Sanjay Kaul Takes Charge as Head of GIFT City, Aiming to Strengthen Gujarat's Financial and Technology Hub.

Sanjay Kaul, a senior IAS officer from Kerala, has taken charge as the Managing Director and Group Chief Executive Officer of Gujarat International Finance Tec-City (GIFT City), India's first International Financial Services Centre. Kaul succeeds retired IAS officer Tapan Ray and brings over two decades of experience in public policy, infrastructure development, technology, and finance. He aims to build on the strong foundation laid by Ray and drive strategic initiatives to reinforce GIFT City's status as a globally successful financial and technology hub.

Sanjay Kaul, a seasoned senior IAS officer from Kerala, has assumed the role of Managing Director and Group Chief Executive Officer of Gujarat International Finance Tec-City (GIFT City), India's first International Financial Services Centre (IFSC). Kaul succeeds retired IAS officer Tapan Ray and brings over two decades of experience in public policy, infrastructure development, technology, and finance [1].

Kaul's appointment comes at a critical juncture for GIFT City, which aims to establish India as a global financial and technology hub. His strategic initiatives are expected to build upon the strong foundation laid by his predecessor and further reinforce GIFT City's status as a globally successful financial and technology hub.

GIFT City, which stands for Gujarat International Finance Tec-City, is an International Financial Services Centre (IFSC) and smart city located in the Gandhinagar district of Gujarat, India. Its primary purpose is to facilitate easy capital flows, dollar-denominated investments, and a regulatory architecture that mirrors international standards [1].

The International Financial Services Centres Authority (IFSCA), the regulatory body overseeing GIFT City, plays a pivotal role in the development and regulation of financial services within India's IFSCs. IFSCA was established on April 27, 2020, under the International Financial Services Centres Authority Act, 2019 [1].

Kaul's leadership will focus on several key areas:
1. Unified Regulatory Framework: IFSCA's unified regulatory approach aims to streamline compliance and reduce regulatory arbitrage, making it easier for global players to set up and operate in GIFT City [1].
2. Strategic Vision: Kaul will work to attract global financial institutions, IT companies, and other businesses by offering fiscal and regulatory incentives and promoting India's financial sector on the global stage [1].
3. Ecosystem Building: He will foster a robust ecosystem that supports the growth of various financial services, including banking, capital markets, insurance, asset management, and new-age financial technologies (FinTech) [1].
4. Regulatory and Supervision: Kaul will oversee the rule-making process for financial services and products, ensuring a supportive environment for innovation and growth [1].

Kaul's appointment is timely, given the ongoing market challenges and the need for strategic initiatives to bolster GIFT City's global standing. His extensive experience in public policy, infrastructure development, technology, and finance positions him well to drive the necessary changes and ensure GIFT City's continued success as a global financial hub.

References:
[1] https://www.zerodhafundhouse.com/blog/gift-city-indias-gateway-to-global-finance/
[2] https://www.gurufocus.com/news/2988912/metropolitan-bank-holding-corp-mcb-q2-2025-earnings-call-highlights-strong-eps-growth-and-strategic-initiatives