IIFL Capital Services Limited, one of India’s leading wealth management, broking and investment banking firms, has received the Securities and Exchange Board of India (SEBI) nod to establish a wholly-owned subsidiary (WOS) at Gujarat International Finance Tec-City – International Financial Services Centre (GIFT IFSC).

The proposed entity — IIFL Capital Services (IFSC) Limited / IIFL Capital (IFSC) Limited — will operate as a separate legal entity and undertake permitted financial services and capital market activities in GIFT IFSC, subject to approvals from relevant regulators including the Reserve Bank of India and other authorities as applicable.

This approval marks an important step in expanding IIFL’s global financial services platform and strengthening its presence in international markets through India’s premier offshore financial hub. IIFL Capital is one of the largest wealth management, broking and investment banking firms in India with about $28 billion of assets under management and custody. IIFL Capital is also a leader in investment banking in India and institutional equities with sales teams based in Mumbai, Singapore, London and New York. The institutional business has wide customer base covering investors including sovereign wealth funds, pension funds, private equity funds, international and domestic mutual funds, insurance companies, hedge funds, and alternative investment funds.

Commenting on the development, R. Venkataraman, Managing Director, IIFL Capital Services Limited, said, “GIFT IFSC is emerging as India’s bridge to global capital. This approval enables us to build a dedicated international platform through which global investors can efficiently access Indian opportunities and Indian issuers can engage international pools of capital within a robust and transparent regulatory framework. We see significant long-term potential in facilitating cross-border capital flows and expanding our institutional and investment banking offerings from this jurisdiction.”

The IFSC subsidiary will focus on serving global investors, facilitating cross-border investment flows, and enhancing access to international financial products, while maintaining strict regulatory separation and governance standards in line with SEBI guidelines.