April 5: Assurance, advisory and consulting firm Grant Thornton Bharat on Tuesday informed that it has commenced operations from the new office at the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) from April 1, 2022.

The new office has been set up after obtaining requisite approvals, it informed in a statement here.

Grant Thornton Bharat CEO, Vishesh C Chandiok said, "The Centre and the Gujarat government have been focusing on developing IFSC and creating a global benchmark. As a firm working in tandem with authorities towards the betterment of the financial ecosystem of the country, it was important for Grant Thornton Bharat to be fully aligned with this project."

The firm has been working with the GIFT City Authority for several years and has been advising about the tax and regulatory advantages to Indian and overseas financial institutions and also other participants.

"Being the first IFSC in the country, it is imperative for banks, insurers, fund managers, stock exchanges, capital market intermediaries, law firms, accounting firms and business consultancies to be a part of this ecosystem and actively get involved in India’s growth story," Chandiok added.

GIFT City’s MD and Group CEO Tapan Ray commented on the development, "GIFT City is evolving as the preferred destination for doing business for many renowned Indian and International players offering ancillary services. As businesses continue to evolve in the new normal, we expect ancillary service providers to equip themselves with future-ready perspectives at par with other global financial centres, that will define the growth trajectory."