India’s Unified Financial Regulator Gets A Landmark HQ In Gujarat’s GIFT City

The new building, comprising a total of 27 floors rising 106 metres, will see IFSCA occupying six to seven floors for its own use, while the remaining space will be leased out. The tower has a built-up area of 300,000 square feet. The foundation stone for the building was laid by Prime Minister Narendra Modi on July 29, 2022.

What Makes The Building Special

The focus, globally, is now shifting towards smart and efficient buildings something that reflects economic status and development. These state-of-the-art buildings also help in achieving the necessary sustainability goals and efficiency while attracting foreign investments. Singapore, Dubai and Shanghai are among cities which have moved towards smart building management. 

For example, Singapore’s Frasers Tower, a 38-storey tower houses IT giant Microsoft. Dubai boasts of the Burj Khalifa -- the world’s tallest building, which has now become an identity of the place.

Modi while laying the foundation stone of the IFSCA Tower said, “I believe this building, as grand in its architecture as it is, will create limitless opportunities to help make India an economic superpower.” The tower is now set to become operational in 2025 — merely three years from the commencement of its construction work.

A senior official from the authority noted that the floor plates have been efficiently designed to for optimal space utilisation, aligned with GIFT City’s master plan guidelines that regulate height, circulation, and landscaping. The building’s design also maximises energy efficiency by reducing glare and solar heat gain.

Another top official highlighted that the Centre established IFSCA through a Special Act in December 2019 with the aim to create a unified regulatory framework for international financial services.

The objective is to boost sectors like foreign currency-based banking, insurance, capital markets, and fintech services. The authority also help positioning India as a global financial hub. Previously, various sectors were regulated separately by SEBI, RBI, IRDAI, and PFRDA — but now IFSCA serves as a unified regulator.

According to official figures by IFSCA, the combined cost of ground and foundational work, MEP systems (mechanical, electrical and plumbing), façade (SCHEESCO), Building Management Systems (BMS), interior development, and technical infrastructure amounts to ₹250 crore. Civil construction is complete, and interior work is currently underway.

Main Objective Of IFSCA?

➢ To promote international financial service operations
➢ To regulate and supervise such transactions
➢ To establish India as a global financial hub

What Functions Does IFSCA Perform?

➢ Banking: Includes foreign currency loans, services for NRIs
➢ Capital Markets: Fund management, stock exchanges, etc.
➢ Insurance and Reinsurance
➢ Financial Technology (FinTech)
➢ These transactions are primarily conducted in foreign currency and aim to enable both Indian and global companies to conduct international business from within India.

Why Is IFSCA Located In GIFT City?

GIFT City is India’s first and only International Financial Services Centre (IFSC). It offers favourable tax policies, world-class infrastructure, and a conducive environment for foreign and domestic banks, brokerages, insurance firms, and fund managers. With IFSCA headquartered in Gujarat’s GIFT City, India would enter the competition to join the ranks of international financial centres such as London, New York, Singapore, and Dubai.

Key Features Of The IFSCA Tower:

➢ 27-storey tower with 300,000 sq ft of built-up space
➢ Platinum-rated green building with energy-efficient and sustainable design
➢ Equipped with cutting-edge technology and modern design
➢ Smart office infrastructure with a digital face
➢ Designed by HCP Design, Planning & Management Pvt. Ltd., the firm behind projects landmark projects like the Statue of Unity and Central Vista in Gandhinagar
 

What Will The Tower House?

➢ IFSCA’s headquarters
➢ Offices for FinTech firms, fund managers, insurers, and banks
➢ Meeting rooms, conference halls, and modern amenities
➢ Private office spaces for lease