HSBC and EY India unveil a Comprehensive Compendium on GIFT City, signalling next phase of global integration and market maturity

• The compendium - The GIFT City Advantage: Doing Business in India’s International Financial Services Centre (IFSC) was launched by Shri K Rajaraman, Chairman, IFSCA and Smt. Anuradha Thakur, Secretary, Department of Economic Affairs, Government of India
• The compendium offers a structured view of the regulatory, tax, and operating environment that underpins the International Financial Services Centre at GIFT City
• It highlights the next phase of GIFT City’s expansion as it surpasses 1,000 Registered Entities

HSBC, in collaboration with EY India, has announced the launch of the compendium – The GIFT City Advantage: Doing Business in India’s International Financial Services Centre (IFSC). The compendium was unveiled by Shri K. Rajaraman, Chairman, IFSCA and Smt. Anuradha Thakur, Secretary, Department of Economic Affairs, Government of India. Joining the dignitaries at the launch of the compendium were Hitendra Dave, CEO, HSBC India, and Sameer Gupta, National Tax Leader, EY India.

GIFT City is rapidly evolving into one of India’s most vibrant financial and business hubs. As global capital flows shift and India strengthens its position in international finance, GIFT City’s ecosystem is becoming pivotal to this transformation.

The compendium serves as an essential resource for both global and domestic firms, offering a comprehensive overview of the financial services ecosystem at GIFT City, IFSC. It highlights the impact of progressive policymaking, state-of-the-art infrastructure, and a unified regulatory framework provided by IFSC Authority (IFSCA). This synergistic approach is fostering a platform for global banking, fund management, insurance, capital markets, finance companies, fintech, and alternative investment vehicles. By providing insights into the regulatory, tax, and operational environment, the compendium equips businesses with the knowledge needed to navigate and capitalize on the opportunities within GIFT City, enhancing their strategic positioning in the international financial arena.

Smt. Anuradha Thakur, Secretary, Department of Economic Affairs, said: “GIFT City reflects India’s long-term vision of building a globally competitive, innovation-led financial ecosystem. With its unified regulatory architecture and robust infrastructure, it is emerging as an important gateway for global capital, high-value financial services and future-ready talent.”

Shri K. Rajaraman, Chairperson, IFSCA said “IFSCA remains committed to shaping a world-class regulatory environment that promotes innovation, safeguards investor confidence, and positions GIFT City as a leading international financial jurisdiction. Our focus is on enabling new products, deepening markets and attracting global institutions.”

Hitendra Dave, Chief Executive Officer, HSBC India said, “GIFT City is redefining the future of international financial services, serving as a gateway for global capital and innovation. The combined growth in derivatives, offshore fund structures, and international banking demonstrates the centre’s ability to attract diverse categories of financial players. The next phase will be defined by partnerships, and deeper capital-market engagement.”

Rajiv Memani, Chairman and CEO, EY India said, “GIFT City-IFSC has reached a pivotal stage in its evolution. Crossing 1,000 registered units and USD 100 billion in banking assets underscores that global institutions now view it as a credible, long-term strategic base. What excites the EY and HSBC teams is the momentum and depth of interest that GIFT City-IFSC is attracting. As we stand today, the GIFT City-IFSC ecosystem is no longer just promising, it is maturing, diversifying, and compounding in its impact.”

Key highlights of the Compendium

Banking and capital markets: USD 100 billion in assets and rising cross-border activity

The compendium notes that banking continues to anchor GIFT City’s growth, with significant expansion in the International Banking Units (IBUs), with consolidated assets now exceeding USD 100 billion. Trade finance, treasury operations, and cross-border lending have seen a marked uptick as global and Indian banks increasingly use IFSC to centralise offshore operations. It highlights a clear shift from basic booking activities to more sophisticated business lines such as structured finance, global treasury centres, and risk management functions.

Capital market activity at IFSC exchanges has expanded steadily, with average monthly turnover around USD 90 billion. Cumulative debt listings have crossed USD 67 billion, making IFSC a preferred venue for global bond issuances by Indian corporates, multilateral institutions, and international issuers.

Funds & Asset Management: 310 AIFs with USD 26 billion commitments

Fund management remains the fastest-expanding vertical. Over 310 Alternative Investment Funds (AIFs) have registered at IFSC, with total commitments crossing USD 26 billion. The compendium highlights the increasing use of GIFT City for pooling offshore capital, launching global fund structures, and channelling investment into India and other emerging markets. Regulatory flexibility, a globally comparable legal framework, and the ability to set up multi-jurisdictional fund platforms continue to attract new fund managers.

Insurance, Fintech and Global Capability Centres gaining traction

The compendium notes rising activity in reinsurance, fintech services, and the establishment of GCC-type units to support global operations. International insurers are increasingly using GIFT City for catastrophe and specialty reinsurance, while fintech’s are leveraging the sandbox framework to pilot cross-border payment solutions, digital identity services, and emerging-tech use cases.

A maturing ecosystem with strategic implications

The compendium emphasises that GIFT City is now entering a scale-up phase. The ecosystem is expanding beyond core banking and markets, with greater depth in advisory, compliance, asset servicing, legal, and ancillary services. This integrated environment is enhancing ease of doing business and making the financial centre more competitive with established hubs in Asia and the Middle East.

For a detailed understanding, you may refer to the compendium here

About HSBC GIFT City

HSBC’s operations in GIFT City commenced in January 2021 and it was the first international bank to be licensed by IFSC and get Investment Banking permission and Foreign Portfolio License. Over the past 4 years, HSBC has strengthened its presence in GIFT, acquiring a 6.125% equity stake in CCIL IFSC Limited (CCIL IFSC). HSBC offers a full spectrum of products and services to its clients ranging from wholesale banking to wealth management in GIFT City. HSBC is among the top 3 banks with respect to the outstanding asset size in GIFT and offers more than 50+ live products, supporting corporate clients, institutional investors, and retail customers with best-in-class products and services.

HSBC India

HSBC India offers a full range of banking and financial services through 27 branches across 15 cities. HSBC is one of India's leading financial services groups, with around 44,000 employees in its banking, investment banking and capital markets, asset management, insurance, software development and global resourcing operations in the country. It is a leading custodian in India. The Bank is at the forefront in arranging deals for Indian companies investing overseas and foreign investments into the country.

HSBC Holdings plc

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 57 countries and territories. With assets of US$3,234bn at 30 September 2025, HSBC is one of the world’s largest banking and financial services organisations.

HSBC Media Contact:

Shalaka Kagathra                      +912222681046        shalaka.kagathra@hsbc.co.in

Snehha Madhyani                    +91222 2685341        snehha.madhyani@hsbc.co.in

About EY

EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets. Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow. EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fuelled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories.

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