Startup listings at GIFT City by end of this year, says IFSCA Chairman

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The International Financial Services Centre Authority (IFSCA) plans to operationalise the framework for direct listing of companies at IFSC exchanges by the end of the year, said chairperson K Rajaraman, adding that the required amendments would be notified within three months.


Further, the GIFT City regulator is also considering the launch of separate payments system regulations—similar to that of RTGS for banking—within a few months. The IFSCA chief said that it will facilitate instant settlements and real-time gross settlements.


On the timeline for the listing of companies on IFSC exchanges, Rajaraman said that the relevant notifications from the Finance Ministry are under process.


Finance Minister Nirmala Sitharaman announced last month that the government was planning to allow both listed and unlisted companies and startups to directly list on the international exchanges of IFSC. However, she had not provided any timeline for the same.


“We have already placed a working group which is coordinating with other regulators like Sebi and RBI. We believe that the necessary procedures and amendments should all be completed within the next three months. We should be able to take the decision to go live by the end of this year,” he added.


In a recommendation paper floated on 25 August, an expert committee chaired by G Padmanabhan, the former executive director of the Reserve Bank of India (RBI), proposed key exemptions to the current listing framework and measures for the setting up of holding companies (holdcos) and special purpose acquisition vehicles (SPACs) to encourage domestic startups to list at GIFT City, the country’s only International Financial Services Centre (IFSC).


Speaking at the Global Fintech Fest on Wednesday, the IFSCA chairperson also detailed that the regulator was planning to launch its own payments system regulations on the lines of RTGS available for banking.


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


“Currently, the payment gets cleared through the correspondent banking system, which takes time. We are also working on the real-time gross settlement system, which will be possible in the next six months. If these two are done, then most of the payment-related problems will be solved,” he added.


The GIFT City regulator is also working on expanding the precious metal trading segment. IFSCA currently has three vaults operational for bullion trading and is planning to bring another in Chennai for easier settlements. The regulator also plans to offer trading of silver and other precious metals along with derivative trading in these segments.


On the aircraft leasing segment, Rajaraman shared that two aircraft and 54 jet engines have been leased to date out of GIFT City. US-based Willis Lease Finance and a British lessor have established their offices at the IFSC in Gandhinagar, Gujarat.

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