FILE PHOTO: JPMorganChase sign at the company’s headquarters at 270 Park Avenue in the Midtown of New York City, US, September 9, 2025. REUTERS/Shannon Stapleton/File Photo | Photo credit: Shannon Stapleton
“The branch will facilitate trading in equities, derivatives and other financial instruments,” a JPMorgan spokesperson said in response to a query from Bloomberg News. She said London-based JPMorgan Securities Plc had been granted a license by the International Financial Services Centers Authority, or IFSCA, the hub’s regulator, to set up a banking unit in the centre.
Dipesh Shah, executive director of IFSCA, confirmed that the regulator had issued a license to JPMorgan Securities earlier this month.
JPMorgan’s move underlines how Prime Minister Narendra Modi’s pet project in Gujarat is gaining traction among global banks and other companies. HSBC Holdings Plc, Standard Chartered Plc and Mitsubishi UFJ Financial Group Inc have built huge businesses in GIFT City, while other Asian lenders are joining them. More than 190 fund management entities have established offices there, along with universities, insurers and technology companies.
JPMorgan had set up a unit in Gift City in 2024 to develop derivatives products, while the US bank’s Indian arm opened a branch in the hub in 2022. The latest move will allow JPMorgan to trade financial instruments for clients outside India.
Gift City aims to become an international trade and credit center and capture market share from established centers such as Singapore, Hong Kong or Dubai. It offers a range of incentives, including a 100 percent tax exemption for ten years for companies.
Banking assets in the hub, which was established a decade ago, totaled more than $100 billion as of September 2025, up 41 percent from a year earlier, and more than doubling from April 2023. Yet the center has not yet taken off as a place to live; most of the 28,000 people who work in Gift City stay in the nearby cities of Ahmedabad and Gandhinagar.
More stories like this are available at bloomberg.com
Published on January 21, 2026
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