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The Gujarat government has appointed veteran banker Uday Kotak as the chairman of GIFT City, replacing Hasmukh Adhia, who held the position since mid-2023. The move is aimed at strengthening leadership at India's only operational International Financial Services Centre. Kotak brings decades of experience in banking and financial markets and is the founder of Kotak Mahindra Bank. His appointment comes as the central government has extended tax incentives for GIFT City entities to improve global competitiveness.
The Gujarat government has named Uday Kotak as the new chairman of Gujarat International Finance Tec-City Company Ltd, marking a leadership change at India's flagship financial services hub. He takes over from Hasmukh Adhia, who had been serving as non-executive chairman since June 2023. The appointment was formalised through a government resolution and has taken effect immediately. Advertisement
Kotak is widely regarded as one of India's most experienced financial sector leaders. He founded Kotak Mahindra Bank in 1985 and led the institution through its transformation into a full-service financial group with presence across banking, asset management, insurance, and capital markets. After completing his tenure as Managing Director and CEO in 2023, he continues to serve as a non-executive director on the bank's board.
GIFT City, located between Ahmedabad and Gandhinagar, was conceived as a global financial and technology hub and remains India's only operational International Financial Services Centre. It operates as a special economic zone and houses international banks, fintech firms, insurers, fund managers, and market infrastructure institutions. Over 1,100 entities are currently operational in the zone, including 35 IFSC banking units.
The leadership change comes at a time when policy support for GIFT City has been strengthened. The central government has recently extended the tax holiday for businesses operating in the IFSC from 10 years to 20 years, a move intended to enhance long-term investment certainty and attract global financial institutions.
Kotak has previously served on key regulatory and advisory committees, including assignments related to corporate governance and market reforms. His experience across financial regulation, capital markets, and institution-building is expected to support GIFT City's next phase of growth, particularly as it seeks deeper integration with global financial systems.
Source PTI
FAQ
1. Who has been appointed as the new chairman of GIFT City?
The Gujarat government has appointed Uday Kotak as the new chairman of Gujarat International Finance Tec-City Company Ltd, which manages and operates GIFT City. The appointment was formalised through a government resolution and has taken effect immediately, marking a change in leadership at India's flagship international financial hub.
2. Who did Uday Kotak replace in this role?
Uday Kotak has taken over from Hasmukh Adhia, who had been serving as the non-executive chairman since June 2023. Adhia's tenure coincided with a phase of policy consolidation and regulatory stabilisation at GIFT City, laying the groundwork for the next stage of growth.
3. What is Uday Kotak's professional background?
Uday Kotak is one of India's most experienced banking and financial sector leaders. He founded Kotak Mahindra Bank in 1985 and guided its transformation into a full-service financial group with businesses spanning banking, asset management, insurance, and capital markets. After completing his tenure as Managing Director and CEO in 2023, he continues to serve as a non-executive director on the bank's board.
4. What is the significance of GIFT City in India's financial ecosystem?
GIFT City, located between Ahmedabad and Gandhinagar in Gujarat, is India's only operational International Financial Services Centre. It functions as a special economic zone and hosts a wide range of global and domestic financial institutions, including international banks, insurers, fintech firms, fund managers, and market infrastructure entities. Currently, more than 1,100 entities, including 35 IFSC banking units, operate from the zone.
5. Why is this leadership change important at this stage?
The leadership transition comes at a time when policy support for GIFT City has been strengthened. The central government has extended the tax holiday for IFSC entities from 10 years to 20 years, improving long-term visibility for investors. This enhanced policy environment makes leadership experience in global finance and regulation particularly relevant for the next phase of expansion.
6. What is expected from Uday Kotak's leadership at GIFT City?
With deep experience in banking, capital markets, regulatory frameworks, and institution-building, Kotak is expected to play a key role in guiding GIFT City's future direction. His leadership is likely to focus on strengthening governance, attracting global financial institutions, and supporting the IFSC's integration with international financial systems as it scales up operations.
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