IFSCA plans payment regulations in GIFT City soon, says Chairperson K Rajaraman

“We are coming up with the payment regulations shortly, may in the next few months. This will enable regulated entities to provide these services to ensure instant payments settlement,” Rajaraman said.

Rajaraman was speaking at Global Fintech Fest 2023.

He further said the authority is also working on the real-time cross settlement system, which will be possible in next 6 months.

On Aircraft and shipping, Rajaraman added that a number of entities have already setup shops in GIFT city for leasing and nearly about 2 aircrafts have been leased out of GIFT city and nearly about 54 jet engines have also got leased out through GIFT city.

Similarly for ship leasing also some entities have got licence and few leases are in process, he added.

“So we believe that it is great market, still some regulatory tweaks are required and we are working with government of India in this process and ministry shipping and civil aviation are working with us,” Rajaraman said.

On the listing front, he said during the discussion that the necessary procedures and the amendments should all be completed by next three months for the listing of companies on the IFSC.

“We should be able to take the decision to go live by the end of this year,” Rajaraman said.

He added that notifications from the ministry are under process. “We have already placed a working group which is coordinating with other regulators like Securities and Exchange Board of India (SEBI) and the Reserve Bank of India