Chief, Gujarat International Finance Tec-City
Mr. Dipesh Shah, Chief (GIFT IFSC) Gujarat International Finance Tec-City Co. Ltd. (GIFT). GIFT City is developing Domestic and International Financial Services hub in Gandhinagar, Gujarat. Mr. Shah has over 18 years of professional experience in International Business, Project Development, Corporate Affairs, Corporate Law & Policy matters.
His most prominent achievement includes setting up and operationalizing India’s 1st Smart City and International Financial Services Centre (IFSC). He has been one of the founding member of GIFT City.
In last 10 years, during his tenure, GIFT City made substantial progress in getting recognition as India’s model Smart City, starting India’s first Multi Services SEZ and only approved International Financial Services Centre. He brought in the regulatory and business changes in the GIFT IFSC to bring in Banks (now transacting more than US$ 15 Billion), International Exchanges, inaugurated by Hon’ble Prime Minister of India (now daily turnover > USD 1.5 bn) and Insurance & re-insurance companies for undertaking offshore transactions. He has developed various business structures for Financial Services & related businesses in Special Economic Zone.
Dipesh has been closely working with Ministry of Finance, Ministry of Commerce, Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory & Development Authority of India to operationalize the IFSC and is part of task force under the Ministry for IFSC. Some of the major policy level work done by him in IFSC includes changes in Company Law for entities opening company in GIFT IFSC, competitive tax regime comparable to other International Financial Centres.
He brought in a major change with the tie up with Singapore International Arbitration Centre & GIFT IFSC for effective dispute resolution for the financial centre.
He is now leading the efforts of GIFT IFSC for establishment of a Unified Regulator for IFSC, which has been approved by the Parliament recently.
He has negotiated and tied up various International Co-operations for GIFT IFSC covering various jurisdiction namely Singapore, Dubai, Abu Dhabi Mauritius, New York, London and Astana. He is leading the GIFT IFSC efforts for tie up with Global exchanges and participation of Foreign institutions in GIFT.
Mr. Shah is a Bachelor of Commerce and is Chartered Secretary from Institute of Company Secretaries of India (ICSI) & Institute of Chartered Secretaries & Administrators, UK and has Post Graduate Diploma in Business Management (PGDM – MBA) from Nirma University, India with specialization in International Business & Finance. He is currently pursuing his Doctoral Program (PHD) in International Financial Services Centre (IFSC).
Other Key Positions held:
1. Chairman of Finance Committee, Gujarat State, Confederation of Indian Industry (CII)
2. Member of High level Committee of Ministry of Civil Aviation, Govt. of India for “Development of Avenues for Aircraft Financing and Leasing Activities in India.”
3. Part of International Financial Services Centre (IFSC) task force of Govt. of India.
Important Articles published:
• “Unified Regulator for IFSC – A Big step forward” – Economic Times, Feb 2018
• “Key requirements for setting up a Successful IFSC in India” was listed under top ten paper on Social Science Research Network, New York, USA (World’s largest research-based site).
• “How can India become a Global Financial Centre” - World Economic Forum online.
• “IFSC - A new way of doing International BFSI business from offshore location in India.” - Annual Issue of BSE Brokers Forum.
• “IFSC better late than never” – Financial Express
His earlier assignments included establishing various Companies / Projects in countries like USA, UK, New Zealand, Kenya, South Africa, Australia to name a few and Opening Foreign Subsidiaries & Branches under FEMA regulations. He has in his earlier assignments dealt with complex Corporate laws and commercial matters for operations of companies in India and abroad.