Guidelines

International Financial System Code (IFSC)

Under the International Financial Services Centres Authority Act of 2019, the International Financial Services Centres Authority (IFSCA) was founded on April 27, 2020. Its headquarters are in Gandhinagar, Gujarat, near GIFT City.

Objective

The primary goal of the scheme is to encourage the establishment of a world-class FinTech hub at the International Financial Services Centre (IFSC) in India, comparable to those located in advanced International Financial Centers (IFCs) across jurisdictions, by providing financial support to FinTech activities in the form of specific grant(s) as specified in the scheme, based on their eligibility and fulfilment of any terms and conditions that may be specified.

Domestic FinTechs seeking access to overseas markets

Domestic FinTechs seeking listing on IFSCA recognised stock exchanges

Foreign FinTechs seeking market access to IFSCs in India & work within the Authority’s regulatory framework

Domestic FinTechs extending business to the IFSCs either by way of authorization or registration or through the regulatory sandbox

Role of IFSCA

The International Financial Services Centre (IFSC) in India is a unified authority for the development and regulation of financial products, financial services, and financial institutions. The GIFT IFSC is currently India’s first international financial services center. Prior to the foundation of IFSCA, domestic financial authorities such as the RBI, SEBI, PFRDA, and IRDAI regulated IFSC operations.

Because the dynamic nature of business in IFSCs necessitates a high level of inter-regulatory coordination within the financial sector, the IFSCA was established as a unified regulator with a holistic vision to promote ease of doing business in IFSCs and provide a world-class regulatory environment. The IFSCA’s major goal is to establish a strong global connection and focus on the needs of the Indian economy, as well as act as an international financial platform for the entire region and the global economy as a whole.