IFSCA: unified regulator of the IFSC, headquartered at GIFT City, Gandhinagar
Background
The International Financial Services Centres Authority (IFSCA) has been established on April 27, 2020 under the International Financial Services Centres Authority Act, 2019.
It is headquartered at GIFT City, Gandhinagar in Gujarat.
IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India.
Prior to its establishment, the domestic financial regulators, namely RBI, SEBI, PFRDA and IRDAI, regulated the business in IFSC.
The IFSCA website states that, at present, the GIFT IFSC is the maiden international financial services centre in India.
In plain words
IFSC International Financial Services Centre — A centre for financial services dealing with non-residents and residents in foreign currency.
GIFT City Gujarat International Finance Tec-City — The Gandhinagar location where the IFSCA is headquartered.