SBI got approval to set up a wholly owned subsidiary SBI Funds Management subsidiary in IFSC Gift City
The State Bank of India announced that it has got in-principle approval to set up a wholly owned subsidiary by SBI Funds Management Ltd at IFSC Gift City Gandhinagar.
“In terms of provisions of Regulation 30 and other applicable provisions of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we submit that the Competent Authority has accorded in-principle approval on August 29, 2023, to set up a wholly owned subsidiary by SBI Funds Management Ltd at IFSC Gift City Gandhinagar subject to receipt of all regulatory approvals,” it said in a regulatory filing.
The plan, it said, involved creating an entirely new entity in the IFSC Gift City premises. While SBI has received approval from the authorities, the final authorisation hinges on the adherence to regulatory protocols.
Earlier at the B20 Summit 2023, Dinesh Khara, Chairman of State Bank of India had said that the ongoing financial inclusion initiative is set to democratize the financial landscape. He had stressed the significance of financial inclusion and had said that credit linkage will play a crucial role, requiring a collective embrace of the credit culture.
GIFT City
Gujarat International Finance Tech-city (GIFT) SEZ is India’s first International Financial Services Centre (IFSC) under Special Economic Zone Act, 2005 (“SEZ Act 2005”). It is being developed as a global financial services hub. GIFT IFSC is a Multi Services Special Economic Zone with 105 hectors of land and commenced its business in April 2015.
Government of India operationalized International Financial Services Centre (IFSC) at GIFT Multi Services SEZ in April 2015. The Union Budget 2016 provided competitive tax regime for the IFSC at GIFT SEZ. It is the vision of the Hon’ble Prime Minister that GIFT IFSC emerges as a hub for international financial services activities.
Advantages of GIFT
GIFT aspires to cater to India’s large financial services potential by offering global firms a world-class infrastructure and facilities. It aims to attract the top talent in the country by providing the finest quality of life.
It is estimated that GIFT would provide 500,000 direct and an equal number of indirect jobs which would require 5.76 million square meter of real estate office and residential space.
