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of <h1>India International Exchange in Gujarat Recognized as Stock Exchange Under Income-tax Act, 1961.</h1> The Central Government has designated India International Exchange (IFSC) Limited in Gandhinagar, Gujarat, as a recognized stock exchange under the Income-tax Act, 1961. This notification is effective from its publication date in the Official Gazette and is contingent upon several conditions related to trading in derivatives. These conditions include obtaining approval from the Securities and Exchange Board of India (SEBI), maintaining client records and audit trails, ensuring transaction integrity, and submitting monthly statements to the Director General of Income-tax. The notification remains valid unless SEBI approval is revoked or conditions are violated, which could lead to its rescission.
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