New York, London, Hong Kong . . . GIFT City: Can India Join the Club of Elite Financial Hubs?

India’s economic gains and geopolitical standing bring efforts to establish itself as a globally integrated financial center into sharper focus.

A key aspect of this vision is Gujarat International Finance Tec-City (GIFT City), a special economic zone that is positioned as a “gateway to the world.” But recent developments – including a Securities and Exchange Board of India (SEBI) crackdown on options trading – suggest that there are bumps in the road, contradictions and complexities to overcome.

Few have been as vocal in championing GIFT City and its International Financial Services Centre as Ashishkumar Chauhan, managing director and chief executive officer of the National Stock Exchange of India (NSE) in Mumbai. “Today, GIFT City conceptually represents the role that Hong Kong played for China in the last 40 years,” Chauhan said in March.

As reported then, Chauhan envisions a magnet for international capital and potentially stock listings, particularly in AI and tech sectors, as a competitive, lower-cost alternative to traditional markets.

NSE Chief Executive Ashishkumar Chauhan

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