Uday Kotak Appointed Chairman of GIFT City Company

Gujarat Strengthens Leadership at India’s Premier IFSC

The Government of Gujarat has appointed Uday Kotak as Chairman of Gujarat International Finance Tec-City Company Ltd , the state-promoted entity responsible for developing and managing GIFT City . He succeeds Hasmukh Adhia , who had served as non-executive chairman.

Leadership Shift at India’s Financial Gateway

GIFT City represents India’s first operational International Financial Services Centre (IFSC) and functions as a strategic hub for global financial activities. The leadership transition comes amid the city’s rapid expansion across offshore banking, insurance, fund management, aircraft leasing, and fintech services.

Uday Kotak’s Institutional Legacy

Uday Kotak, founder of Kotak Mahindra Bank , is widely recognised for building one of India’s leading private sector financial institutions. Beginning as a non-banking finance company in 1985, the organisation transitioned into a bank in 2003, expanding across diversified financial services.

His appointment is viewed as reinforcing governance, financial expertise, and investor confidence at GIFT City.

Strategic Role of GIFT City

Positioned as India’s flagship IFSC, GIFT City seeks to compete with established global financial centres. It offers tax incentives, regulatory flexibility, and integrated infrastructure designed for cross-border financial transactions. The International Financial Services Centres Authority (IFSCA) serves as the unified regulator within the zone.

Growth-Oriented Outlook

Kotak’s leadership coincides with policy efforts to deepen foreign capital inflows, enhance foreign currency operations, and strengthen India’s presence in international finance.

Exam-Focused Points

• GIFT City: India’s first operational IFSC

• Location: Gandhinagar, Gujarat

• Regulator: IFSCA

• Kotak Mahindra Bank: NBFC (1985) → Bank (2003)

• Focus: Global financial services integration