Allahabad HC Explains: Does Conversion Automatically Strip a Person of Scheduled Tribe Status?  ||  Delhi HC Rejects Vimal Elaichi Plea against FDA Notice to Shah Rukh Khan, Ajay Devgn, Tiger Shroff  ||  Calcutta HC Upholds Jail Term for Owner Over Unauthorised Construction under Roof-Repair Permit  ||  P&H HC: 'Judges Must Have Spine to Do Justice'; 76-Year-Old PMLA Accused Gets Bail on Ill-Health  ||  Punjab & Haryana HC: Bail Granted to Two More UGC NET Paper Leak Accused, Including Kingpin  ||  Kerala HC: Police Cover for Big TV Journalist Threatened over Muslim Scholar's Remarks  ||  SC: Electricity Dues over 2 Years Recoverable only if Shown Continuously as Outstanding  ||  Allahabad HC Criticises UP Govt for Using Goondas Act as a ‘Tool of Oppression’  ||  Gujarat HC: Complaint Made in Good Faith does not Amount to Defamation  ||  Allahabad HC: Bar Association Membership Disputes Are Private, Outside Writ Jurisdiction    

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