India's leading brokerage firms, Zerodha, Groww, Angel One, and Upstox, have secured a significant green light from the International Financial Services Centres Authority (IFSCA). This approval allows them to offer international investment opportunities, including access to US and other global equities, through the Gujarat International Finance Tec-City (GIFT City) framework.
This development comes as investor interest in diversifying portfolios into global markets has surged, fueled by excitement surrounding high-profile technology listings and the burgeoning artificial intelligence sector. Recent public listings, such as SpaceX, along with anticipated IPOs from AI giants like Anthropic and OpenAI, have further intensified this enthusiasm.
Expanding Global Investment Avenues
The IFSCA, which serves as the unified regulator for financial institutions within GIFT City, has authorized these brokerages to expand their offerings. Zerodha and Upstox will operate as broker-dealers, while Groww and Angel One are set to function as Global Access Providers (GAPs). This distinction defines their operational roles within the new framework.
The Global Access Provider (GAP) framework, introduced by GIFT City in August 2025, was designed to create a regulated and cost-efficient channel for Indian investors to access international markets. A key benefit of this structure is the ability for investors to repatriate funds back to India without incurring withdrawal charges, enhancing the appeal of overseas investments.
Implementation and Technology Integration
While the approvals are in place, the brokerages anticipate a two to three-month period to complete the necessary technology integration, rigorous testing, and ensure full regulatory compliance before their new international investment services go live. This ensures a seamless and secure experience for investors.
For overseas trading, Zerodha and Upstox are expected to route transactions through established international clearing and brokerage firms. Currently, ViewTrade International has secured GAP approval, with Interactive Brokers and Alpaca Securities expected to launch their offerings after obtaining their respective clearances.
Meeting Investor Demand for Diversification
The move by these major Indian brokerages underscores a broader trend of increasing demand among domestic investors for international diversification. By leveraging the GIFT City framework, they aim to provide a streamlined and regulated pathway for Indians to participate in global growth stories, from US tech giants to emerging market opportunities.