Gift City’s global trading push gathers pace, but foreign firms hold back

Meanwhile, the number of investors using GAPs through India International Exchange (IFSC) Ltd, or India INX, rose to 6,044 by March, while the total traded value rose 11% year-on-year to $39 million, showed the IFSCA March-quarter bulletin. However, the next challenge is to attract financial firms and investors from major financial centres such as Hong Kong, Singapore and Dubai, including foreign nationals seeking to use India as a base for global trading, as nearly 90% of investors trading through GAPs are Indians, said a GIFT City official close to the matter on condition of anonymity. Stumbling blocks Market participants point…