These services include back office work, global delivery centre, design services and so on. Some 40-odd IT and ITeS units in Gift city will benefit and attract more such units which are part of the business chain.
Post presentation of Union Budget on July 5, there has been good traction and some hedge funds are in the process of getting final approval, Four or five insurance services companies, a foreign bank and some new ventures have also been approved in the past two months.
Gift City is now waiting for a common regulator for all financial services. The proposal mooted by the Reserve Bank of India four years ago and endorsed by the ministry of finance, “is under finalisation and the bill to amend relevant laws is likely to be introduced in the winter session of the parliament,” said the source privy to the development.
As of now, various financial services units are governed under their respective sectoral regulators like the RBI, Sebi and IRDAI.