GiftCity Latest News

Rising geopolitical tensions in West Asia are prompting global investors and NRIs to reconsider their exposure to Dubai, creating new opportunities for India’s GIFT City to emerge as an alternative international financial hub. Industry experts say NRIs are increasingly opening accounts and moving dollar assets to GIFT City amid concerns over regional instability.

The shift is helping strengthen GIFT City’s position as a gateway for India-linked global investments, supported by tax incentives and a growing IFSC ecosystem. However, experts note that while capital inflows are rising, GIFT City still needs stronger lifestyle infrastructure, talent attraction, and a broader ecosystem to compete long term with established hubs like Dubai and Singapore.

GIFT City is rapidly evolving beyond a financial hub into a full-scale smart urban ecosystem, driving strong growth in residential real estate, hospitality, retail, and lifestyle services around Gandhinagar. Developers and consultants say rising demand from NRIs, professionals, and global firms is reshaping the city into a preferred destination for high-income residents seeking international-standard living and business infrastructure.

Industry experts highlighted that GIFT City’s IFSC framework, 20-year tax incentives, strong security, and advanced infrastructure are attracting overseas investors and professionals. Residential demand is rising sharply despite limited housing supply, with projects witnessing significant bookings from NRIs. Developers expect the city’s workforce to touch nearly one lakh jobs by 2030, which could fully absorb existing residential inventory. Many residents compare GIFT City’s clean environment, app-based security, and professional ecosystem to living standards in countries like the UK.

ICICI Bank, in partnership with Visa, has launched India’s first US dollar-denominated debit card for NRIs through its IFSC Banking Unit at GIFT City. Linked to ICICI Bank’s USD Global Savings Account, the card enables NRIs to spend directly in US dollars across global ATMs, POS terminals, and online platforms without currency conversion markups on eligible transactions.

Built on Visa’s Infinite platform, the card offers premium travel and lifestyle benefits along with enhanced security controls such as transaction limits and customizable usage settings. The launch highlights GIFT City’s growing role as a hub for international banking innovation and offshore financial services tailored for globally mobile Indians.

As global AI-driven markets like South Korea and Taiwan outperform amid the semiconductor boom, Indian investors are increasingly looking beyond domestic equities for international diversification. However, overseas investing remains restricted due to regulatory hurdles and limited access to global funds.

GIFT City is emerging as a potential solution by offering Indian investors easier access to global investment products through a regulated offshore-style financial ecosystem. Experts believe GIFT City could help investors diversify across international markets and currencies while benefiting from simplified structures, tax efficiency, and global investment access, especially at a time when Indian markets face high valuations and slower earnings growth.

IIFL Capital Services has incorporated a wholly owned subsidiary, IIFL Capital (IFSC) Limited, at GIFT City’s International Financial Services Centre (IFSC) in Gujarat. Approved by the Ministry of Corporate Affairs on May 11, 2026, the new entity will operate as a broker-dealer and distributor under the IFSCA (Capital Market Intermediaries) Regulations, 2025.

The subsidiary has an authorised capital of ₹10 crore, with IIFL Capital holding 100% ownership through cash subscription. The move follows SEBI’s no-objection approval and strengthens IIFL’s presence in GIFT City’s growing financial ecosystem, which is increasingly attracting capital market, banking, and global investment firms.

Union Civil Aviation Minister Rammohan Naidu said India is working to transform GIFT City into a complete global aviation leasing and financing hub, rather than just a registration centre for aircraft leasing. Speaking at the India Aircraft Leasing and Financing Summit 2.0 in Gandhinagar, he highlighted ongoing legal, tax, and financing reforms aimed at strengthening India’s aviation ecosystem and attracting global lessors and investors.

The government wants leasing transactions to be originated, financed, and managed within GIFT City itself. India’s aviation market is expanding rapidly, with the commercial fleet expected to grow to 2,250 aircraft by 2032, while GIFT IFSC already hosts 38 registered aircraft lessors. The Centre is also focusing on domestic aviation financing, seaplane leasing opportunities, airport expansion, and regulatory reforms aligned with global standards like the Cape Town Convention.

Akasa Air has launched a dedicated aircraft financing and leasing arm, Akasa Air Leasing IFSC Pvt Ltd (AALIL), at GIFT City in Gandhinagar to strengthen its long-term fleet financing strategy. The new entity aims to improve financing flexibility, reduce costs, and provide better access to global capital markets through the IFSC ecosystem.

The airline plans to use the leasing unit to finance a majority of its aircraft over time while boosting India’s onshore aviation leasing capabilities. GIFT City continues to emerge as a major aviation leasing hub, with airlines such as Air India and IndiGo also establishing leasing entities there.

A detailed legal and tax analysis argues that GIFT City should be viewed as a “tax architecture” rather than a tax shelter, backed by clear legislation, regulatory oversight, and operational substance requirements. Key incentives include a 20-year tax holiday, concessional tax rates, exemptions on transaction taxes, and frameworks that allow global fund managers to operate tax-efficiently from within India’s IFSC ecosystem.

The article highlights that GIFT City is increasingly positioning itself as a serious platform for global asset management, offshore fund operations, and cross-border finance, while maintaining strict compliance standards under IFSCA. With real operational requirements, foreign currency rules, and enforcement mechanisms, the IFSC aims to balance investor incentives with regulatory credibility.

GIFT City is increasingly emerging as a preferred offshore investment gateway for Indian investors and NRIs, competing with global financial hubs like Dubai and Singapore. While Dubai appeals to globally mobile entrepreneurs and Singapore remains a hub for legacy wealth and succession planning, GIFT City is positioning itself as a cost-effective, India-linked platform for foreign currency investing and global diversification.

Experts highlight GIFT City’s advantages such as tax efficiency, USD-denominated products, simplified digital onboarding, and regulatory support under IFSCA. Although it still trails Dubai and Singapore in product depth and global wealth infrastructure, GIFT City is steadily gaining traction as the first offshore investment destination for India-based investors seeking international exposure without changing tax residency.

Major companies including Adani Group, Bharti Airtel, Genpact, ZF Friedrichshafen, and ArcelorMittal are setting up treasury operations in GIFT City, reinforcing its emergence as a global financial hub. The move is driven by benefits such as cheaper funding access, lower taxes on dividend remittances, foreign currency asset holding, and improved cash management flexibility.
GIFT City is increasingly attracting multinational treasury centres traditionally based in hubs like Singapore and the Netherlands. Regulatory changes, tax incentives, and growing policy support are accelerating this shift, with several more companies expected to begin operations in the coming months.

GIFT City is gaining traction among cross-border digital payment firms, with companies like Razorpay, Cashfree, and Skydo exploring Payment Service Provider (PSP) licences to expand international operations. The platform enables firms to offer multi-currency wallets and streamline payments for global travelers and import-export businesses.

By complementing existing RBI frameworks, GIFT City provides a regulated environment for fintech innovation, helping firms simplify cross-border transactions and strengthen India’s position in global digital payments.

The International Financial Services Centres Authority (IFSCA) has advised entities operating in GIFT City to wait for further guidance following a recent RBI circular on Foreign Liabilities and Assets (FLA) FAQs. The current communication does not clearly interpret the RBI’s position, leading to uncertainty among IFSC participants.

Entities have been asked to hold off on taking action until clearer regulatory directions are issued, highlighting ongoing alignment challenges between domestic RBI frameworks and GIFT City’s international financial ecosystem.

GIFT City will be a key focus at the Vibrant Gujarat Regional Conference (VGRC) – South Gujarat on May 1–2 in Surat, with dedicated sessions highlighting its role as India’s International Financial Services Centre (IFSC) and a global hub for finance, fintech, and Global Capability Centres (GCCs). Discussions will cover cross-border finance, capital markets, fund management, and investment opportunities.

The event will also host a GCC conclave showcasing Gujarat’s policy framework and GIFT City’s infrastructure, talent pool, and ease of doing business. With over 1,100 registered entities and banking assets exceeding $106 billion, GIFT City continues to strengthen its position as a gateway for global capital and enterprise growth.

GIFT City is set to significantly scale its district cooling system (DCS) capacity from 10,000 TR to 30,000 TR by 2030, with a new plant planned in the SEZ and upgrades to existing infrastructure. The system, which has already replaced around 14,500 standalone air conditioners, will expand to serve about 55 buildings by 2028, including commercial, residential, and social infrastructure.

The expansion will improve energy efficiency and sustainability, with district cooling delivering around 30% energy savings compared to conventional systems. With thermal energy storage and advanced infrastructure, the initiative strengthens GIFT City’s position as a leader in smart, sustainable urban development.

GIFT City is set to expand its footprint by over 15%, adding 161 acres to its current 1,065-acre area and taking the total size beyond 1,220 acres. The expansion will include riverfront land reclamation along the Sabarmati and additional contiguous government land, supporting the next phase of growth for India’s flagship financial hub.

The move comes amid strong development momentum, with new commercial and residential space under construction and a large pipeline of future projects. The expansion is expected to strengthen GIFT City’s capacity to attract more businesses, residents, and global financial activity.

Policybazaar has expanded its operations in GIFT City, offering US dollar-denominated investment-linked insurance products to NRIs across more than 35 countries through fully digital onboarding. The company said GIFT City now accounts for over half of its NRI customer base, driven by tax benefits, seamless repatriation, and access to global investment options.

The platform is seeing strong interest from younger investors aged 28 to 45, while Policybazaar is also growing its reinsurance presence in GIFT City. The expansion highlights GIFT City’s rising position as a credible alternative to global financial hubs like Singapore and Dubai for cross-border wealth and insurance solutions.

Indian equities are increasingly attracting NRI investors due to India’s strong long-term growth story, with the Sensex delivering solid returns over time. Many NRIs now view India as a core portfolio allocation, supported by economic reforms, rising domestic demand, and the country’s path toward becoming the world’s third-largest economy.

At the same time, GIFT City is gaining popularity as a strategic investment gateway, offering foreign currency investing, easy repatriation, tax efficiency, and access to global assets. Rising participation from younger NRIs and investors from the US, UAE, and UK signals growing confidence in both India’s markets and GIFT City as part of long-term wealth strategies.

Natixis Corporate & Investment Banking (Natixis CIB) has opened a new branch in GIFT City, strengthening its presence in India’s International Financial Services Centre. The branch is expected to support growth, improve client servicing, and expand international diversification opportunities.

The GIFT City branch will offer foreign currency-denominated structured products and financing solutions across sectors such as energy, commodities, infrastructure, aviation, export finance, and External Commercial Borrowings (ECBs). Natixis also plans to scale operations further in line with business growth and regulatory frameworks.

Global companies are increasingly considering GIFT City as a base for treasury operations amid geopolitical tensions in West Asia and rising demand for stable financial hubs. According to GIFT City officials, around 15 global entities are exploring the IFSC for managing cash flows, funding, hedging, and cross-border finance from a centralized location.

Traditionally dominated by hubs like Singapore and Dubai, treasury activities may now shift partly to GIFT City due to India’s strong growth outlook, policy support, and strategic location. The city is positioning itself as an emerging destination for multinational treasury centres and regional financial operations.

GIFT City is emerging as a model for India’s next-generation urban and financial development, combining smart infrastructure, global business presence, and advanced technology systems. Its integrated underground utility tunnels, district cooling, and centralized Command and Control Centre enable efficient real-time management of city services.

Located in Gandhinagar, GIFT City continues to attract major global firms such as Bank of America, KPMG, and Infibeam Avenues, while also hosting international institutions like Deakin University. The city is positioning itself as a blueprint for India’s future smart cities and a growing global investment destination.

GIFT City has issued its first family office permit, marking a major milestone in expanding private wealth management within India’s International Financial Services Centre. The approval was granted to Poorman Asset Management IFSC Pvt Ltd, highlighting GIFT City’s efforts to attract global family offices seeking structured and tax-efficient wealth management solutions.

The move strengthens GIFT City’s position as an alternative to hubs like Dubai, especially amid rising geopolitical concerns in the Gulf. It also signals growing momentum for GIFT City in private wealth, offshore structuring, and global capital management.

GIFT City is rapidly emerging as a preferred investment gateway for NRIs due to its tax efficiency, foreign currency investing, easy repatriation, and globally aligned financial framework. As overseas Indian wealth grows and investors seek structured exposure to India, GIFT City offers a seamless route to invest in equities, debt, AIFs, mutual funds, and global assets.

Its appeal is further supported by India’s strong economic growth outlook, expanding capital markets, and simplified regulations under IFSCA. With increasing focus on efficiency, governance, and cross-border wealth planning, GIFT City is positioning itself as a strategic bridge between global Indian capital and India’s long-term growth story.

Gujarat Chief Minister Bhupendra Patel said the state will play a major role in achieving Viksit Bharat 2047, supported by its industrial strength, innovation ecosystem, and business-friendly policies. He highlighted GIFT City as one of Gujarat’s flagship initiatives driving next-generation economic growth and strengthening the state’s global financial presence.

The CM noted that GIFT City, along with sectors like semiconductors, logistics, and renewable energy, has positioned Gujarat at the forefront of future-ready industries. As India’s International Financial Services Centre, GIFT City is expected to remain a key catalyst in attracting global investment, boosting exports, and helping Gujarat reach its $3.5 trillion economy target by 2047.

Full-service law firm Khaitan & Co has launched a new office in GIFT City, Gandhinagar, marking its entry into India’s International Financial Services Centre (IFSC). The move aligns with the firm’s strategy to expand in Gujarat and strengthen its presence in cross-border financial and regulatory services.

The firm aims to leverage GIFT City’s growing ecosystem, offering expertise in areas such as global capability centres, treasury hubs, and capital markets, while tapping into increasing international financial activity and investment opportunities in the region.

India’s senior living housing segment is witnessing strong growth, with developers expanding into new cities including GIFT City, driven by rising demand and an aging population. The sector remains under-penetrated, with only around 22,000 units available against demand for nearly 4 lakh homes, creating significant expansion opportunities.

Developers are increasingly launching premium and large-scale projects, with higher pricing and enhanced amenities. With India’s senior population expected to grow sharply and the market projected to reach $7.7 billion by 2030, GIFT City is emerging as a new destination within this evolving real estate segment.

PRANA by Nila has become GIFT City’s first residential project to receive EDGE Advanced Pre-Certification, achieving 48% energy savings, 52% water savings, and 46% lower embodied carbon, well above standard benchmarks. It has also secured WELL Pre-Certification, highlighting a dual focus on sustainability and occupant well-being.

The project, comprising 696 units, integrates energy-efficient design, renewable energy, and water recycling systems, setting new benchmarks for green residential development in GIFT City and reinforcing the shift toward sustainable urban living.

GIFT City is rapidly emerging as a preferred investment destination for NRIs, with capital commitments surging 60 times to $32.13 billion by December 2025. The IFSC ecosystem now hosts over 1,000 registered entities and banking assets exceeding $106 billion, reflecting strong growth and global participation.

The appeal lies in tax efficiency, foreign currency investing, and simplified cross-border wealth management, supported by evolving IFSCA regulations. With expanding fund structures and India’s strong economic outlook, GIFT City is becoming a strategic gateway for global Indian capital into domestic growth opportunities.

GIFT City’s fund management ecosystem has seen massive growth, with capital commitments rising nearly 60 times from under $0.5 billion in March 2020 to $32.13 billion by December 2025. The number of Fund Management Entities (FMEs) also increased significantly, from 8 to over 200, reflecting strong participation from both domestic and global investors.

The growth is driven by rising interest in innovative investment products and increased global integration, with funds raising $17.34 billion so far, most of which has been deployed in India. GIFT City is increasingly emerging as a key platform for both inbound and outbound investments.

Indian family offices are increasingly exploring Singapore and GIFT City as alternative wealth management hubs as geopolitical risks rise in Dubai, which had recently attracted significant Indian capital.

The shift reflects a move toward more stable and regulated financial centres, with GIFT City gaining attention as a domestic offshore option offering global investment access within India’s regulatory framework.

GIFT City’s insurance and reinsurance market has grown rapidly, with premium volumes rising from $102 million in 2020 to $1.2 billion in 2025, driven mainly by non-life segments such as trade credit, marine, and aviation insurance linked to cross-border trade and financing.

The expansion is supported by increasing participation from global and domestic insurers, with Insurance Offices rising from 8 to around 24. Entry of major global players and regulatory clarity have strengthened underwriting capacity, positioning GIFT City as a growing hub for India-linked risk underwriting.

GIFT City’s insurance and reinsurance sector has expanded significantly, with premium volumes increasing from $102 million in 2020 to over $1.2 billion in 2025, marking an 11-fold growth. This surge is supported by the rise in Insurance Offices from 8 to around 24 and increased participation from global players like Allianz, Generali, and Lloyd’s, along with domestic insurers.

Growth has been largely driven by non-life and reinsurance segments such as trade credit, marine, and aviation insurance, which are closely linked to cross-border trade and financing. Industry experts note that rising global participation and regulatory clarity are strengthening GIFT City’s position as a key hub for India-linked risk underwriting.

GIFT City’s insurance and reinsurance sector has witnessed rapid expansion, with premium volumes rising more than 11 times from $102 million in 2020 to over $1.2 billion in 2025. This growth is driven by increasing participation from global and domestic insurers, with the number of Insurance Offices (IIOs) growing from 8 to around 24.

The expansion is largely led by non-life and reinsurance segments such as trade credit, marine, and aviation insurance, supporting cross-border trade and financial activities. With strong regulatory support and entry of major global players, GIFT City is steadily emerging as a key hub for India-linked risk underwriting.

GIFT City has emerged as India’s first fully operational global financial and IT hub, with over 1,150 registered entities, banking assets crossing $106 billion, and capital markets reaching $80 billion. The ecosystem also includes 349 funds targeting $80 billion, reflecting strong global capital participation and growth.

Beyond finance, the city is expanding into infrastructure, technology, and employment, with projections of 100,000 jobs by 2030. With global outreach, advanced infrastructure, and a diversified ecosystem spanning banking, insurance, leasing, fintech, and education, GIFT City is positioning itself as a key gateway to international finance.

Deakin University, the first foreign university with a physical campus in India, plans to introduce undergraduate programmes and short-term courses at its GIFT City campus after awarding degrees to 46 students in its first convocation. The campus currently offers postgraduate courses in Business Analytics and Cyber Security.

The expansion is driven by improving infrastructure and growing demand, with plans to add industry-focused short courses tailored to local needs. The move highlights GIFT City’s emergence as an integrated hub for education, finance, and technology, supported by strong government focus on global-standard higher education.

Banking assets in GIFT City’s IFSC have grown sevenfold over five years, reaching $106.7 billion as of February 2026, up from $14 billion in September 2020. This growth has been driven by increasing participation from global and domestic banks, along with improved infrastructure like the foreign currency settlement system (FCSS), which enhances cross-border transaction efficiency.

With 37 banks operating in the IFSC, including major global institutions, GIFT City is strengthening its position as a hub for international banking, treasury operations, and cross-border financing, supported by expanding institutional presence and policy support.

GIFT City has introduced the Women in Fintech Accelerator through its IFSC innovation hub to support women-led startups by enhancing investment readiness, providing mentorship, and enabling investor connections. The programme follows a hybrid format with in-person immersion and virtual engagement tailored to startup needs.

The initiative focuses on building a stronger, inclusive fintech ecosystem by helping startups scale sustainably, access capital, and connect with institutional investors, reinforcing GIFT City’s commitment to innovation and diversity in financial services.

Despite being a major producer and consumer of commodities, India has historically remained a price taker, with global hubs like London, Singapore, and Dubai controlling pricing and trade. GIFT City aims to change this by offering a competitive regulatory framework under IFSCA, enabling India to capture more commodity trading, pricing, and risk management activities domestically.

However, success will depend on building strong liquidity, global participation, and infrastructure, including multi-currency clearing, robust risk frameworks, and physical trade linkages. While tax incentives and strategic advantages support the vision, effective execution will determine whether India can transition into a true global commodity pricing hub.

XED Executive Development has extended its $12 million GIFT City IPO deadline to March 30, 2026, due to delays in investor verification processes, particularly for NRIs and foreign investors. Issues with video-based KYC checks and geopolitical disruptions slowed participation, with subscriptions reaching only about 5% of the issue.

The development highlights operational and global challenges affecting GIFT City’s first IPO, including the ongoing Middle East conflict and weak investor sentiment. While the listing marks a milestone for GIFT City’s ambitions as a global financial hub, it also underscores hurdles in execution and cross-border participation.

Gujarat Chief Minister Bhupendra Patel highlighted that GIFT City has evolved into a unique ecosystem integrating financial services, technology, and education, while addressing the first convocation at Deakin University’s GIFT City campus. He emphasized Gujarat’s transformation in higher education through a strong focus on digital and tech-driven learning aligned with global standards.

The event also marked the graduation of the first batch from an international branch campus in India, showcasing the country’s emergence as a global knowledge hub. Gandhinagar’s growing presence of premier institutions like NIFT, NID, IIT Gandhinagar, DA-IICT, and NIPER further strengthens its position as an educational center.

India is developing GIFT City as a global aviation leasing hub by introducing SPVs for asset protection, extending tax holidays to 15 years, and aligning laws with the Cape Town Convention. These reforms aim to reduce leasing costs by 8–10% and attract global lessors, especially after past repossession issues like the Go First insolvency.

With over 80% of aircraft in India leased and strong sector growth expected, GIFT City is targeting a share of the $187 billion global market. However, concerns remain around legal enforcement and execution, which will be key to building long-term investor confidence.

Wipro has launched a new hub in GIFT City, Gandhinagar, to strengthen its AI-powered capabilities for global Banking, Financial Services, and Insurance (BFSI) clients. The center will focus on areas like digital banking, regulatory technology, risk and compliance, and platform modernization, aligned with its Wipro Intelligence™ offerings.

The hub starts with 150 seats and can scale to 500, supporting innovation, client collaboration, and local talent development. This move reinforces GIFT City’s growing position as a global financial and technology hub while expanding Wipro’s AI-driven transformation services worldwide.

XED Executive Development has launched the first-ever IPO from GIFT City’s IFSC, marking a key milestone in India’s push to attract global capital. The dollar-denominated issue, open from March 16 to March 24, 2026, aims to raise $12 million at a price band of $10–$10.5 per share, with listings planned on NSE IX and India INX.

The IPO is exclusively open to overseas investors, including NRIs and FPIs, and reflects GIFT City’s growing role as an international financial hub. Originally delayed due to Middle East geopolitical tensions, the offering is being closely watched as a test case for future global listings from India’s offshore financial ecosystem.

High-net-worth individuals are increasingly moving their savings to GIFT City, India’s International Financial Services Centre, to access foreign currency accounts, global investment opportunities, and potential tax advantages. The IFSC framework allows investors to diversify internationally while operating within Indian regulations.

Products like foreign currency fixed deposits and access to global markets make it attractive for wealth management. However, investors must still consider eligibility rules, minimum balances, currency risk, and regulatory requirements before shifting funds.

XED Executive Development launched its dollar-denominated IPO at GIFT City on March 16, 2026, targeting up to $12 million through listings on NSE IX and India INX. The offering marks an important milestone for India’s international financial centre. However, the IPO’s delayed launch due to geopolitical concerns highlights the challenges associated with cross-border capital raising.

Zurich-based reinsurer Echo Re has received approval from the International Financial Services Centres Authority (IFSCA) on 12 March 2026 to open a reinsurance branch office in GIFT City IFSC. The new office is intended to strengthen the company’s operations in India, where it has been active for more than a decade and has developed a diversified treaty reinsurance portfolio across property and casualty (P&C) and specialty lines.

The move reflects Echo Re’s strategy to deepen its presence in one of the world’s fastest-growing insurance markets. Company executives said the GIFT City branch will help enhance local engagement with clients, expand underwriting capabilities, and support business growth as GIFT City continues to emerge as a key reinsurance hub in the region.

Bank of Baroda has raised $500 million through a five-year syndicated loan arranged via its IFSC banking unit in GIFT City, marking its return to the international debt market after about a year. The transaction involved 13 international investors from Taiwan, South Korea, Japan, and Singapore, with MUFG Bank and HSBC acting as mandated arrangers. The funds will be used for general banking and corporate purposes as part of the bank’s strategy to diversify its funding sources beyond domestic deposits.

Bank of Baroda currently holds investment-grade credit ratings (BBB/BBB-/Baa3) and had ₹4,879.08 billion in international business as of December 31, 2025, accounting for 16.08% of its global operations across 15 countries. Despite the positive fundraising development, the bank’s stock declined slightly by 0.5% on the announcement day. The move highlights the growing role of GIFT City as a gateway for Indian banks to access global capital, though potential risks remain from global interest rate changes, currency fluctuations, and broader economic uncertainty.

Three Ahmedabad investors allegedly lost Rs 1.56 crore after being promised 1% monthly returns, a 12% bonus, and a buy-back option for investing in a shop at WTC GIFT City Tower. The investment was introduced in 2021 by a broker, and the investors later met officials from WTC Noida Development Company, who reportedly repeated the assurances.

The investors collectively invested Rs 1,56,83,360 and initially received some monthly payouts. However, when the buy-back option was due in March 2023, the post-dated cheques allegedly bounced, and the investors could not recover their money.

A complaint has been filed with the Ahmedabad City Crime Branch, which has registered an FIR against Ashish Bhalla and others and started an investigation.

XED Executive Development has postponed the launch of its IPO from March 6 to March 16, 2026, with the issue now set to close on March 24, 2026, citing geopolitical uncertainties in the Gulf region. The IPO is notable as it will be the first public offering launched from GIFT City, India’s International Financial Services Centre.

The company aims to raise $12 million through a US dollar-denominated listing on NSE International Exchange (NSE IX) and India International Exchange (India INX). The offering will be open to eligible global investors under IFSCA regulations, including NRIs, foreign portfolio investors, and institutional investors. XED, founded in 2018, provides executive education programs and serves professionals across more than 25 countries.

GIFT City’s fund management sector is expanding rapidly, with 202 registered fund management entities and fund commitments reaching $26.3 billion. However, the growth is being challenged by a significant talent shortage, including lower salaries (10–15% below major Indian cities) and high attrition rates of 22–25%, rising to 30–40% in Global Capability Centres.

Competition from established financial hubs like Singapore and Dubai, along with limited lifestyle infrastructure, is making it harder to attract skilled professionals. Addressing talent, infrastructure, and ecosystem gaps will be crucial for GIFT City to achieve its ambition of becoming a global financial hub.

Aircraft leasing from GIFT City’s IFSC has grown sharply, rising from 63 aircraft in December 2024 to 196 by December 2025, and reaching 198 by January 2026. The leased assets are valued at $6.886 billion, supported by $615 million in financing from IFSC banking units.

The growth is driven by regulatory reforms, tax incentives, and stronger aviation financing through banks and investors. While most aircraft are leased to Indian airlines, expanding international leasing and strengthening financial expertise will be key for GIFT City to become a global aviation leasing hub.

GIFT City is preparing a framework that will allow Indian and global companies to directly list shares on its exchanges without launching an IPO or raising new funds. The move aims to increase liquidity, attract global investors, and provide a lower-cost listing option, while detailed rules from the regulator (IFSCA) are still awaited.

Indian companies are increasingly exploring fundraising through GIFT City treasury centres to benefit from a 20-year tax holiday and zero withholding tax on dollar bonds. Firms such as Adani Transmission Step-One (ATSOL) plan to raise $500 million, while 360tf is also considering this route. Indian Oil and ONGC, which already have treasury centres there, may also explore similar fundraising.

Interest has risen after ReNew Global Energy issued $600 million green bonds at 6.5% in January 2026 via its GIFT City entity. The issue was four times oversubscribed, highlighting the tax advantages and lower borrowing costs attracting more companies to raise global debt from GIFT City.

HSBC’s IFSC banking unit at GIFT City has entered into a strategic referral partnership with India INX Global Access IFSC Ltd (India INX GA) to enhance outbound investment opportunities for Indian investors. The collaboration enables structured access to international equities, debt instruments, and other global assets through GIFT City’s regulated framework under the International Financial Services Centres Authority (IFSCA).

The initiative responds to rising demand among Indian high-net-worth and affluent investors for geographic diversification, supported by the Liberalized Remittance Scheme (LRS), which allows remittances of up to USD 250,000 annually. The move further strengthens GIFT City’s positioning as India’s offshore financial gateway, competing with global hubs like Singapore and Dubai, while maintaining regulatory oversight and compliance standards.

Life Insurance Corporation of India (LIC) has commenced operations at its International Financial Services Centre (IFSC) Branch in GIFT City, Gandhinagar, Gujarat, effective February 27, 2026.

The update was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, following its earlier communication dated December 26, 2023, regarding the branch’s establishment.

Bermuda-based reinsurer PartnerRe has received regulatory approval to open a branch office in GIFT City, India, as part of its Asia Pacific reinsurance operations led by James Beedle.

The move strengthens PartnerRe’s long-term commitment to the Indian market and will enhance support for local insurers through improved responsiveness, regulatory alignment, and access to its global underwriting expertise and capital strength.

PartnerRe joins other global reinsurers such as Santam, Saudi Re, and Korean Re that have recently secured approvals to establish branches in GIFT City.

In the Union Budget 2026, the government increased the Securities Transaction Tax (STT) on futures from 0.02% to 0.05% and raised STT on options to 0.15% to curb excessive speculation in the derivatives market. The move triggered short-term market volatility, with benchmark indices declining on Budget day.

At the same time, the tax holiday for units operating in GIFT IFSC has been extended from 10 to 20 consecutive years within a 25-year window, followed by a reduced flat tax rate of 15%. This policy aims to attract long-term foreign investment, strengthen India’s position as a global financial hub, and enable offshore IPO listings at GIFT City.

The Union Cabinet has approved a 3.33-km extension of the Gujarat Metro’s North-South corridor from GIFT City to Shahpur at an estimated cost of Rs 1,067.35 crore. The elevated stretch will include three stations and is expected to be completed in four years.

Prime Minister Narendra Modi said the project will enhance Ahmedabad–GIFT City connectivity, boost commerce, and improve ‘Ease of Living.’ The extension is projected to generate around 1,000 construction jobs and 250 operations roles, while benefiting businesses, institutions, and daily commuters.

GIFT City, Gandhinagar, welcomed a high-level delegation from the West Midlands Combined Authority, UK, led by Mayor Richard Parker, to enhance India-UK collaboration in financial services, innovation and education. The visit included representatives from leading UK universities, industry bodies and business organizations. Discussions focused on international financial services, digital finance, artificial intelligence, sustainable finance and academic partnerships.

GIFT City officials highlighted the IFSC’s regulatory framework, infrastructure readiness and investment opportunities, with both sides exploring future institutional linkages and knowledge partnerships to boost cross-border capital flows and innovation-driven growth.

Gujarat Deputy Chief Minister Harsh Sanghvi announced that the number of towers in GIFT City is expected to double within the next 1.5 years, citing rising demand for commercial space. Speaking at an ASSOCHAM event in Ahmedabad, he highlighted Gujarat’s growing contribution to India’s manufacturing sector—currently 18%, projected to reach 25% by 2025—and noted that every third export dollar comes from the state.

He also mentioned a 22% increase in the state’s industry budget allocation and emphasized opportunities in GIFT City and Dholera SIR. Other officials reiterated the government’s commitment to industry-led growth, ease of doing business, infrastructure investment, and leveraging international trade agreements.

South Africa’s largest short-term insurer, Santam, has received approval to establish a reinsurance branch at Gujarat International Finance Tec-City (GIFT City), India’s first operational greenfield smart city and International Financial Services Centre (IFSC). The licence, granted in January 2026 by the International Financial Services Centres Authority (IFSCA) and other relevant authorities, allows Santam to operate as an International Insurance Office (IIO).

Through Santam Re and Santam Specialist Solutions, the group will offer treaty and facultative reinsurance capacity across property, engineering, marine, liability and other specialised risk segments. The move strengthens Santam’s existing presence in India, where it has provided capacity for over 10 years, and positions it as the first BRICS-based insurance company to establish operations in GIFT City.

The company stated that the expansion aligns with its international growth strategy and follows closely on the approval to launch a syndicate at Lloyd’s of London, further enhancing its global footprint.

Gujarat International Finance Tec-City has signed a Memorandum of Understanding with Arun Jaitley National Institute of Financial Management to collaborate on capacity building, academic engagement, and knowledge exchange in international finance, governance, and financial technology.

As part of the agreement, a five-day Industry Immersion Programme for second-year MBA students of AJNIFM has commenced at GIFT City. The programme provides exposure to regulatory frameworks, cross-border financial services, digital finance innovations, capital market operations, and institutional strategies.

The MoU also covers joint research, executive education, faculty exchanges, and knowledge platforms, supporting GIFT City’s focus on talent development and its growing role in global finance and FinTech.

XED Executive Development has filed draft papers to raise about US$12 million through an initial public offering, which is set to become the first IPO from Gujarat International Finance Tec-City (GIFT City) under the IFSC framework.

The issue is expected to open in the first week of March 2026 and will be available to eligible investors, including NRIs, FPIs, institutional investors, and other permitted overseas participants. The shares will be listed as dollar-denominated instruments on the NSE International Exchange and India International Exchange at GIFT City.

Sundaram Asset Management Company (SAMC) has introduced the Sundaram India Mid Cap GIFT at GIFT City’s IFSC, offering global investors USD-denominated exposure to India’s mid-cap segment. Structured as an offshore feeder fund, it will invest primarily in the Sundaram Mid Cap Fund.

The scheme opens for subscription on February 16, 2026, with a minimum investment of USD 5,000 for both regular and direct plans. The portfolio focuses on sectors such as industrial products, banking, financial services, healthcare services, and auto components, aligned with India’s manufacturing, infrastructure, and consumption-driven growth themes.

Gujarat has appointed veteran banker Uday Kotak as Chairman of GIFT City, replacing Hasmukh Adhia. The move aligns with efforts to strengthen GIFT City’s position as a global financial hub competing with Singapore and Dubai.

The federal government recently extended the tax holiday for businesses operating in GIFT City from 10 years to 20 years to attract international companies. Kotak, founder and largest shareholder of Kotak Mahindra Bank, brings decades of experience across banking, asset management, insurance, and alternative investments.

GIFT City has emerged as India’s primary hub for External Commercial Borrowings (ECBs), with $18 billion out of $27.5 billion raised between April–December 2025 routed through its IFSC. Its share has risen sharply from 36% last fiscal year to over 65% now, supported by competitive borrowing costs, simplified compliance, and strong tax incentives — including a 20-year tax holiday announced in Union Budget 2026.

With 35 IFSC Banking Units and cumulative ECB bookings reaching $55.7 billion, GIFT City is positioning itself as a global financial gateway. While risks such as rising external debt and global interest rate volatility remain, policy support and regulatory reforms are expected to sustain its growth trajectory.

In a first-of-its-kind move, a state committee led by the chief secretary has decided to transfer the stalled World Trade Center (WTC) project at GIFT City to an association of allottees after the original promoter’s arrest in a fraud case. Towers A and D are complete, while work on Towers B and C remains pending.

The move follows GujRERA’s reference to the state government under Section 8 after registrations were cancelled. Around 90 buyers have sought possession, and authorities may revive the lease if allottees agree to fund and complete the project.

PMS Bazaar will bring the fourth edition of the Dubai Alternative Investment Summit (DAIS 2026) to Dubai, featuring leading PMS, AIF and GIFT City fund managers. The event comes as India’s alternatives space records a 31% CAGR over the past decade, with GIFT AIFs attracting $26.3 billion in commitments as of September 2025.

The summit will connect NRIs, global investors and asset managers to explore opportunities across equities, private equity, venture capital, SME investing and other alternative strategies.

February 10, 2026 - A high-level Sri Lankan delegation led by Mr. Tilvin Silva, General Secretary of the Janatha Vimukthi Peramuna (JVP), visited GIFT City under the Indian Council for Cultural Relations’ Distinguished Visitors Programme. The visit focused on understanding GIFT City’s vision, regulatory framework under IFSCA, and its development as a global financial and FinTech hub.

The engagement highlighted opportunities for financial innovation, cross-border collaboration, and reinforced India–Sri Lanka cooperation in financial services and economic development.

February 8, 2026 - In 2026, areas surrounding Gujarat International Finance Tec-City (GIFT City) have become the most influential real estate hotspot in Ahmedabad. As GIFT City strengthens its position as a global financial and commercial hub, nearby residential zones such as Zundal and Randesan are witnessing rapid housing development.

Demand in these areas is largely driven by professionals working in finance, IT, and allied sectors within GIFT City. Improved infrastructure, employment-led migration, and long-term growth prospects have made the GIFT City influence zone the top choice for both homebuyers and real estate investors in the region.

February 06, 2026 – The Gujarat chief minister Bhupendra Patel said the Union Budget 2026–27 promotes overall development and that extending the tax holiday in GIFT City from 10 to 20 years will encourage long-term investments and boost investor confidence.

He added that Gujarat will gain from central initiatives for pharma, MSMEs, and semiconductors, while the higher share in central devolution will help speed up infrastructure development across the state.

February 04, 2026 – The government’s move to extend the tax holiday for units in GIFT City to 20 years is expected to boost office space demand and commercial real estate activity at India’s only IFSC. The policy offers 100% tax deduction for 20 consecutive years within a 25-year block, providing long-term fiscal certainty.

The extended incentive is likely to encourage global financial institutions to commit to longer leases and larger office spaces, improving occupancy and rental stability. For developers and investors, it reduces risk and strengthens GIFT City’s position as a long-term hub for international financial services.

February 03, 2026 – Gandhinagar: Minister of state for science and technology Arjun Modhwadia said on Monday that Gujarat’s youth are not only generating ideas but also building full ecosystems, from incubators to semiconductor and satellite manufacturing.

He was speaking at a day-long workshop on ‘Strategic IP Management for Innovation: Patent Analytics and Freedom to Operate–FTO’ held at GIFT City. Modhwadia added that the complete ecosystem for designing, fabricating, testing and packaging semiconductors used in satellites is now available in-house at Isro in Ahmedabad.

February 01, 2026 – The Union Budget 2026 has doubled the tax holiday for entities in the IFSC at GIFT City to 20 years from the earlier 10 years. After this period, units will be taxed at a concessional rate of 15%, strengthening the centre’s global competitiveness.

Finance Minister Nirmala Sitharaman said the move aims to boost IFSC competitiveness and provide long-term tax certainty, alongside rationalising deemed dividend rules for treasury centres.

January 30, 2026 – GIFT City is drawing interest from major global reinsurers, including Lloyd’s of London, to establish operations in India. The move is aimed at tapping India’s $129.78 billion insurance market through the low-tax international financial hub.

About 14 global reinsurers currently operate from GIFT City, managing $700–800 million in annualised premiums, with the number expected to rise to at least 20 by March 2026. Tax incentives, regulatory flexibility and globally aligned solvency norms are key drivers of this growing interest.

January 29, 2026 – State-owned Punjab & Sind Bank has received approval from the Reserve Bank of India to set up a branch at the IFSC in GIFT City. This development marks the bank’s strategic entry into international banking and global financial services.

The GIFT City presence will enable the bank to strengthen foreign currency lending, trade finance, treasury operations, and services for corporate and institutional clients, while supporting India’s objective of becoming a global financial hub.

29 Jan 2026 – Abu Dhabi National Insurance Company (ADNIC) plans to establish a branch in the International Financial Services Centre at GIFT City, Gujarat, after securing approval from the UAE central bank. Indian regulatory clearance is expected ahead of a proposed opening in the latter half of 2026. The move aligns with ADNIC’s global expansion strategy and growing insurer interest from the GCC in India’s IFSC.

January 27, 2026 – Saudi Reinsurance Company has launched a branch in GIFT City, marking its second operational base in Asia after Malaysia. The move highlights GIFT City’s rapid emergence as a key hub for global re/insurers seeking access to India’s fast-growing insurance market and a more supportive regulatory framework.

Saudi Re, which has operated in India for over a decade, views the expansion as a strategic step to strengthen its Asian presence, support global business growth, and improve operational efficiency.

January 26, 2026 – GIFT City has emerged as India’s first International Financial Services Centre, drawing global banks, fund managers, and foreign-currency capital through a specialised regulatory and tax framework. However, despite rapid growth in offshore finance and cross-border fund activity, its overall market scale, liquidity, talent depth, and urban ecosystem remain significantly smaller than Mumbai.

As a result, GIFT City currently serves as a complementary international finance hub rather than a substitute for Mumbai, with any future role expansion likely confined to select international financial functions over the longer term.

January 24, 2026 – GIFT City attracted strong interest from global financial institutions and technology companies at the World Economic Forum in Davos, reflecting growing confidence in its regulatory framework and IFSC ecosystem.

Discussions with major global firms focused on capital markets, cross-border fund flows, and India’s role as a base for advanced financial and technology operations, highlighting GIFT City’s positioning as a scalable, globally aligned platform for long-term international business expansion.

January 22, 2026 – Indus Towers has announced plans to incorporate a wholly owned subsidiary at GIFT City, Gujarat. The proposed entity will function as an investment holding company for the group’s overseas operations and will also manage treasury-related activities.

The move is aimed at leveraging the International Financial Services Centre (IFSC) framework, which offers tax efficiencies and operational flexibility. The incorporation will be completed after receiving the necessary regulatory approvals, according to the company.

January 21, 2026 – Gujarat Chief Minister Bhupendra Patel met Australian High Commissioner Philip Green OAM to discuss collaboration in sports infrastructure, education, and renewable energy. Australia shared its experience from preparations for the 2032 Brisbane Olympics and proposed partnerships in advanced sports training.

Plans were also outlined to establish a Centre of Excellence at Deakin University in GIFT City, focusing on sports science, research, and sports business. Renewable energy collaboration and skill training initiatives, including solar rooftop training at Pandit Deendayal Energy University, were also highlighted.

January 21, 2026 – A UK-based unit of JPMorgan Chase & Co. has received regulatory approval to open a branch in Gujarat International Finance Tec-City (GIFT City). The new branch will enable trading in equities, derivatives, and other financial instruments for clients outside India. The licence was granted by the International Financial Services Centres Authority (IFSCA).

This move adds to the growing presence of global banks in GIFT City, which has crossed $100 billion in banking assets and continues to attract international financial institutions with tax incentives and a dedicated regulatory framework.

January 20, 2026 – At the World Economic Forum in Davos, Sanjay Kaul, Group CEO and Managing Director of GIFT City, said the financial hub is emerging as a global centre for international finance and a key platform for showcasing India’s economic strength.

He noted that GIFT City has risen to 43rd place among global financial centres within four years, employs about 27,000 people with a target of 100,000 by 2030, and has attracted major global institutions with bank assets reaching around USD 110 billion.

January 19, 2026 – The Gujarat government has invited leading national and international restaurant brands to establish outlets at GIFT City, aiming to strengthen the ease of living and business environment at the international fintech hub.

Deputy chief minister Harsh Sanghavi held a meeting with representatives of over 100 restaurant brands from India and abroad, highlighting incentives and state support available for setting up operations at GIFT City and other locations across Gujarat.

According to government sources, the presence of major restaurant brands will complement upcoming global sporting events, including the 2030 Commonwealth Games, and enhance Gujarat’s overall ecosystem.

January 14, 2026 – German development finance institution DEG has made its first investment in an Indian debt fund, committing $25 million to the Vivriti India Retail Assets Fund, an asset-backed securitisation vehicle managed by Vivriti Asset Management and based in GIFT City, sources told Reuters. DEG is part of the KfW Group and confirmed the investment.

Following DEG’s commitment, the fund’s corpus will rise to around $190 million, moving closer to its $250 million target. Other investors include M&G Catalyst, the International Finance Corporation and British International Investment, and the fund had invested $285 million across 72 ABS and bond deals as of December 2025.

January 12, 2026 – A seminar at the Vibrant Gujarat Conference showcased GIFT City as India’s international financial gateway and emerging global financial hub.

The session, attended by senior officials and US delegates, highlighted the 886-acre project developed between Ahmedabad and Gandhinagar under the guidance of Prime Minister Narendra Modi. GIFT City includes a Domestic Tariff Area and a Multi-Services SEZ focused on international financial services.

January 08, 2026 – Gujarat is sharpening its push on artificial intelligence, IT and the digital economy to strengthen GIFT City as a global financial and technology hub. The state has rolled out a broad plan to attract global firms, startups and skilled professionals to the international financial services centre.

The strategy focuses on AI-led businesses, fintech and advanced IT services, while aligning regulations with global standards to improve ease of doing business. To enhance liveability, the government has also permitted regulated access to alcoholic beverages for employees and residents within designated areas of GIFT City.

Officials expect the combined focus on technology, finance and lifestyle infrastructure to accelerate growth and investment in the district.

January 08, 2026 – Mumbai-based Sri Lotus Developers & Realty Limited has entered into a joint development agreement with actor Abhishek Bachchan to develop an ultra-luxury mixed-use project of over one million sq ft in GIFT City, Gandhinagar.

The project, Sri Lotus Developers’ first in Gujarat, will be executed through its subsidiary under a profit-sharing model, with completion targeted within four years of launch. The development will include premium retail, Grade-A offices, and high-end residences, catering to demand from financial, fintech, and IT/ITeS companies.

January 7, 2026 – Alpaca has announced its intention to acquire Zincmoney IFSC Private Limited, an IFSCA-regulated broker-dealer based in GIFT City, marking its planned entry into India’s broker-dealer market.

The acquisition will provide Alpaca with India-focused brokerage licenses and infrastructure, enabling it to operate as a regulated broker-dealer in one of the world’s fastest-growing markets. Zincmoney’s capabilities in global investing, IFSC products, and payment services will complement Alpaca’s multi-asset brokerage infrastructure.

“The acquisition of Zincmoney is critical to building truly global brokerage infrastructure,” said Yoshi Yokokawa, Co-Founder and CEO of Alpaca.

Gujarat Chief Minister Bhupendra Patel has given in-principle approval for setting up the Indian AI Research Organisation (IAIRO) at GIFT City to boost artificial intelligence research.

The project will be developed under a public-private partnership involving the State government, the Centre and the Indian Pharmaceutical Alliance. IAIRO will function as a non-profit SPV from January 1, with an estimated ₹300 crore budget for the first five years, funded equally by all three partners.

The initiative aligns with the India AI Mission and will focus on advanced research, AI-driven solutions, collaboration and capacity building.

GIFT City has rolled out a centralised admissions query mechanism to simplify access to information for students as more overseas universities begin operations in the district. The single-window system is designed to serve as a credible first point of contact, offering clarity on courses, fees and timelines, as interest grows among domestic and international applicants.

Officials said the initiative will address complexities arising from dual regulatory frameworks governing institutions in GIFT City and reduce duplication of effort by individual universities. The system will provide consistent, up-to-date information on programmes, regulations, degree recognition and shared campus facilities, strengthening GIFT City’s positioning as an emerging global education destination.

The Gujarat government plans to develop a dedicated IT, ITES and AI-focused city next to GIFT City in Gandhinagar to strengthen the state’s digital economy. The specialised cluster will leverage GIFT City’s existing infrastructure to attract global technology firms.

Officials said the project will offer customised incentives, policy support and upgraded digital infrastructure, helping position Gujarat as a national and global hub for advanced digital technologies.

Investors can now access dollar-denominated mutual funds through GIFT City, providing a structured way to invest in global assets. These investments are treated as overseas investments, with taxation varying based on residential status and whether income is earned as dividends or capital gains.

While resident Indians are taxed as per applicable income tax rules, NRIs may benefit from specific IFSC-linked tax concessions, subject to conditions. Investors are advised to factor in tax and reporting requirements before investing.

The Gujarat government has eased liquor consumption rules within GIFT City to strengthen its positioning as a global financial hub. The revised framework removes the need for temporary liquor permits for visitors and grants licensed hotels and restaurants greater operational flexibility, aligning the enclave’s business environment with international norms.

Industry stakeholders said the move is expected to support investments, hospitality growth, tourism and MICE activity, while improving ease of doing business. The policy reflects Gujarat’s dual approach of maintaining statewide prohibition while enabling targeted liberalisation in strategic zones such as GIFT City.

GIFT City and its International Financial Services Centre (IFSC) are playing a growing role in enabling Indian investors to access global markets, as overseas investing becomes a core part of portfolio strategies. Both retail investors and high-net-worth individuals are steadily increasing international allocations, supported by easier access, digital platforms and expanding product offerings.

By reducing regulatory friction and offering a regulated domestic gateway to global assets, GIFT City IFSC is reshaping how Indians invest overseas and positioning India as an emerging global capital hub.