The central government notified GICs as a financial service relating to financial products and financial services under the IFSCA Act on October 16 last year.
Subsequently, on November 12, the IFSC Authority (IFSCA) notified the IFSCA (GIC) Regulations, 2020 covering the operating framework to recognize and operationalize GICs in GIFT IFSC.
“Recent regulatory changes and tax incentives have made it an attractive proposition for setting up GICs and GCCs (global capability centres) at GIFT City. This will provide an opportunity to utilize the large untapped talent pool with state-of-the-art infrastructure. ANSR’s long standing industry experience and domain expertise will provide a boost to benchmark GIFT City as the ideal destination for setting up GICs and GCCs in India,” said Tapan Ray, MD and Group CEO, GIFT City.
The Covid-19 pandemic has led to further impetus for this model.
India has proven its competence in establishing GICs or GCCs to economically deliver high-quality work, it said in a statement.
A ‘GIC’ in GIFT IFSC can provide support services, directly or indirectly, to entities within its financial services group. The regime at GIFT SEZ provides benefits such as a competitive tax, ease of doing business, comparatively lower operational costs and state-of-the-art infrastructure.
“We are very excited to be partnering with GIFT City, to enable the transformation of this unique and ‘one of a kind’ eco-system into a preferred global location for GICs/ GCCs,” said Lalit Ahuja, founder and CEO of ANSR. “Our partnership with the stakeholders of GIFT City will set the path for an accelerated development of the region as an important location for leading global companies establishing business critical capabilities.”