15
Finance Company
Finance Company – Core/
3 13
Non-core (Including ITFS)
MII 0 5
Broker Dealer 0 82
Depository Participant 0 10
Clearing Member 0 22
Capital Market Registered Distributors 1 11
Investment Advisors 0 3
Custodian 0 5
Debenture Trustee 0 4
Investment Banker 0 4
FMEs 11 139
Funds
AIFs 30 198
IIOs 1 16
Insurance
Intermediaries 1 25
Ancillary Services Ancillary Services Entities 4 68
Bullion MII 0 1
Bullion Bullion Intermediaries 0 19
Vault Managers 0 3
Direct 3 14
FinTech
Sandbox 1 44
GIC GIC 0 3
International Branch
Foreign University 0 2
Campus
Total 61 766
Office of Administrator (IFSCA)
Table 2: Approvals by SEZ Unit Approval Committee (prior to issue of IFSCA authorization)
Particulars During Oct-Dec 2024 Till Dec 2024
UAC Meetings 13 32
New Unit Applications considered 85 280
New Unit Applications approved 84 276
LOA issued 74 261Banking
Table 3: Number of IBUs
Particulars As on Sep 30,2024 As on Dec 31,2024
No. of IBUs 28 28
Table 4: Assets of IBUs
Month ended Oct 2024 Nov 2024 Dec 2024
Particulars USD Mn
Investments 3834.72 3708.07 3924.03
Sovereign securities 1907.79 1704.11 2033.44
Corporate Bonds 1717.29 1709.62 1667.35
Other investments 209.64 294.34 223.24
Trade Finance 14178.91 14013.83 15184.29
Commercial Loans 32237.84 33538.26 35544.96
External Commercial Borrowing (ECB) 18429.76 19640.49 21007.81
Commercial Loans other than (ECB) 13808.08 13897.77 14537.15
Retail loans 97.30 96.32 94.69
Other loans 761.76 770.75 838.91
Interbank/Interbranch placements 15007.82 14723.86 18754.92
Others 3076.78 4087.12 3855.83
Total 69195.13 70938.21 78197.63
Table 5: Liabilities of IBUs
Month ended Oct 2024 Nov 2024 Dec 2024
Particulars USD Mn
Customer deposits 5461.70 5949.64 6317.05
Interbank/Interbranch borrowings 47752.90 48731.97 55002.35
Bilateral Borrowings 6939.94 6915.57 6986.23
Multilateral Borrowings 0.00 0.00 300.00
MTN Borrowings and other debt instruments 2997.22 2929.96 3037.52
Others 6043.37 6411.07 6554.48
Total 69195.13 70938.21 78197.63
Table 6: Customer Deposits (in USD Mn)
Month ended Oct 2024 Nov 2024 Dec 2024
Deposits Demand Time Demand Time Demand Time
Retail deposits 487.94 442.26 564.00 446.60 736.76 339.32
Corporate deposits 428.30 4103.20 472.56 4466.46 636.19 4604.78Table 7: Non-Resident 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 42 5460 652
Retail
Amount 1.26 838.38 90.56
Oct 2024
No. of accounts 2153 591 1707
Corporate
Amount 1196.93 1250.46 2084.11
No. of accounts 42 5822 630
Retail
Amount 1.44 913.68 95.48
Nov 2024
No. of accounts 2182 579 1831
Corporate
Amount 1205.33 1387.24 2346.45
No. of accounts 53 6192 705
Retail
Amount 0.98 979.24 95.86
Dec 2024
No. of accounts 2248 622 1979
Corporate
Amount 1328.20 1520.96 2391.81
Table 8: Derivative Outstanding of IBUs (USD Mn) (Notional)
Month ended Oct 2024 Nov 2024 Dec 2024
FCY-INR Derivatives (to be settled in FCY) 31162.67 28496.53 38092.93
FCY-FCY Derivatives (to be settled in FCY) 15385.79 17207.95 20238.10
INR Interest Rate Derivatives (to be settled in FCY) 72941.98 78198.26 81084.61
FCY Interest Rate Derivatives (to be settled in FCY) 118864.51 112427.30 108980.67
Others 1463.65 1270.81 475.11
Total 239818.60 237600.85 248871.42
Table 9: ODI Outstanding of IBUs (USD Mn)
Month Ended Oct 2024 Nov 2024 Dec 2024
Total ODI amount 709.23 234.38 355.98
Table 10: Industry wise credit exposure of IBUs
Month ended Oct 2024 Nov 2024 Dec 2024
Sector Industries Amount Outstanding (USD Mn)
Auto Components 174.31 170.09 152.73
Automobile 768.55 731.12 725.26
Capital Goods 244.63 265.62 283.23
Cement and Cement Products 1196.53 1199.36 1200.06
Electronic Systems 691.60 497.34 824.21
Food Processing 802.38 936.08 1028.30
Glass and Glassware 17.19 21.04 22.16
Iron & Steel 681.10 708.49 622.91
Laminates/ Plywood/ Boards 8.91 12.94 13.02
Leather and Leather Products 2.09 2.11 1.87Medical and Medical
289.08 287.72 285.06
Equipment
Metals 1928.86 1791.18 1843.37
Paper and Packaging 66.19 65.58 67.62
Petrochemicals 4055.60 4027.18 4792.72
Plastic and Plastic Products 77.14 108.09 100.69
Textiles and Apparels 148.89 164.46 170.70
Vehicles, Vehicle Parts, and
141.70 184.97 179.70
Transport Equipment
Banking and Finance 14399.36 14908.43 15436.81
Clearing Corporation 262.07 262.19 252.27
Education 163.98 165.06 162.79
Financial Services 2655.05 2836.84 3059.41
Healthcare 41.34 73.40 75.67
IT and Software Industry 379.92 367.73 395.94
Services Logistics 79.91 103.22 120.23
NBFC 6961.72 8212.49 9195.22
Professional Services 53.55 52.91 51.89
Retail and e-commerce 297.89 336.64 373.87
Telecommunication 1308.33 1409.47 1273.28
Tourism & Hospitality 220.14 219.35 223.87
Trade/Distributor 424.93 558.55 591.20
Construction 147.35 63.48 63.15
Mining 281.67 288.61 269.87
Oil and Gas 2453.52 2438.89 2279.01
Infrastructure Ports and Shipping 969.50 968.34 976.26
Power Sector 1559.41 1521.35 1606.73
Renewable Energy 436.61 452.47 509.41
Roads and Highways 58.01 32.47 36.74
Agriculture and
424.41 447.44 463.46
Forestry
Aviation 423.60 410.01 336.50
Chemicals 1628.52 1701.76 1846.46
Jewelry 272.66 306.23 386.42
Paints 0.00 0.00 0.00
Pharmaceuticals 583.53 665.64 671.84
Other Sectors 3215.96 3157.29 3575.47
Total 50997.71 53133.65 56547.41Table 11: Country wise exposure of IBUs
Oct 2024 Nov 2024 Dec 2024
Country %age of total Country %age of total Country %age of total
Name exposure Name exposure Name exposure
India 73.18 India 70.89 India 74.39
USA 5.00 USA 6.72 USA 5.62
Mauritius 3.83 UAE 3.33 UAE 3.34
Singapore 3.44 Mauritius 3.32 Mauritius 3.09
UAE 3.06 Singapore 3.00 UK 3.09
UK 3.04 UK 3.02 Singapore 2.96
Netherlands 2.48 Italy 2.71 Netherlands 2.06
Bahrain 1.05 Netherlands 1.54 Bahrain 0.99
Hong Kong 0.81 Bahrain 1.10 Hong Kong 0.69
Saudi Arabia 0.55 Hong Kong 0.63 Saudi Arabia 0.40
Others 3.56 Others 3.65 Others 3.37
Payment and Settlement
Table 12: Number of Payment Service Providers (PSP)
Particulars Total
In-principle Approval Granted as on December 31, 2024 4
Capital Markets
Table 13: IFSC Stock Exchanges Turnover (Traded Value in USD Mn)
Month Oct 2024 Nov 2024 Dec 2024 Total
No. of Traded No. of Traded No. of Traded No. of Traded
Particulars
contracts Value contracts Value contracts Value contracts Value
Commodity
1612 139.62 1605 136.88 70 5.92 3287 282.42
Futures
Index
2071584 101415.86 1823240 87018.76 1777407 84966.00 5672231 273400.62
Futures
Index
200865 27.73 159079 17.73 137744 25.66 497688 71.12
Options
Depository
Receipts
66701 0.31 130833 0.68 138458 0.76 335992 1.75
on US
stocks
Total 2340762 101583.52 2114757 87174.05 2053679 84998.34 6509198 273755.91Table 14: 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)
Oct 2024 274158 13351.64
Nov 2024 247105 11976.79
Dec 2024 235359 11156.39
Table 15: India INX Global Access
During Oct-Dec 2024
Particulars As on Dec 31, 2024
(Accounts Opened)
Total Number of Accounts 234 4403
Table 16: Trading in Global Exchanges through India INX Global Access (Traded Value: USD Mn)
Entity Type Particulars Oct-Dec 2024 Till Dec 31, 2024
LRS Equity, ETFs, Funds, Bonds, and other
2.82 21.07
(Residents) products
Equity, ETFs, Funds, and other products 41.73 552.50
IFSC Entities
Derivatives Products 1469.49 3,196.43
Non-residents Equity, ETFs, Funds, and other products 34.11 49.94
outside IFSC Derivatives Products 5.11 1.82
Total 1,553.26 3,276.96
Table 17: Trading in Global Exchanges through India INX Global
Access (Oct-Dec 2024: USD Mn)
Total trading Trading in Trading in non-
Exchange
value Derivatives derivatives
SGX 545.48 545.48 0.00
HKEX 400.09 400.09 -
KSE* 330.84 330.84 -
CME 122.62 122.62 -
NASDAQ 46.92 - 46.92
COMEX 33.20 33.20 -
ARCA 23.42 - 23.42
NYMEX 20.61 20.61 -
CBOE 19.79 19.79 -
Others 10.30 1.98 8.32
Total 1,553.26 1,474.60 78.66
*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 18: Capital Market Intermediaries as on Dec 31, 2024
Type of Entity No. of entities
Broker-Dealers 82
Clearing Members 22
Custodians 5
Depository Participants 10Investment Bankers 4
Investment Advisers 3
Debenture Trustees 4
Distributors of Capital Market Products & Services 11
Sustainable Finance
Table 19: Listing of debt securities at IFSC Exchanges (In USD Bn)
Particulars As on Sep 30, 2024 As on Dec 31, 2024
Cumulative debt listings 61.907 63.68
Cumulative ESG labelled debt listing 14.78 15.43
Table 20: Listing of debt securities at IFSC Exchanges
Amount
Sr No Name of the issuer Listing Date Labels
(USD Mn)
1 Shriram Finance Limited 07-10-2024 Social 500.00
2 Muthoot Finance Limited 25-10-2024 - 400.00
3 Satin Credit care Network Limited 07-10-2024 - 7.50
4 Piramal Capital & Housing Finance Limited 14-10-2024 Sustainable 150.00
5 IRB Infrastructure Developers Limited 18-10-2024 - 200.00
6 Muthoot Microfin Limited 08-11-2024 - 3.00
7 State Bank of India 26-11-2024 - 500.00
8 TruCap Finance Limited 30-12-2024 - 5.00
9 Namdev Finvest Private Limited 11-12-2024 - 3.00
10 Varthana Finance Private Limited 30-12-2024 - 15.00
Table 21: 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 1549.34
7
The data of Cumulative debt securities changed to USD 61.90 Bn from USD 63.90 Bn (previously reported) for Q2 of 2024
on account of the revised reporting by the Stock Exchanges.Table 22: 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 23: Written/ Transacted premium by IFSC Insurance Offices (IIOs) and Intermediary Offices (IIIOs)
FY 2023-24 Apr-Sep 2024 (Unaudited) Oct-Dec 2024 (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 15 97 16 49
IIIOs 23 276 24 118 25 59
*Number of offices are as at the end of the particular period
Table 24: 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
Aviation 0.17 0.54 0.13
Fire 1.46 0.00 1.32
Health + PA 0.34 1.05 1.41
Life 0.46 0.82 0.90
Marine Cargo 0.00 0.00 0.01
Trade credit 0.00 0.00 0.19
Total 2.43 2.42 3.96
Note: The data for FY 2024-25 is unauditedTable 25: 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
Engineering 1.07 1.14 2.11
Fire 8.86 9.78 9.50
Health + PA 20.16 24.85 26.48
Health Insurance 0.01 0.00 0.00
Liability 0.26 0.29 0.37
Marine Cargo 1.10 0.51 1.18
Marine Hull 1.28 0.31 0.31
Motor 9.13 8.34 2.06
Other Misc. 0.15 0.43 0.87
Other Miscellaneous 2.52 2.34 1.88
Personal Accident 0.00 0.01 0.00
Total 44.54 48.00 44.76
Note: The data for FY 2024-25 is unaudited
Table 26: Claims data (Retail / Re-insurance)
Particulars Apr-Jun 2024 Jul-Sep 2024 Oct-Dec 2024
No. of Claim No. of Claim No. of Claim
(Amount in USD Mn) Claims Amount Claims Amount Claims Amount
Claims pending at the beginning 43 14.98 25 16.58 27 21.93
New Claims registered 30 12.32 43 14.98 25 15.20
Claims settled 38 6.82 21 28.15 21 27.50
Claims rejected 10 0.00 20 0.00 15 0.00
Claims outstanding 25 9.48 27 30.60 16 34.23
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 recoveries
Fund Management
Table 27: Number of Fund Management Entities (FMEs) and Funds
Particulars As on Sep 30, 2024 As on Dec 31, 2024
FMEs 128* 139*
Funds 168 198
*Excluding in-principle approvalsTable 28: Investments by Fund Management Schemes at GIFT IFSC as on Dec 31, 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
12 207.90 43.14 23.85 9.56 33.41 0
(including Angel
Schemes)
Category I and
70 9,959.75 4,186.12 3,184.42 611.55 3,795.97 0
II AIFs
Category III
116 4,713.34 2,777.81 1,900.13 156.85 2,056.98 0
AIFs
Total 198 14,880.99 7,007.07 5,108.40 777.96 5,886.36 0
*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 6538.83 million.
Table 29: Investors in IFSC Funds as on Dec 31, 2024
Type of Scheme No. of Investors*
Venture Capital Schemes (including Angel Schemes) 434
Category I and II AIFs 962
Category III AIFs 1180
Total 2576
*Investors from more than 50 jurisdictions have contributed across schemes.
Table 30: Trends of Fund Management Activity
USD Mn
QoQ
Particulars Q4 FY Q1 FY Q2 FY Q3 FY
Growth (%)
2023-24 2024-25 2024-25 2024-25
Cumulative commitments raised 8410.49 11693.91 12134.41 14880.99 22.63
Cumulative funds raised 3948.02 5319.11 5581.24 7007.07 25.55
Table 31: Portfolio Management Services (PMS) as on Dec 31, 2024
Type of Services Number of Investors AUM (in USD Mn)
Discretionary & Non- Discretionary PMS 113 834.35
Advisory Services 31 430.74
Total 144 1265.09Finance Companies/ Finance Units
Table 32: Finance Companies/ Finance Units during Oct-Dec 2024
Aircraft Ship FC (Non-
Type of Finance Company FC (Core) Total
Lease Lease Core)
Provisional Registration Granted 1 5 1 0 7
Final CoR Granted 3 3 3 0 9
Registration till Dec 31, 2024 30 15 8 5 58
Table 33: Assets leased by AOL/ Ship Leasing Entities
Type of asset As on Sep 30, 2024 As on Dec 31, 2024
By Aircraft Leasing entities
Aircraft 44 63
Engines 47 53
Aircraft Auxiliary Power Units (APU) 68 80
Total 159 196
By Ship Leasing entities
Ship 12 13
Table 34: Transactions financed by ITFS Platforms
Particulars As on Sep 30, 2024 As on Dec 31, 2024
Number of Transactions 544 602
Value of Transactions (USD Mn) 25.68 30.56
Table 35: Business details of Global/Regional Corporate Treasury Centres (GRCTC)
Particulars As on Sep 30, 2024 As on Dec 31, 2024
Loans & Advances (USD Mn) 132.04 1707.15
Total Investments (USD Mn) 78.31 78.31
Table 36: Business details of Core Finance Companies (e.g. Lending, Export financing)
Particulars As on Sep 30, 2024 As on Dec 31, 2024
Loans & Advances (USD Mn) 1.09 2.95
Total Investments (USD Mn) 4.87 4.94
Metals and Commodities
Table 37: Participants on India International Bullion Exchange (IIBX)
Participants As on Sep 30, 2024 As on Dec 31, 2024
Qualified Jewellers 142 153
Clients 90 102
‘Special category’ Clients 52 51
Qualified Suppliers 28 33
Clients 26 31
‘Special category’ Clients 02 02
Valid India UAE CEPA TRQ Holders 357 418Table 38: Regulated Entities/ Intermediaries on IIBX
Regulated Entities As on Sep 30, 2024 As on Dec 31, 2024
Bullion Trading Members 6 6
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 39: Product-wise summary of trades on IIBX
During FY 2023-24 During FY 2024-25 During Oct – Dec 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 0.00 0
LBMA 100 gm Gold 999 0.00 0.00 0.00 0 0.00 0
UAE GD 1 kg Gold 995 2.22 34.00 8.00 101 4.22 50
UAE GD 100 gm Gold 999 7.24 114.80 10.97 135.5 7.27 85.5
UAEGD TRQ 1 kg Gold 995 252.91 3957.00 2021.56 24818 1004.19 11,763.00
UAEGD TRQ 100 gm Gold 999 238.38 3747.40 2934.45 36019.4 1198.32 13,977.70
Total (Gold) 505.27 7928.20 4974.99 61073.5 2214.01 25,876.20
UAEGDCEPA SILVER GRAINS 698.48 908800.00 217.91 228060 0.00 0
UAEGD SILVER GRAINS 0.00 0.00 1.10 1100 0.99 980
SILVER GRAINS 0.00 0.00 0.00 0 0.00 0
UAEGD SILVER BAR 0.00 0.00 0.00 0 0.00 0
SILVER BAR 0.00 0.00 9.29 10020 0.61 630
Total (Silver)* 698.48 908800.00 228.31 239180 1.60 1,610.00
*The trading of silver started on IIBX from December 13, 2023
FinTech
Table 40: FinTech Ecosystem in IFSC
Sr. No. Particulars Till Dec 31, 2024
Number of Sandbox Entities 44
1 In Innovation Sandbox 30*
In Regulatory Sandbox 14
2 Number of FinTech/ TechFin Entities Authorized 12
3 Number of Accelerators Authorized 2
4 Number of Entities exited from Sandbox 6
*Including acceleratorsAncillary Services
Table 41: Activity-wise break up of ancillary services entities
No. of Authorized Entities*
S. No. Core Activity
As on Sep 30, 2024 As on Dec 31, 2024
1 Legal, Compliance and Secretarial 10 10
Professional & Management Consulting
2 12 12
Services
Auditing, Accounting, Bookkeeping and
3 22 23
Taxation Services
Administration, Asset Management
4 Support Services and Trusteeship 20 23
Services
Total 64 68
*Excluding in-principle approvals
BATF
Table 42: Activity-wise break up of BATF entities approved including in-
principal approval
8
No. of Authorized Entities as on
S. No. Core Activity
Dec 31, 2024
1 Accounting Services 2
2 Bookkeeping Services 0
3 Taxation Services 1
4 Financial Crime Compliances 0
Total 3
8
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