Practice areas
Regulatory, transactional, tax, private client and contentious work for those who build, invest and operate in GIFT City, and for the firms that advise them. Our practice runs across the IFSC business heads and the cross-border rules that connect them to the global financial system.
Establishment & regulation
GIFT IFSC establishment and licensing
From the choice of framework and entity to the certificate of registration, and the steps that follow commencement.
- Activity-to-framework mapping and entity selection
- Incorporation, LLP formation and foreign branch registration
- SWIT applications: Common Application Form and activity annexures
- Responses to IFSCA queries and meetings
- Lease filing, commencement and post-approval steps
SEZ approvals and compliance
The approvals and continuing obligations that every IFSC unit carries as an SEZ unit.
- Unit Approval Committee applications and Letters of Approval
- Bond-cum-legal undertaking
- Annual performance reports
- SEZ exit and de-bonding
Regulatory engagement and policy
Engagement with IFSCA on how its rules apply to a proposed product or structure.
- Informal guidance requests
- Consultation responses
- Product approvals and relaxations
- Regulatory change impact notes
Ongoing regulatory compliance
Keeping a registered entity in good standing with IFSCA after the certificate is issued.
- Compliance calendars and returns
- Change-of-control and KMP approvals
- Policy manuals
- Periodic compliance reviews
Investigations, enforcement and writs
Representation when IFSCA or another authority inspects, questions or acts against a regulated entity.
- Inspections and show-cause replies
- Adjudication hearings and settlement
- Appeals under the IFSCA Act
- Writ petitions before the High Court of Gujarat
Funds, wealth & private clients
Funds and asset management
Registration of fund management entities and the launch of schemes for international, NRI and family investors.
- Registration of the fund management entity in the appropriate category
- Venture capital, restricted and retail schemes; placement memoranda
- Portfolio management services
- Fund governance, fiduciaries and KMP certification
- Investor documentation and side letters
Family offices and family investment funds
Regulated structures through which a family holds and manages its global wealth from India.
- Family investment fund design and registration
- Family-controlled FMEs and third-party managers
- LRS contributions from resident members; NRI and OCI members
- Investment policy, governance charters and next-generation entry
- Foreign family offices in GIFT IFSC
NRI, OCI and resident investors
Investing personally through GIFT IFSC, whether resident in India or abroad.
- LRS investments: funds, accounts, securities
- NRI and OCI participation in IFSC funds
- Tax residence and treaty questions
- Foreign-currency accounts with IBUs
Succession, trusts and wealth structuring
Holding structures, trusts and family arrangements designed to last across generations.
- Trusts, holding companies and family arrangements
- Interaction of GIFT structures with wills and succession
- Family constitutions and governance
- Philanthropy structures
Relocation and redomiciliation
The transfer of funds, businesses and holding structures to GIFT IFSC from abroad or from within India.
- Offshore fund relocation
- Business transfers and the s.147(5) test
- Origin-jurisdiction steps with foreign counsel
- Investor and counterparty consents
Banking, finance & leasing
Banking
Branches and subsidiaries of banks in GIFT IFSC, and the administrative offices that serve their groups.
- IBU and IBC applications
- Banking Handbook compliance (GEN, COB, PRU)
- Product approvals and client documentation
- Home-regulator interface
Finance companies, treasury and lending
Non-bank lending, group treasury and the documentation of cross-border finance.
- Finance company and finance unit registration
- Global and regional corporate treasury centres
- Loan, security and intercreditor documentation
- ECB compliance for Indian borrowers
- Section 186 relief and company-law structuring
Aircraft and ship leasing
The establishment of lessors and financiers, and the life of a lease from delivery to redelivery.
- Lessor set-up under the IFSCA frameworks
- Lease, sale and financing documentation
- DGCA registration and de-registration; Cape Town filings
- Customs and tax on import, lease and transfer
- Repossession and enforcement
Trade finance and factoring
Receivables finance through the IFSC trade platforms, factoring and forfaiting.
- ITFS platform participation
- Factoring and receivables documentation
- NIRYAT scheme support for exporters
Restructuring and insolvency
Restructuring and insolvency where an IFSC entity or its counterparty is in distress.
- Insolvency and Bankruptcy Code proceedings
- Restructuring of IFSC loans
- Cross-border insolvency questions
Markets, insurance & fintech
Capital markets and listing
Registration of intermediaries, and the raising of equity and debt on the IFSC exchanges.
- CMI registration: brokers, custodians, advisers, distributors
- Equity and debt listings; direct listing of Indian companies
- Preferential issue, QIP and rights frameworks
- Credit rating agencies and ESG ratings providers
- Algorithmic trading compliance
Bullion and commodities
Participation in the India International Bullion Exchange, from membership to import and vaulting.
- Trading and clearing membership
- Vault manager registration
- Import and Good Delivery compliance
- Qualified jeweller and supplier onboarding
Insurance and reinsurance
Insurance and reinsurance offices, intermediaries and the placement of cross-border risk.
- IIO and IIIO registration
- Reinsurance programme structuring
- Mainland versus IFSC entry analysis
- Policy and treaty wordings
Fintech, payments and digital assets
The FinTech Sandbox, authorisation of payment services, and technology providers to financial institutions.
- FinTech Sandbox Framework 2026 applications
- Payment service provider authorisation
- Payment system operators
- TechFin service providers
- Tokenisation and digital-asset analysis
ESG and sustainable finance
Green, social and sustainability-linked issuance, and the disclosures that accompany it.
- Green, social and sustainability-linked bonds
- ESG fund disclosures
- ESG ratings providers
Tax & cross-border
Tax advisory
Income tax for IFSC units, the groups that own them and those who invest through them.
- Section 147 eligibility and the 20-out-of-25 window
- Section 218, MAT/AMT and investor exemptions
- TDS relief under CBDT notifications
- Transfer pricing for IFSC units in groups
- Transition from the 1961 Act
GST and customs
Indirect tax on supplies into, within and out of the SEZ.
- Zero-rated supplies to IFSC units
- Customs procedures for goods and aircraft
- GST on services by IFSC units
- Refunds and disputes
FEMA and foreign investment
The exchange-control consequences of money moving between the IFSC, India and the rest of the world.
- FEMA status of IFSC units
- Overseas direct investment by Indian groups
- ECB and lending into India
- Rupee accounts and rupee drawing arrangements
- Land-border investment restrictions
Sanctions, AML and financial crime
Sanctions, anti-money-laundering and financial crime questions across every jurisdiction a structure touches.
- Sanctions perimeter opinions (UN, US, UK, EU)
- IFSCA AML/CFT programmes and PMLA
- Investigations and voluntary disclosures
- FATCA and CRS
Tax disputes
The defence of IFSC tax positions before the tax authorities, tribunals and courts.
- Assessment and appeals
- Section 147 eligibility disputes
- Transfer pricing disputes
- ITAT and High Court representation
Corporate, people & technology
Corporate and commercial
The corporate and contractual foundations on which every IFSC entity rests.
- Incorporation and constitutional documents
- Boards, officers and governance
- Commercial contracts and outsourcing
- Joint ventures, acquisitions and investments into IFSC entities
- Company-law exemptions for IFSC companies
Global in-house centres, TechFin, ancillary and BATF
Captive centres for financial groups, and service platforms for technology and professional firms.
- GIC Regulations 2025 set-ups
- Global Administrative Offices for banks
- TechFin and ancillary service provider registration
- BATF service providers
- Group service agreements and transfer pricing support
Employment and immigration
Employing people in GIFT City, whether hired locally or seconded from abroad.
- Employment contracts under the labour codes
- Foreign national hiring and visas
- KMP qualification and certification
- Incentive plans and secondments
Data protection and cyber security
Compliance with the Digital Personal Data Protection Act and IFSCA's cyber security requirements.
- DPDP readiness for 13 November 2026 and 13 May 2027
- Privacy notices, consent and data-principal rights
- Cyber policies and incident response under IFSCA circulars
- Cloud and outsourcing contracts
- Cross-border data transfers
Intellectual property
The protection and licensing of brands, software and data.
- Trade mark strategy and filings
- Software and data licensing
- IP assignment in group and employment contracts
Education campuses
International branch campuses and offshore education centres in GIFT IFSC.
- International branch campus and offshore education centre applications
- Annual reporting
- Faculty and student matters
Disputes & global counsel
Arbitration and commercial disputes
The resolution of commercial disputes, in India and abroad.
- Dispute clauses and seat selection
- Arbitration in India and abroad
- Enforcement of awards and judgments
- Commercial court litigation in Gujarat
Real estate, leases and Gujarat
Premises in GIFT City, the law of the State of Gujarat and the incentives it offers.
- GIFT City leases and SEZ premises approvals
- Stamp duty and registration
- Gujarat incentive applications
- Land and property transactions in Gujarat
International counsel collaboration
Indian counsel to law firms abroad on matters in GIFT City.
- Indian-law opinions on GIFT matters
- Local counsel on transactions and regulatory filings
- Coordinated advice with foreign tax advisers
Where the practice is deepest
GIFT-City IFSC counsel
Company setup, tax and GST registration, Special Economic Zone (SEZ) approvals and ongoing compliance across all 20 IFSC business heads - banking (IBU / IBC), fund management (FME), insurance (IIO), aircraft and ship leasing, bullion exchange, capital markets, fintech, finance company / GRCTC, GAO and GIC, listing and credit rating. Each head has its own guide with an interactive tool.
Cross-border financial regulation
FEMA, RBI Master Directions, ECB framework, ODI Rules 2022, SRVA architecture, FATCA / CRS reporting, OECD CRS. Structured for foreign banks, foreign insurers and Indian groups expanding offshore.
Sanctions and AML compliance
U.S. OFAC EO 14024 + EO 14114 secondary-sanctions perimeter, U.K. OFSI Russia Regulations 2019 (Reg 11 / Reg 18C), EU Council Reg 269/2014 + 833/2014, FATF Recommendations, IAIS Insurance Core Principles. Compliance-led, opinion-grade output.
Insurance and reinsurance
IRDAI registration, Master Circular on Reinsurance, FRB Regulations 2024, IFSCA RIB Regulations 2021, Section 6(2) NoF (post-2025 Amendment Act), Section 3AA 100% FDI route, fit-and-proper opinions, fronting and rating-substitute architectures.
Income-tax Act 2025 and IFSC tax planning
Section 147 (the new 80LA(1A)) tax-holiday, Section 115JB(7) 9% MAT, Section 10(15)(ix) non-resident interest exemption, CBDT TDS exemption notifications, IFSC transfer-pricing positioning.