GIFT International Financial Services Centre

The GIFT International Financial Services Centre (GIFT IFSC) is a financial centre and special economic zone in Gujarat International Finance Tec-City (GIFT City) covering 261 acre established in April 2015 as a financial hub to provide world-class infrastructure and services for financial institutions and companies operating in areas such as banking, insurance, capital markets, and asset management. GIFT IFSC is regulated by the International Financial Services Centres Authority, an independent regulator exclusive to the zone.

History
GIFT International Finance Services Centre (GIFT City) is a special economic zone (SEZ) located in the Indian state of Gujarat, which was set up to promote international financial services. GIFT City is a joint venture between the Government of Gujarat and IL&FS, a leading infrastructure development and finance company in India.

It was established in the year 2007 by the Government of Gujarat.The GIFT project was first proposed in the year 2007, when the then Chief Minister of Gujarat, Narendra Modi, announced the establishment of an international financial services centre in Gujarat. The project was initiated with the aim of creating a world-class financial hub that could compete with the likes of London, New York, and Hong Kong.

The foundation stone for the GIFT project was laid on 28 January 2011, by the then Finance Minister of India, Pranab Mukherjee, and the then Chief Minister of Gujarat, Narendra Modi. The project was launched with an initial investment of inr 78000000000.

The first phase of the GIFT project was completed in the year 2017, with the construction of 10 buildings, including two iconic towers – GIFT One and GIFT Two. GIFT One is a 28-storey tower, while GIFT Two is a 29-storey tower. These towers are the tallest buildings in Gujarat, with a height of 122 meters.

The GIFT project has been developed as a special economic zone (SEZ) under the SEZ Act, 2005. It is spread over an area of 886 acre and has been designed as a self-contained city with state-of-the-art infrastructure, including a dedicated power plant, water treatment plant, and an underground utility tunnel.

GIFT IFSC Structure
key executives and members of the board of directors at GIFT IFSC:


 * 1) CEO: Ajay Pandey is the Managing Director & Group CEO of GIFT City. He is responsible for overseeing the development and management of the GIFT IFSC. Prior to joining GIFT City, Pandey served in various leadership roles in the financial services industry, including as the CEO of IDFC Financial Holding Company Ltd.
 * 2) President: Tapan Ray is the executive director at GIFT City and also serves as the President of GIFT IFSC. Ray has extensive experience in the banking and financial services sector, having previously served as the Secretary for the Ministry of Corporate Affairs and as a Director on the Central Board of the Reserve Bank of India.
 * 3) Governor: Roopa Deepak Rawat is the current Governor of GIFT IFSC. Rawat has a background in law and has previously worked as an advocate in various Indian courts, as well as serving as a legal advisor to several state governments.
 * 4) Chairman: Sudhir Mankad is the Chairman of GIFT City. Mankad has had a long and distinguished career in the Indian civil service, having served as the Chief Secretary of the Government of Gujarat and as the Principal Secretary to the Prime Minister of India.
 * 5) Board of Directors: The Board of Directors of GIFT IFSC includes eminent industry leaders and government officials. Some of the current members of the Board of Directors are:
 * 6) Ajay Kumar Tomer: Joint Secretary, Department of Economic Affairs, Ministry of Finance
 * 7) Amitabh Chaudhry: CEO, Axis Bank
 * 8) Punit Shah: Executive Director, GIFT IFSC
 * 9) Jaijit Bhattacharya: President, Centre for Digital Economy Policy Research
 * 10) Jayen Shah: Partner, Ernst & Young LLP
 * 11) Rajeshwar Burla: Managing Director & Head of Financial Institutions Group, Asia Pacific, Standard Chartered Bank
 * 12) Uday Kotak: Managing Director & CEO, Kotak Mahindra Bank