Supreme Court: Appellate Courts Cannot Overturn Trial Court Verdicts Without Independent Reasons  ||  Supreme Court Acquits Three Men in 1979 Murder Case, Finding Serious Flaws in the Prosecution Case  ||  Supreme Court: Magistrate Cannot Order Filing of Chargesheet After Police Submit Closure Report  ||  Supreme Court: Landowners Cannot Claim Denial of Hearing After Failing to Avail the Opportunity  ||  Supreme Court: Property in Sale Deed Cannot Be Altered by Rectification Without Transferor's Consent  ||  Ahead of Rath Yatra, Orissa High Court Stays Release of 'Mahaprabhu Jagannath' Over Peace Concerns  ||  Gujarat High Court: Ancient Hindu Law Did Not Recognise Adoption of Girls Before HAMA  ||  Bombay High Court Orders DGP to Assess CCTV Systems and Footage Preservation at Police Stations  ||  Allahabad HC: Mother Receiving Maintenance from Real Son Cannot Claim it from Step-Son  ||  CCPA Imposes Rs.1 Lakh Penalty on SpiceJet Over Dark Patterns Used for Loyalty Programme Consent    

Constitution of an expert committee to 'Onshore the Indian Innovation to GIFT IFSC'- (Press Information Bureau) (21 Mar 2023)

MANU/PIBU/1159/2023

Commercial

The Indian startup ecosystem is the third largest startup ecosystem in the world, boasting an impressive 115 unicorns (billion-dollar enterprises). Indian startups raised $44 billion in 2021, with over $ 33 billion going towards deals worth more than $5 million. Many Indian startups are domiciled outside India - despite having the majority of their market, personnel and founders in India. These "externalized" or "flipped" startups constitute a large number of India's unicorns.

In order to better understand the nuances from regulatory, tax, legal and other perspectives and identify measures required to make India (GIFT IFSC) the preferred location, IFSCA has constituted an expert committee to formulate a roadmap to onshore the Indian innovation to GIFT IFSC. This committee will be chaired by Shri G. Padmanabhan, former Executive Director, Reserve Bank of India. The committee includes representatives from leading Venture Capital funds, Startups, Fintechs, Law firms, Tax firms and other domain experts.

The terms of reference for the committee include measures required to encourage the Indian Fintech / Startups domiciled abroad to relocate to GIFT IFSC. Further, the committee would also identify issues that are critical to the development of GIFT IFSC as a global Fintech Hub, besides suggesting measures to encourage new Fintechs having global outlook to setup their commercial presence in GIFT IFSC. Additionally, the committee would also identify challenges and recommend measures for the development of International Innovation Hub at GIFT IFSC. The committee is expected to submit its recommendations to IFSCA within three months.

Tags : CONSTITUTION   EXPERT COMMITTEE   GIFT IFSC'  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved