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Ketaki Gor Mehta

Partner, GIFT City and Financial Services Regulatory Practice at Cyril Amarchand Mangaldas - Resident Partner of Cyril Amarchand Mangaldas leading the on-ground GIFT IFSC Practice. Ketaki is also an integral part of the Financial Service Regulatory and Fintech Practice of the Firm. With over 21 years of distinguished experience, Ketaki is a recognised leader in financial services regulation, fintech advisory and cross-border transactions. She strategically advises investments and acquisitions in the financial services sectors, funds, banks, NBFCs, asset managers and fintech entities on regulatory compliance, licensing, India entry strategies and product structuring across funds, banking, fintech, securities and exchange control frameworks. She can be reached at ketaki.mehta@cyrilshroff.com.

Summary: This blog examines the regulatory framework governing Global Access Providers (GAPs) at IFSC, GIFT City, analysing SEBI’s circular of May 2025, which permits registered broker-dealers to operate within IFSC through a separate business unit and IFSCA’s revised GAP framework of August 2025. It covers the definitions of GAPs and Introducing Brokers, permissible clientele, operational models and permissible products, including FEMA and LRS constraints for resident Indian investors, as India’s regulated pathway for resident Indians to access global markets.

Continue Reading Global Access Providers In IFSC, GIFT City: A Gateway To Global Markets
Part III of IFSC Education Series: Legal Considerations for Setting Up Foreign University Campus in India: Mainland India vs GIFT IFSC

Summary: Building on Parts I and II of the IFSC Education Series, (I) Shaping Global Education: Foreign Universities in GIFT IFSC, and  (II) Setting up International Branch Campus or Offshore Education Campus in GIFT IFSC, respectively, this third instalment provides a comparative analysis of the regulatory frameworks governing campuses in Mainland India versus those in GIFT IFSC.

Continue Reading Part III of IFSC Education Series: Legal Considerations for Setting Up Foreign University Campus in India: Mainland India vs GIFT IFSC

Summary:

In continuation to Part I of the III part IFSC Education series available at Shaping Global Education: Foreign Universities in GIFT IFSC, this article focusses on certain frequently asked questions in the education sector, with the objective of bringing clarity to prospective universities intending to establish International Branch Campuses (“IBC”) in GIFT International Financial Services Centre (“GIFT IFSC”) either on a standalone basis or through an Academic Infrastructure Services Provider (“AISP”) model. These FAQs also explain how a Foreign Educational Institution can establish an Offshore Educational Centre (“OEC”) in GIFT IFSC, under the International Financial Services Centres Authority (Setting up and Operation of International Branch Campuses and Offshore Education Centres) Regulations, 2022 (“IBC and OEC Regulations”).

Continue Reading Part II of the IFSC Education Series: FAQs on setting up International Branch Campus or Offshore Education Campus in GIFT IFSC

Summary: The International Financial Services Centres Authority (IFSCA) introduced regulations in 2022 permitting Foreign Universities to establish International Branch Campuses (IBC) and Offshore Educational Centres (OEC) in GIFT IFSC, marking India’s initiative to create an international education hub within a financial services centre. Foreign universities must meet specific eligibility criteria including ranking within the top 500 QS World University Rankings, proper accreditation in their home country, and demonstrated financial stability, whilst academic offerings are restricted to financial management, fintech, science, technology, engineering, and mathematics.

Continue Reading IFSC Education Series – Part I – Shaping Global Education: Foreign Universities in GIFT IFSC
FIG Paper No 49: IFSC, GIFT City: A New Legal Frontier for Cross-Border Payments

Summary: This article is crucial for legal, fintech, and business leaders as it unveils how the IFSCA PSP License at IFSC, GIFT City empowers cross-border payment service providers to operate globally from within India. By offering a unified regulatory framework, tax incentives, and foreign exchange flexibility, it positions IFSC as a strategic hub for building scalable, efficient, and globally aligned payment infrastructures.

Continue Reading FIG Paper No 49: IFSC, GIFT City: A New Legal Frontier for Cross-Border Payments
Enforcement actions by IFSCA: Upholding of regulatory standards in IFSC, GIFT City

The International Financial Services Centres Authority (“IFSCA”) is the unified regulator of India’s maiden International Financial Services Centre (“IFSC”) at Gujarat International Finance Tec-City (“GIFT City”). Uniquely positioned both as a developer the regulator for the IFSC jurisdiction, the IFSCA is tasked with fostering a robust financial ecosystem, regulating financial products, financial services, and financial institutions while promoting ease of doing business. A critical aspect of its objective is enforcing compliance requirements and ensuring that IFSC, GIFT City, maintains its status as a jurisdiction of “substance”, with its regulatory standards on par with other global centres.

Continue Reading Enforcement actions by IFSCA: Upholding of regulatory standards in IFSC, GIFT City
Key Highlights of Gujarat GCC Policy (2025-30)

Introduction

India, with its dynamic and skilled youth, has progressively emerged as a global hub for Global Capability Centres (GCCs) established by multinational corporations. GCCs offer numerous strategic advantages, including driving digital transformation, fostering innovation, advancing analytics and technological solutions, promoting research and development, creating employment opportunities, enhancing operational efficiency, and strengthening business resilience. Recognising these benefits, Indian companies are also increasingly adopting the GCC model to fuel their growth. Consequently, several Indian states are crafting policies to attract both domestic and multinational corporations to set up GCCs.

Continue Reading Key Highlights of Gujarat GCC Policy (2025-30)
GCC Series: Setting-up Global In-house Centres (GICs) in India: Key regulatory considerations

In part VI of our series on key legal considerations for establishing global capability centres (“GCCs”) in India,[1] we discuss global in-house centres or GICs that precede and are a variant of current GCCs.

Continue Reading GCC Series: Setting-up Global In-house Centres (GICs) in India: Key regulatory considerations
FIG Paper

BACKGROUND

While the Reserve Bank of India (“RBI”) had in its August 10, 2022 press release stated that it is examining the First Loss Default Guarantee (“FLDG”) structures, the Digital Lending Guidelines issued by the RBI on September 2, 2022 neither permitted nor expressly prohibited loss sharing arrangements such as FLDGs, but recommended that provisions of paragraph 6(c) of the Reserve Bank of India (Securitisation of Standard Assets) Directions, 2021 dated September 24, 2021 (“Securitisation MD”) be adhered to for financial products involving contractual agreements such as FLDG. Paragraph 6(c) of Securitisation MD prohibits Regulated Entities (“RE”) from undertaking or assuming exposure under “synthetic securitisation” structures. This led to industry-wide confusion regarding the permissibility of loss sharing arrangements such as FLDG.

Continue Reading FIG Paper (No.18 – Series 2) RBI’s New Default Loss Guarantee Guidelines: Late but Not lost

FIG Paper

Pursuant to the Report of the Reserve Bank of India (“RBI”) Working Group on Digital Lending, issued on November 18, 2021, and the RBI Press Release on ‘Recommendations of the Working Group on Digital Lending – Implementation’, dated August 10, 2022 (“August Press Release”), the RBI released the Guidelines on Digital Lending on September 2, 2022 (“Guidelines”). Our Alert examines the key changes introduced and industry implications.Continue Reading FIG Paper (No. 17 – Series 2) – New Digital Lending Guidelines – Industry Implications