GIFT CITY Update March 2026
09 Feb 2026: IFSC Units Granted Access to Online PAN Verification via Protean Portal
The International Financial Services Centres Authority (IFSCA) has enabled IFSC-registered entities to access online PAN verification services through the Protean portal to facilitate client onboarding and regulatory compliance. As part of the onboarding process, all IFSC Units are required to verify the Permanent Account Number (PAN) of their clients, wherever applicable. This verification must be conducted directly against the PAN issuer’s database to ensure authenticity and accuracy of client information. To streamline this process, IFSC Units can now register on the Protean portal under the newly created category titled “IFSCA Registered Entities.” Once registered, entities will be able to use the portal to verify PAN details electronically. Entities seeking to avail the service must complete their registration through the “Register for PAN Inquiry” link available on the Protean portal. Additional information regarding system requirements, registration procedures, applicable fees, and other operational details can also be accessed through the Protean PAN Services section on the portal. This initiative is expected to simplify compliance procedures, improve verification efficiency, and strengthen KYC processes for entities operating within India’s International Financial Services Centres.
11 Feb 2026: IFSCA (India) and FCA (UK) Sign Exchange of Letters to Strengthen Financial Regulatory Cooperation
The International Financial Services Centres Authority (IFSCA), India and the Financial Conduct Authority (FCA), United Kingdom have signed an Exchange of Letters (EoL) to formalize regulatory cooperation across areas of mutual interest. The agreement was signed on February 11, 2026, marking a step toward deeper collaboration between the financial regulatory bodies of the two countries. The EoL was signed by Dr. Dipesh Shah, Executive Director of IFSCA, and Ms. Camille Blackburn, Director – Asia Pacific at the FCA, in the presence of Mr. K. Rajaraman, Chairperson of IFSCA. The signing ceremony was also attended by Mr. Stephen Hickling, British Deputy High Commissioner to Gujarat and Rajasthan, along with senior officials from the British High Commission, FCA, and IFSCA. The primary objective of the agreement is to enhance cooperation and facilitate information sharing on regulatory developments related to financial products, financial services, and financial institutions in both jurisdictions. It will also promote the exchange of insights on regulatory and supervisory frameworks, policy initiatives, and best practices. In addition, the collaboration will focus on technological advancements in financial markets, including the application of financial technology (FinTech) and regulatory technology (RegTech). The partnership is expected to strengthen innovation, improve regulatory alignment, and support the development of international financial markets. Overall, the agreement underscores the commitment of India and the United Kingdom to deepen regulatory dialogue and foster innovation-driven growth in the global financial ecosystem.
12 Feb 2026: IFSCA Moves to Establish Global Pension Hub with Draft Pension Fund Regulations, 2026
The International Financial Services Centres Authority (IFSCA), during its 27th Authority meeting held on 9 February 2026, approved the Draft IFSCA (Pension Fund) Regulations, 2026. The proposed framework aims to build a robust ecosystem for long-term retirement savings within India’s international financial hub at GIFT City, positioning it as a competitive global centre for pension and retirement solutions.
Expanding Access to Global Retirement Products – A key feature of the draft regulations is the introduction of voluntary pension products accessible to any individual above the age of 18 years. Pension Fund Managers (PFMs) operating within the IFSC will be able to offer retirement schemes that provide individuals access to globally diversified investment opportunities through the IFSC platform.
Flexible Investment Options – The proposed framework provides participants with flexibility in choosing how their contributions are invested. Subscribers can opt for Active Choice, allowing them to decide asset allocation across investment classes, or Auto Choice (Life-Cycle Funds), where asset allocation automatically adjusts with age, gradually reducing risk as retirement approaches.
Dedicated Healthcare Benefit Option – The draft regulations introduce a Healthcare Benefit Option, enabling subscribers to allocate up to 10% of their contributions to a separate healthcare sub-account. These funds will be invested in low-risk and highly liquid instruments and can be accessed for medical emergencies or planned healthcare expenses. At retirement, the balance can either be used to purchase health insurance or rolled back into the main pension corpus.
Flexible Withdrawal and Portability – The framework also incorporates a flexible withdrawal structure, allowing partial withdrawals for specified purposes after a lock-in period. At retirement, subscribers may opt for a Systematic Withdrawal Plan (SWP), defer withdrawals until 75 years of age, and maintain portability across Pension Fund Managers. Nomination provisions have also been included to ensure smooth succession.
Strong Governance and Risk Framework – To ensure investor protection and system stability, the draft regulations prescribe mandatory registration of PFMs with minimum net worth requirements, independent board oversight, and an enterprise-wide risk management structure based on the three-lines-of-defence model.
Global Investment Flexibility – PFMs will be allowed to invest across domestic and international equities, fixed income securities, and alternative assets, subject to defined exposure limits and prudential safeguards. Overall, the proposed regulations represent a significant step toward developing GIFT City as a global hub for retirement savings and pension products, strengthening India’s ambition to attract international financial services and long-term capital. The final notification of the regulations is expected to be released by IFSCA in due course.
13 Feb 2026: IFSCA and Norway’s Finanstilsynet Sign MoU to Strengthen Financial Regulatory Cooperation
The International Financial Services Centres Authority (IFSCA) of India and Finanstilsynet, the Financial Supervisory Authority of Norway, have signed a Memorandum of Understanding (MoU) to strengthen regulatory cooperation and promote collaboration across financial markets. The agreement was signed by K. Rajaraman, Chairperson of IFSCA, and Per Mathis Kongsrud, Director General of Finanstilsynet, and was virtually exchanged and operationalized on February 13, 2026. The MoU establishes a framework for cooperation between the two regulators in areas of mutual interest, particularly in the development and oversight of financial markets. Through this partnership, both authorities aim to facilitate the exchange of information on emerging trends, regulatory practices, and evolving business structures within their respective jurisdictions. A key objective of the agreement is to enhance regulatory effectiveness by promoting high standards of integrity, transparency, and fair conduct in financial markets. The collaboration will also support both institutions in ensuring that licensed or registered entities operating under their oversight meet appropriate fit and proper standards. In addition, the MoU enables cooperation in the enforcement of laws, rules, and regulations governing financial products, services, and institutions, thereby strengthening supervisory coordination between the two jurisdictions. The agreement also highlights growing collaboration in financial technology (FinTech) and regulatory technology (RegTech). Both regulators will share insights on technological innovations and their applications in financial markets, helping foster innovation while maintaining robust regulatory frameworks. The partnership reflects the increasing importance of international regulatory coordination as financial markets become more interconnected. By enhancing dialogue and information sharing, the agreement aims to support the continued development and stability of financial ecosystems in both India and Norway. The MoU was formalized between authorities based in Gandhinagar and Oslo, marking another step toward deeper cross-border cooperation in financial regulation.
13 Feb 2026: IFSCA Introduces ‘Master Key’ Unified Registration for Capital Market Intermediaries
The International Financial Services Centres Authority (IFSCA) has introduced a Unified Registration framework, known as the “Master Key,” for entities seeking approval to undertake multiple capital market activities within the International Financial Services Centre (IFSC). The reform follows amendments made to the IFSCA (Capital Market Intermediaries) Regulations, 2025 in January 2026, aimed at simplifying procedural requirements and improving ease of doing business for market participants operating in the IFSC ecosystem. Under the newly issued Master Key circular, entities intending to engage in multiple capital market activities will now be able to submit a single consolidated application instead of applying separately for each activity. The application will be filed through the Single Window IT System (SWIT) portal, streamlining the registration process and reducing administrative timelines. Once approved, the applicant entity will receive a common certificate of registration, which will clearly list all the capital market activities for which approval has been granted. The unified registration system is expected to significantly reduce regulatory complexity, improve efficiency in approvals, and accelerate onboarding of financial intermediaries in IFSC, strengthening India’s position as a global financial services hub.
20 Feb 2026: IFSCA Signs MoU with IICA to Strengthen Governance and Research in IFSC Ecosystem
The International Financial Services Centres Authority (IFSCA) has signed a Memorandum of Understanding (MoU) with the Indian Institute of Corporate Affairs (IICA) to strengthen collaboration in areas critical to the development of India’s International Financial Services Centre (IFSC). The agreement was signed at the IFSCA headquarters in GIFT IFSC by Shri K. Rajaraman, IAS, Chairperson of IFSCA, and Shri Gyaneshwar Kumar Singh, Director General of IICA, in the presence of senior officials from both institutions. The MoU establishes a framework for cooperation in key domains including corporate law, sustainable finance, environmental, social and governance (ESG) practices, cross-border transactions, restructuring, and research initiatives aligned with the evolving needs of the IFSC ecosystem. As part of the collaboration, the two institutions will jointly conduct training programmes, knowledge-sharing initiatives, and advocacy events aimed at strengthening regulatory processes and improving governance standards within the IFSC. The partnership is expected to enhance institutional capacity, promote sound governance practices, and support the continued growth of India’s IFSC as a globally competitive financial hub.
24 Feb 2026: IFSCA Signs MoU with Malta Financial Services Authority to Strengthen Regulatory Cooperation
The International Financial Services Centres Authority (IFSCA) has entered into a Memorandum of Understanding (MoU) with the Malta Financial Services Authority (MFSA) to enhance regulatory cooperation and promote information sharing in financial markets. The MoU was signed by K. Rajaraman, Chairperson of IFSCA, and Kenneth Farrugia, Chief Executive Officer of MFSA. The exchange of the agreement was witnessed virtually by senior officials from both regulators, including Roja S. Rajan, Chargé d’Affaires at the High Commission of India in Malta, and Dipesh Shah, Executive Director at IFSCA. The agreement was formally operationalized on February 24, 2026. The partnership aims to strengthen collaboration between the two authorities by facilitating the exchange of information on recent trends, regulatory developments, and best practices in financial market supervision and development within their respective jurisdictions. Under the framework of the MoU, the two regulators will also cooperate to promote high standards of integrity, fair dealing, and proper conduct among licensed and registered financial entities. The agreement further enables mutual assistance in the enforcement of laws, rules, and regulations governing financial institutions, financial products, and financial services. Additionally, the MoU provides for collaboration in emerging areas such as financial technology (fintech), regulatory technology (regtech), and the application of innovative technologies in financial markets. The agreement reflects a broader effort by IFSCA to deepen international engagement and strengthen the regulatory ecosystem of India’s international financial services hub at Gujarat International Finance Tec-City (GIFT City).
27 Feb 2026: GIFT City Hosts Global Securities Markets Conclave 2.0; Strengthens Cross-Border Market Connectivity
The International Financial Services Centres Authority (IFSCA), in collaboration with market infrastructure institutions operating at GIFT IFSC, successfully concluded the second edition of the Global Securities Markets Conclave (GSMC 2.0) on February 26–27, 2026, at GIFT City in Gujarat. The flagship event brought together more than 500 participants including global regulators, policymakers, sovereign representatives, financial institutions, fund managers and industry leaders to deliberate on the evolving dynamics of global securities markets. Organised under the theme “Global Capital Flows: Navigating Cross-Border Investments in the Age of Artificial Intelligence,” the two-day conclave served as a high-level platform to discuss regulatory cooperation, technological transformation in financial markets and the future of cross-border capital flows.
Strategic Vision for GIFT IFSC
Opening the conclave, K. Rajaraman, Chairperson of International Financial Services Centres Authority, highlighted the transformation of GIFT IFSC from its initial objective of “onshoring the offshore” to becoming India’s gateway to global capital. He emphasised that the next phase of development would focus on strengthening institutional credibility, regulatory predictability and market liquidity while aligning with India’s long-term vision of Viksit Bharat 2047. Luxembourg’s Finance Minister Gilles Roth stressed the importance of international cooperation amid geopolitical uncertainties and underlined climate finance as a key priority. He noted that trust, transparency and institutional credibility remain fundamental pillars for resilient financial systems and highlighted shared objectives between India and Luxembourg in enhancing cross-border financial collaboration. India’s Chief Economic Advisor V. Anantha Nageswaran offered a macroeconomic perspective on capital markets in an era shaped by artificial intelligence and geopolitical realignments. He emphasised the need for supervisory preparedness for AI-related risks, responsible innovation and patient capital to support sustainable market development. Meanwhile, Injeti Srinivas, Chairman of National Stock Exchange of India, described GIFT IFSC as a “Setu” connecting India with global markets. Reflecting on India’s financial reforms since the 1990s, he identified compatibility, trust and liquidity as the three pillars critical for the international financial centre’s long-term growth. In a recorded address, Jean-Paul Servais, Chairman of the International Organization of Securities Commissions Board, emphasised the need for stronger international regulatory coordination covering more than 95% of global securities markets. He called for harmonised standards around digital finance, AI and tokenisation while strengthening investor protection frameworks.
Key Discussions and Policy Insights
The conclave hosted a series of discussions focusing on emerging trends in global financial markets. Participants explored innovations in stock exchange trading, including AI-driven market surveillance, algorithmic oversight, high-frequency trading and the debate around 24×7 trading. Distributed Ledger Technology (DLT) was discussed as complementary infrastructure that could improve efficiency while maintaining the need for human oversight in automated markets.
Regulatory discussions focused on balancing innovation with investor protection and market integrity. Experts highlighted the importance of regulatory sandboxes, evolving AI-risk frameworks, interoperability between financial systems and the need for enhanced supervisory capacity supported by technological expertise.
Climate finance emerged as another key theme, with discussions centred on bridging the capital gap between the Global North and South, mobilising private capital through blended finance models and lowering the cost of capital for energy transition sectors.
Sessions on digital gold examined regulatory frameworks around physically backed bullion depository receipts, responsible sourcing standards and opportunities to monetise India’s large stock of household gold.
A notable presentation during the event introduced Project ACE (Accelerating Commodity Trading Ecosystem), an initiative aimed at positioning GIFT IFSC as a global commodity merchanting hub through improved trade finance structures, regulatory clarity and deeper integration with global supply chains.
Strengthening Global Market Connectivity
A major highlight of GSMC 2.0 was the announcement of several international partnerships aimed at strengthening cross-border market connectivity.
The Taiwan Stock Exchange signed memoranda of understanding with India International Exchange and NSE International Exchange to expand cross-border cooperation. Meanwhile, AFRINEX of Mauritius entered into an agreement with India INX to deepen capital market ties between India and Africa.
Additional collaborations included an agreement between the Colombo Stock Exchange and NSE IX to strengthen India–Sri Lanka capital market connectivity, while the Cyprus Stock Exchange announced arrangements with NSE IX to facilitate dual listings of securities.
Ecosystem Development and Institutional Initiatives
Beyond international partnerships, the conclave also marked the operationalisation of the first KYC Registration Agency in IFSC, aimed at simplifying compliance and improving market access for global investors.
Capacity-building initiatives were also unveiled, including certification programmes jointly developed by IFSCA and the Institute of Company Secretaries of India. An elective paper on IFSC regulations will also be introduced in the CS Professional Course, alongside expanded training initiatives through the IFSCA Academy.
Outlook
The discussions concluded with a session on global market access and the evolving landscape of equity and debt listings. Speakers highlighted GIFT IFSC’s growing role as a two-way liquidity gateway, enabling innovative fundraising structures and cross-border listings beyond traditional IPOs.
With integrated regulation under IFSCA and faster execution timelines, GIFT IFSC is increasingly positioning itself as a competitive international financial hub capable of attracting global capital while strengthening India’s presence in the global financial ecosystem.