Financial Centre’s that cater to customers outside their own jurisdiction are referred to as international (IFSCs) or offshore Financial Centers (OFCs). All these Centres are ‘international’ in the sense that they deal with the flow of finance and financial products/services across borders. An IFSC is thus a jurisdiction that provides world class financial services to non-residents and residents, to the extent permissible under the current regulations, in a currency other than the domestic currency (Indian rupee) of the location where the IFSC is located. IFSC at GIFT, Gandhinagar is a deemed foreign territory dealing in foreign currency. The entities in IFSC are recognized as non-resident entity under the FEMA regulations of Reserve Bank of India and get benefits which include exemptions from security transaction tax (STT), commodity transaction tax, dividend distribution tax, capital gains waiver and no income tax. As per the SEBI (IFSC) guidelines, 2015, the stock exchanges operat