Crestline Financial Group, a banking and asset management conglomerate regulated in the United Kingdom, an FATF-compliant jurisdiction, resolved to establish a support services hub at GIFT City to provide technology, ris

'Global-In-House Centre Unit (GIC Unit)' means a unit set up in International Financial Services Centre by an entity of a Financial Institution Group, either directly or through a third-party service provider, and registered under these regulations for undertaking the activities of Global In-House Centres under any of the operating models, viz Captive Centre, Build-Operate-Transfer, Joint Venture, Hybrid or any other model as may be permitted by the IFSCA. Eligibility Framework for GIC Units Any entity that: Belongs to a financial services group regulated in a jurisdiction compliant with the Financial Action Task Force (FATF); Intends to offer support services related to financial services in respect of financial product; Plans to serve only non-resident entities; Complies with the SEZ rules and obtains required approvals. The above eligibility criteria ensures that only serious, well-regulated groups operate within IFSC, maintaining a high standard of governance. Crestline IFSC Services Ltd.'s proposal to extend services to Pinnacle Fintech India Private Ltd. is inconsistent with the GIC framework. Under the IFSCA GIC Regulations, a GIC Unit must be registered under any of the mentioned operating model including a 'Captive' model meant to serve only non-resident entities within the same Financial Institution Group. Serving a domestic Indian resident or an entity outside the immediate 'Group' definition (like an associate) violates the core mandate of a GIC. Therefore, Crestline IFSC Services Ltd. must amend its business plan to remove the domestic service component to qualify for registration.