JPMorgan UK Unit Establishes New Branch in Gujarat's GIFT City Financial Hub
JPMorgan Securities Plc has established a new branch in Gujarat's GIFT City after receiving IFSCA approval, enabling trading of equities, derivatives and financial instruments for international clients. This marks JPMorgan's third presence in the financial hub, joining over 190 fund management entities and major global banks. GIFT City's bank assets exceeded $100 billion as of September 2025, growing 41% year-over-year, supported by attractive incentives including a decade-long 100% tax holiday.
*this image is generated using AI for illustrative purposes only.
JPMorgan Securities Plc has received regulatory approval to establish a new branch in Gujarat International Finance Tec-City (GIFT City), marking another significant expansion by a global financial institution into India's emerging financial hub. The London-based unit of JPMorgan Chase & Co. obtained its license from the International Financial Services Centres Authority (IFSCA) earlier this month, positioning itself to capitalize on the growing opportunities in India's low-tax financial center.
Branch Operations and Services
The new branch will focus on facilitating comprehensive trading operations across multiple financial instruments. According to a JPMorgan spokesperson, the facility will enable trading of equities, derivatives and other financial instruments, primarily serving clients based outside India. This strategic positioning allows JPMorgan to leverage GIFT City's regulatory framework designed to attract international financial services.
| Service Area | Details |
|---|---|
| Primary Focus | Trading of equities and derivatives |
| Target Clients | International clients based outside India |
| Regulatory Authority | IFSCA (International Financial Services Centres Authority) |
| License Status | Approved earlier this month |
JPMorgan's Expanding GIFT City Presence
This latest development represents JPMorgan's third significant establishment in GIFT City, demonstrating the bank's commitment to the financial hub's potential. The timeline of JPMorgan's expansion shows a strategic, phased approach to building its presence in the center.
| Year | Development |
|---|---|
| 2022 | Indian unit opened branch in GIFT City |
| 2024 | Established unit for derivative products development |
| Current | JPMorgan Securities Plc receives branch license |
GIFT City's Growing International Appeal
The financial hub has successfully attracted a diverse range of global financial institutions, with JPMorgan joining an impressive roster of international banks. Major players including HSBC Holdings Plc, Standard Chartered Plc, and Mitsubishi UFJ Financial Group Inc have established substantial operations in the center, alongside various Asian lenders.
The center's growth extends beyond banking, with more than 190 fund management entities establishing offices alongside universities, insurers, and technology firms. This diversification reflects GIFT City's ambition to become a comprehensive international trading and lending hub, competing with established centers such as Singapore, Hong Kong, and Dubai.
Financial Performance and Incentives
GIFT City's attractive business environment centers on significant tax incentives and regulatory advantages. The hub offers a 100% tax holiday for a decade to businesses, creating a compelling proposition for international financial services companies.
The center's financial metrics demonstrate substantial growth momentum:
| Metric | Value | Growth |
|---|---|---|
| Total Bank Assets (September 2025) | Over $100 billion | +41% year-over-year |
| Growth Since April 2023 | More than doubled | 100%+ increase |
| Workforce | 28,000 people | - |
Operational Dynamics
Despite its business success, GIFT City faces challenges in developing as a residential destination. Most of the 28,000 professionals working in the financial hub continue to reside in nearby cities, particularly Ahmedabad and Gandhinagar, commuting to GIFT City for work. This pattern reflects the center's evolution as a business district rather than a comprehensive urban development.
JPMorgan's expansion into GIFT City through its UK unit represents the continued international validation of Prime Minister Narendra Modi's vision for creating a world-class financial services center in western India. The establishment, now a decade old, continues to gain traction as global financial institutions recognize the strategic advantages of operating within India's specialized financial services framework.
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