IFSCA, IICA Sign MoU to Boost GIFT City Governance

In a major move to strengthen India's International Financial Services ecosystem, the International Financial Services Centres Authority (IFSCA) and the Indian Institute of Corporate Affairs (IICA) signed a landmark Memorandum of Understanding (MoU) on 20 February 2026 at the IFSCA Campus in GIFT City.

The MoU was signed by Shri Gyaneshwar Kumar Singh, Director General & CEO, IICA, and Shri K. Rajaraman, Chairperson, IFSCA, in the presence of senior officials and distinguished dignitaries from both institutions. The partnership is expected to significantly enhance regulatory capacity, corporate governance standards, and policy research within India's sole International Financial Services Centre (IFSC).

Strengthening India's IFSC Regulatory Architecture

IFSCA functions as the unified regulator for India's IFSC at GIFT City, overseeing banking, capital markets, insurance, and fund management activities within a single regulatory framework. The IFSC operates under the broader ambit of the Companies Act, 2013, administered by the Ministry of Corporate Affairs (MCA), while enjoying specific exemptions tailored to international financial operations.

With GIFT-IFSC positioning itself as a global financial hub competing with established centres such as Dubai, Singapore, and London, strengthening governance, compliance standards, and regulatory sophistication has become central to India's financial sector ambitions.

The MoU with IICA is designed to create a structured framework for collaboration in capacity building, policy research, and knowledge partnership to enhance regulatory effectiveness and global competitiveness.

IICA to Lead Capacity Building and Policy Support

IICA, a premier think tank under the Ministry of Corporate Affairs, will provide institutional support to IFSCA and IFSC-registered entities. The institute will extend training and policy advisory services aimed at aligning GIFT City's governance ecosystem with global best practices.

Under the agreement, IICA will:

• Conduct online certificate, induction, and specialised training programmes for IFSCA officers

• Deliver customised courses on Corporate and Allied Laws

• Provide training on Corporate Governance frameworks

• Offer modules on Environmental, Social and Governance (ESG) standards

• Cover Cross-Border Transactions and Corporate Restructuring

The initiative aims to ensure that financial institutions operating in GIFT-IFSC remain compliant with evolving regulatory norms while maintaining international credibility.

Focus on Leadership Development and Research

Speaking at the signing ceremony, Shri Gyaneshwar Kumar Singh emphasised IICA's commitment to building a standardised corporate governance ecosystem within GIFT City.

He outlined three immediate focus areas:

1. Customised capacity-building programmes

2. Induction and leadership development initiatives

3. Policy research and advisory support

The collaboration is also expected to generate research outputs and advisory inputs that can help refine regulatory frameworks as IFSC operations expand into new financial products and services.

Annual Corporate Governance Programmes at GIFT City

IFSCA Chairperson Shri K. Rajaraman highlighted the importance of operationalising the partnership swiftly. He called for jointly delivered corporate governance programmes at GIFT City on an annual basis, including specialised courses for companies being incorporated within the IFSC jurisdiction.

The emphasis on structured, recurring training programmes reflects IFSCA's strategy to institutionalise governance excellence as the number of entities operating in GIFT City continues to grow.

Advancing India's Global Financial Ambitions

The MoU marks a strategic step in reinforcing the institutional backbone of India's International Financial Services Centre. By combining IFSCA's regulatory mandate with IICA's expertise in corporate governance and policy advisory, the collaboration aims to create a globally benchmarked governance ecosystem within GIFT-IFSC.

As India seeks to position GIFT City as a competitive global financial hub, the partnership signals a clear focus on regulatory depth, compliance culture, and leadership capacity—key pillars for attracting international investors and financial institutions.