FPSB India and IFSCA Forge Alliance to Cement GIFT IFSC’s Status as a Global Financial Powerhouse

Picture Source: www.giftgujarat.in

Financial Planning Standards Board India (FPSB India) has forged a strategic alliance with the International Financial Services Centres Authority (IFSCA) to bolster GIFT IFSC’s position as a premier ‘Global Finance Hub’. 

The pact, announced on Monday, aims to fortify the financial market ecosystem and cultivate skilled professionals to meet the burgeoning demands of GIFT City’s financial workforce. 

The Collaboration

According to the official statement released by FPSB India, the collaboration entails a series of initiatives aimed at raising awareness and solidifying GIFT IFSC’s status as a global financial center. 

Joint efforts will include hosting both international and domestic events to showcase the capabilities of GIFT City. 

Areas of Cooperation 

The Memorandum of Understanding (MoU) between FPSB India and IFSCA outlines key areas of cooperation, including support for talent pipeline development, ecosystem enrichment, promotional endeavors, and research collaborations. 

FPSB India 

FPSB is a prominent financial planning body in India. It is dedicated to establishing and upholding professional standards in financial planning nationwide. As the Indian subsidiary of the Financial Planning Standards Board Ltd., FPSB India’s role is to maintain global standards within the financial planning profession. 

GIFT International Financial Services Centre

GIFT International Financial Services Centre (GIFT IFSC) is a financial center and special economic zone situated within the Gujarat International Finance Tec-City (GIFT City). 

Established in April 2015, GIFT IFSC spans 106 hectares and is dedicated to providing top-tier infrastructure and services for financial institutions across various sectors, including banking, insurance, capital markets, and asset management. 

Regulated by IFSCA, an independent regulatory authority exclusive to the zone, GIFT IFSC aims to facilitate seamless financial operations on an international scale. 

IFSCA

Established on April 27, 2020, under the International Financial Services Centres Authority Act, 2019, IFSCA serves as a unified authority for the development and regulation of financial products, services, and institutions within India’s International Financial Services Centre (IFSC). 

Headquartered at GIFT City, Gandhinagar, IFSCA oversees the operations and growth of GIFT IFSC, which stands as India’s premier international financial services center. 

Prior to the establishment of IFSCA, domestic financial regulators such as RBI, SEBI, PFRDA, and IRDAI regulated business activities within IFSC.