Standard Chartered has received in-principle approval from the International Financial Services Centres Authority (IFSCA) to distribute capital market products from GIFT City, the bank announced on Thursday. This approval enables Standard Chartered to launch its wealth management business from the International Financial Services Centre (IFSC) in Gujarat, with retail services expected to start in the coming months, according to livemint.com.
The bank has been operating in GIFT City since 2020 and has gradually expanded its service offerings there. The recent approval from IFSCA marks a key step in broadening its presence in the IFSC, allowing it to offer a wider range of wealth management and capital market products. Standard Chartered’s statement emphasized that the move aligns with its strategy to deepen its footprint in India’s financial hubs, as reported by livemint.com.
This development is significant as GIFT City aims to become a global financial hub offering competitive advantages like tax benefits and regulatory ease. Standard Chartered’s entry into wealth management in the IFSC could attract more investors seeking access to capital market products within this jurisdiction. The move follows other banks and financial institutions expanding services in GIFT City, underscoring the growing importance of the IFSC in India’s financial sector, according to livemint.com.
Standard Chartered’s retail wealth management services from GIFT City are expected to launch over the next few months, marking a new phase in the bank’s operations at the IFSC. The bank’s ongoing expansion in GIFT City reflects broader efforts to leverage the centre’s regulatory framework and infrastructure to serve domestic and international clients, as detailed by livemint.com.