SC: Appeal U/S 374 CrPC/415 BNSS is Not Maintainable Against Sessions Court's Reversal of Acquittal  ||  SC Asked the Centre to Promote Awareness About the Consequences of Driving With an Expired Licence  ||  SC Explains How a Deceased Christian Wife's Property Devolves under the Indian Succession Act  ||  Supreme Court: Reach Stacker isn't a Motor Vehicle; MACT Claim Not Maintainable  ||  Supreme Court: Lift Makers, Operators and Owners Share Responsibility for User Safety  ||  Patna HC: Pressure to Sign Divorce and Child Custody does not Amount to Cruelty  ||  Bombay HC: Externment under the Police Act Requires Satisfaction About a Gang's Activities  ||  Bombay HC: False Travel Distance Claim Alone Doesn't Constitute Misappropriation  ||  J&K&L High Court: Interest on Delayed Gratuity is Not a Mandatory Pre-Deposit For an Appeal  ||  Meghalaya HC: Meritorious Candidate Cannot Be Denied Admission For a Two-Minute Delay    

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