The International Financial Services Centres Authority was established last year by the Indian Government at the GIFT City in Gujarat. It was set up in accordance with the International Financial Services Centres Authority Act, 2019. The main purpose of the statutory authority is to develop and regulate financial products, services and institutions in the International Financial Services Centre in the country. This function was previously under the purview of domestic financial regulators ? RBI, SEBI, PFRDA and IRDAI.
The IFSCA recently issued a framework for setting and operating International Trade Finance Services Platform for providing international trade finance services at the IFSCs in a competitive manner.