“The branch will enable the trading of equities, derivatives, and various financial instruments,” a JPMorgan spokesperson stated in response to an inquiry from Bloomberg News. She mentioned that JPMorgan Securities Plc, based in London, has obtained a license from the International Financial Services Centres Authority (IFSCA), the governing body of the hub, to create a banking unit there.
Dipesh Shah, executive director at IFSCA, confirmed that the regulator granted a license to JPMorgan Securities earlier this month.
JPMorgan’s initiative highlights how Prime Minister Narendra Modi’s flagship project in western India is attracting interest from global banks and firms. Major players such as HSBC Holdings Plc, Standard Chartered Plc, and Mitsubishi UFJ Financial Group Inc have established substantial operations in GIFT City, with additional Asian banks following suit. Over 190 fund management entities have set up offices, along with universities, insurance companies, and technology firms.
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JPMorgan had previously launched a unit in GIFT City in 2024 for developing derivative products, while its Indian division opened a branch in the hub in 2022. This latest expansion will enable JPMorgan to trade financial instruments for clients located outside India.
GIFT City aims to establish itself as an international trading and lending hub, aiming to capture market share from well-established centers like Singapore, Hong Kong, or Dubai. It provides a range of incentives, including a decade-long 100% tax holiday for businesses.
As of September 2025, bank assets in the hub, which was initiated a decade ago, exceeded $100 billion, reflecting a 41% increase from the previous year and more than doubling since April 2023. However, the area has not become a residential hotspot, with most of the 28,000 individuals employed in GIFT City residing in nearby cities like Ahmedabad and Gandhinagar.
(Edited by : Juviraj Anchil)
