JPMorgan UK Unit Opens Branch in Gujarat's GIFT City, Boosting India's Financial Hub

• JPMorgan's UK unit, JPMorgan Securities Plc, has received a license from IFSCA to open a branch in Gujarat's GIFT City.
• The new branch will facilitate trading of equities, derivatives, and other financial instruments for clients outside India.
• This move highlights the growing traction of GIFT City, a flagship project of Prime Minister Narendra Modi, among global financial institutions.
• Other major banks like HSBC, Standard Chartered, and Mitsubishi UFJ Financial Group already have significant operations in GIFT City.
• GIFT City aims to become an international trading and lending hub, offering incentives like a 10-year tax holiday, with bank assets exceeding $100 billion.

Why It Matters: JPMorgan's UK unit opening a branch in GIFT City signifies the hub's growing appeal as a global financial center.