INDIA Law and Practice Contributed by: Tejesh Chitlangi, Sushreet Pattanayak, Pooja Mehta and Anita Jain, IC Universal Legal
commitment to promoting GIFT City’s develop - ment. The SEBI’s amendments allowing increased participation by non-resident Indians, overseas citizens of India, and resident Indian individuals in GIFT City-based FPIs, along with the intro - duction of IFSCA’s Single Window IT System (SWIT System), have further enhanced GIFT City’s attractiveness. The SWIT System stream - lines the application process and brings together various government agencies and regulators on a single digital platform.
The Union Budget 2024-2025 extends the peri - od for tax exemptions in GIFT City until 31 March 2030, and brings about changes simplifying the process for Retail Funds and Exchange Traded Funds in foreign jurisdictions to relocate to GIFT City. This, coupled with the recently introduced IFSC (Listing) Regulations, 2024, which enable the direct listing of securities and financial prod - ucts on IFSC stock exchanges, should further strengthen GIFT City’s position as a competitive international financial hub.
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