GIFT City Lawyers — IFSC Legal Services, IFSCA Licensing & Listings
in GIFT City.
GIFT City is India’s first International Financial Services Centre — a jurisdiction within India with its own regulator, its own tax regime, and its own rulebook. Candour Legal advises banks, funds, fintechs, listed and unlisted companies, and global investors on setting up, getting licensed, raising capital, and staying compliant at GIFT IFSC. We work on the ground at GIFT City — present for regulator meetings, SEZ formalities and closings.
Why GIFT City needs specialist counsel
GIFT IFSC is legally a separate financial jurisdiction. The International Financial Services Centres Authority (IFSCA), established under the IFSCA Act, 2019, exercises within the IFSC the powers that RBI, SEBI, IRDAI and PFRDA exercise in the rest of India — through its own regulations, frameworks and circulars. Transactions are denominated in foreign currency. Units enjoy a concessional tax regime. Listings happen on international exchanges under the IFSCA (Listing) Regulations, 2024 — not SEBI’s ICDR.
The practical consequence is that advice built for the domestic regime routinely misfires at GIFT City. Structuring an IFSC entity, obtaining an IFSCA licence, or listing a bond on NSE IX requires counsel that works with the IFSCA framework as its primary source, and understands where the domestic overlay (FEMA, the Income-tax Act, the Companies Act) still reaches into the IFSC.
What we do at GIFT IFSC
Eight service lines, handled from one desk.
IFSC Entity Setup & IFSCA Licensing
Choosing the right IFSC vehicle and registration category — and getting it approved. We advise on SEZ unit approvals, IFSCA registrations and authorisations across categories including broker-dealers, investment advisers, distributors, and ancillary service providers; prepare the application pack; respond to IFSCA queries; and manage conditions precedent through to commencement of business.
Fund Management — FMEs and IFSC Funds
Registration of Fund Management Entities under the IFSCA (Fund Management) Regulations, structuring of venture capital and restricted schemes, private placement memoranda, contribution agreements, carry structures, and ongoing compliance — including for GPs relocating offshore fund structures from Mauritius or Singapore into GIFT City.
Capital Markets — Listings on NSE IX & India INX
Drafting and verification for listings before IFSCA under the IFSCA (Listing) Regulations, 2024 — debt securities including foreign currency bonds, masala bonds, and ESG-labelled bonds; depository receipts; and the direct-listing route for Indian companies as it operationalises. We prepare offer documents, listing applications, and intermediary agreements, and cross-check disclosures against the live IFSCA circular framework.
Banking Units & Finance Companies
IFSC Banking Unit (IBU) setup for Indian and foreign banks, finance company registrations, external commercial lending documentation booked through GIFT, and trade finance structures — with the FEMA interface (for the Indian side of transactions) handled in-house.
Fintech, Payments & the IFSCA Sandbox
Authorisation strategy for fintechs at GIFT — payment services, ITFS (international trade finance services) platforms, and sandbox applications under IFSCA’s fintech framework — plus the technology, data and outsourcing contracts that follow.
Aircraft & Ship Leasing
Entity structuring and IFSCA registration for aircraft and ship leasing units — one of GIFT’s fastest-growing verticals — including lease documentation, Cape Town Convention considerations for aviation, and the admiralty interface for maritime assets through our shipping practice.
Tax Structuring for IFSC Units
Advising on the IFSC concessional regime — the Section 80LA deduction (100% of eligible income for any ten consecutive years out of fifteen), GST treatment of services to and by IFSC units, exemptions available to non-resident investors on IFSC exchanges, and how the regime interacts with treaty positions and the domestic Income-tax Act.
Employment, Contracts & Operations
Employment contracts and policies for GIFT-based teams, intercompany and service agreements between IFSC units and group companies, vendor contracts, and the day-to-day legal support an operating unit needs — available on retainer through our Managed Legal service.
How an engagement runs
Four steps from objective to operating unit.
We map your objective — fund, listing, banking unit, leasing platform, fintech — to the right IFSC vehicle and licence category, and flag the domestic-law touchpoints.
A written roadmap: approvals required (SEZ, IFSCA, and any domestic consents), documents, sequencing, and realistic timelines for your category.
We prepare and file, respond to regulator queries, and negotiate the commercial documents in parallel so approval and readiness land together.
Post-approval conditions, first filings, and a compliance calendar — with the option of ongoing support on a monthly retainer.
Why Candour Legal for GIFT City
We work on the ground at GIFT City. Site meetings, regulator liaison, and SEZ formalities happen the same day — in person.
We publish ongoing analysis of the IFSCA framework — listing regulations, fund management, capital markets — and track circulars as they issue.
Capital markets, banking, tax, employment, disputes, and admiralty under one roof. IFSC mandates rarely stay within one regulation.
Through our GCC practice and India desk for global companies, we work daily with US, UK, UAE and Singapore counsel and their documentation standards.
Frequently Asked Questions
What clients ask us about GIFT City — answered directly.
What is GIFT City and what is an IFSC?
GIFT City (Gujarat International Finance Tec-City) hosts India’s first International Financial Services Centre — a financial jurisdiction within India where units transact primarily in foreign currency and are regulated by a single unified regulator, the IFSCA, rather than by RBI, SEBI, IRDAI and PFRDA separately. It is designed to bring offshore financial business — banking, funds, listings, leasing, insurance — onshore to India on internationally competitive terms.
What does IFSCA regulate?
Within the IFSC, the International Financial Services Centres Authority exercises the powers of India’s four domestic financial regulators. It licenses and supervises banking units, capital market intermediaries, fund management entities, insurance offices, finance companies, fintech entities, and aircraft and ship leasing units, and it makes the regulations — including the IFSCA (Listing) Regulations, 2024 and the IFSCA (Fund Management) Regulations — that govern them.
What are the tax benefits of setting up in GIFT City?
The headline benefit is the Section 80LA deduction — 100% of eligible income exempt for any ten consecutive years out of the first fifteen. IFSC units also benefit from concessional GST treatment on specified services, and non-resident investors trading on IFSC exchanges enjoy exemptions on specified securities. The precise position depends on your entity type and activity — tax structuring should precede entity setup, not follow it.
Can foreign investors and NRIs invest through GIFT City?
Yes — that is much of the point. Foreign investors can access IFSC funds, list and trade on IFSC exchanges, and hold positions in foreign currency without many of the frictions of the domestic route. NRIs increasingly use GIFT structures for India-facing investment. The FEMA position differs from the domestic regime because the IFSC is treated distinctly — which is exactly where specialist advice earns its keep.
Can Indian companies raise capital or list at GIFT IFSC?
Yes. Indian issuers routinely list debt — including foreign currency bonds, masala bonds, and ESG-labelled bonds — on NSE IX and India INX under the IFSCA (Listing) Regulations, 2024, and the framework for direct equity listings of Indian companies at GIFT IFSC has been introduced by the government and is operationalising. We advise on eligibility, offer documentation, and the listing process end to end.
How long does IFSCA registration take?
It varies significantly by licence category, the completeness of the application, and regulator queries. The SEZ unit approval and the IFSCA authorisation run as separate steps. At the structuring call we give you a realistic, category-specific timeline — and because we are on the ground at GIFT City, follow-ups happen in person.
Why work with Candour Legal at GIFT City?
We are present in GIFT City itself — same-day site meetings, physical presence for SEZ and regulator interactions, and Gujarat-court coverage if a dispute arises, combined with an IFSC-specific research practice and the cross-border experience the work demands. GIFT City still runs on meetings, and we are in the room.
Talk to our GIFT City team
Whether you are evaluating GIFT City for a fund, a listing, a banking unit, a leasing platform, or a fintech authorisation — start with a structuring conversation.
Book a GIFT City Consultation →