The top law firms are expanding their presence in GIFT City as the country's only international financial hub crosses $100 billion in banking assets and draws an increasingly large roster of global clients, signalling a new phase for the Gujarat-based centre.
Khaitan & Co. and SNG & Partners are the latest to open offices at the International Financial Services Centre (IFSC), joining Trilegal, Cyril Amarchand Mangaldas, Economic Laws Practice and Dhaval Vussonji & Associates in building a permanent legal infrastructure at the site. The moves reflect a sharp expansion in the breadth of GIFT City mandates, which now include investment funds and aircraft leasing, as well as insurance, fintech, and multinational treasury operations.
“Having closely followed and contributed to the development of the legal and regulatory landscape over the years, we have witnessed first-hand the increasing maturity and scale of activity within GIFT City,” said Siddharth Shah, senior partner at Khaitan & Co., which opened their offices in GIFT City on 10 April. Another firm, Trilegal, said its decision to establish a GIFT City office was driven by the creation of the International Financial Services Centres Authority and the emergence of a dedicated regulatory framework.
The numbers support the optimism. The IFSC now has more than 1,034 registered entities, including 38 banks and 229 registered funds, all run by 162 fund management entities.
From niche hub to full-service centre
The law firms are also planning for the next wave of work. Cyril Amarchand Mangaldas, which has been in GIFT City since 2021, expects future mandates to come from data centres, artificial intelligence infrastructure, climate finance, digital assets, and foreign university campuses—all sectors that could further cement the centre's future as a rival to Singapore and other overseas financial services hubs.
"The next phase will not be about counting entities; it will be about the intricate activities they undertake once integrated and the growing substance," said Paridhi Adani, partner and head of CAM's Ahmedabad office.
CAM is advising clients on matters ranging from regulatory approvals and leasing transactions to investment funds, treasury structures, foreign university campuses, infrastructure development and real estate projects around GIFT City.
Mint reached out to several other law firms, such as Candour Legal, SNG & Partners, and India Juris. Along with banks like SBI, and Central Bank of India, and the regulatory body IFSCA, operating in GIFT City. Their responses were awaited at the time of publication.
Economic Laws Practice, one of the first firms to establish a presence in GIFT City, said its early investment has paid off as the ecosystem matured.
"It was a strategic decision by the firm to establish an office in GIFT City, and the business has since improved," said Nishant Shah, partner at ELP.
Law firms also point to multinational treasury centres as one of the fastest-growing segments within the ecosystem.
"GIFT City is increasingly viewed by MNCs as a global financial centre, with growing interest in establishing Global Treasury Centres in the IFSC," ELP said.
Lean operations in GIFT City
CAM is advising clients on matters ranging from regulatory approvals and leasing transactions to investment funds, treasury structures, foreign university campuses, infrastructure development, and real estate projects in and around GIFT City.
Dhaval Vussonji & Associates began operations in 2013 in GIFT City. The law firm described its presence as a strategic investment aligned with the long-term growth of the IFSC ecosystem.
Despite the growing opportunity, most firms continue to operate relatively lean teams. Khaitan & Co. has around 15-16 lawyers across Ahmedabad and GIFT City, while ELP's office comprises one partner and four to five professionals, with specialists from Mumbai, Delhi and other offices supporting complex matters when required.
According to law firms, most GIFT City offices currently operate with lean teams, reflecting the market's early stage of development and the need for specialized expertise rather than large-scale staffing.
"Over the next few years, the market is likely to reward firms that have invested early in specialist expertise and developed a nuanced understanding of the IFSC's unique regulatory framework," said Shah from Khaitan & Co.
According to a senior executive in one of the banks that has set up a branch in GIFT City, the legal challenges come from trying to “establish a global hub like a Dubai or Singapore. There is more documentation involved for setting up offices and a different set of compliances.”