GIFT City Climbs Nine Places to 37th in Global Financial Centres Index

Overview: GIFT City has climbed nine places to 37th globally in the latest Global Financial Centres Index (GFCI 40), up from 46th in the previous edition. It has also entered the top 15 financial centres in the Asia-Pacific region and improved its global FinTech ranking to 26th, from 29th previously. The latest ranking comes as the GIFT IFSC ecosystem continues to expand across banking, capital markets, fund management, insurance, leasing and FinTech.

GIFT City’s latest global ranking puts India’s International Financial Services Centre further into the international financial-centre conversation. Its move to 37th globally and entry into the Asia-Pacific top 15 coincide with continued expansion of financial activity at GIFT IFSC.

For businesses exploring GIFT IFSC, however, the ranking is only one part of the picture. The more important questions are what activity the business proposes to undertake, which entity structure is appropriate, whether IFSCA registration or authorisation is required, and what ongoing regulatory and compliance obligations will apply.

GIFT City Global Ranking

GIFT City has moved from 46th in GFCI 39 to 37th in GFCI 40, gaining nine places in the global ranking. It is now the only Indian financial centre among the top 15 in the Asia-Pacific region. Mumbai also improved to 49th, while Delhi moved to 56th.

GIFT City’s performance has also improved in the FinTech segment. Its global FinTech ranking has risen from 29th to 26th. The GFCI 40 also places GIFT City among the 15 centres that respondents expect to become more significant over the next two to three years.

GIFT IFSC Continues to Expand

GIFT IFSC is India’s International Financial Services Centre located within GIFT City and is regulated by the International Financial Services Centres Authority (IFSCA).

According to IFSCA, GIFT IFSC had 1,260 final registrations and authorisations as of June 2026. The ecosystem covers a wide range of activities, including banking, capital markets, fund management, insurance, aircraft and ship leasing, and technology-related financial services.

IFSCA’s June 2026 data also reported banking assets of more than USD 120 billion, cumulative fund commitments of more than USD 45 billion, and more than USD 105 billion in average monthly turnover on IFSC exchanges during Q1 FY 2026–27.

For a business looking at GIFT City business setup, the regulatory route depends on the proposed activity. Depending on the business model, this may involve:

• Choosing an appropriate entity or operating structure
• Obtaining the relevant IFSCA registration or authorisation
• Meeting sector-specific regulatory conditions
• Maintaining statutory, financial and regulatory records
• Complying with applicable ongoing reporting and operational requirements

What the GFCI Ranking Means for Businesses

The improved GFCI position gives GIFT City greater visibility as an international financial centre and reflects the broader development of its financial and technology ecosystem. It may be relevant to international financial institutions and businesses evaluating India as a base for permitted cross-border financial activities.

However, a higher GFCI ranking does not itself provide any regulatory approval or exemption. A business still needs to determine whether its proposed activity is permitted in GIFT IFSC and identify the applicable IFSCA registration, authorisation and compliance requirements.

This makes the initial structuring exercise important. The proposed activity, ownership pattern, entity form, regulatory category and intended transactions should be assessed before setting up operations.

FAQs

Setindiabiz Support

The continued development of GIFT IFSC is creating a wider ecosystem for eligible businesses looking to undertake permitted international financial activities from India. But setting up in a regulated financial centre requires more than incorporation alone.

Setindiabiz supports businesses with company incorporation, regulatory documentation, business structuring and ongoing compliance requirements. For businesses exploring GIFT IFSC, our services include assessing the proposed activity, identifying the applicable regulatory framework and planning the required incorporation and compliance steps.

Before commencing operations, businesses should assess the relevant IFSCA requirements, entity structure, regulatory approvals and continuing compliance obligations applicable to their proposed activity.