Ahmedabad (14.02.2026): In a significant shift toward private-sector leadership for India’s first International Financial Services Centre (IFSC), the Gujarat government has appointed veteran banker and industrialist Uday Suresh Kotak as the Chairman of Gujarat International Finance Tec-City (GIFT City).
The appointment was formalized via a resolution issued by the state’s Urban Development and Urban Housing Department. Kotak succeeds Hasmukh Adhia (Retd. IAS: 1982), the former Union Finance Secretary who had held the non-executive chairmanship since June 2023.
Kotak’s deep understanding of both Indian regulations and global capital markets is uniquely suited for the current phase of GIFT City, which is seeking to integrate more deeply with the global financial "plumbing."
Adhia’s exit from the Chairman role—after a relatively short stint—suggests that his "heavy-lifting" in terms of policy and land-use regulations is largely complete, clearing the runway for a commercial specialist like Kotak.
The Banking Titan’s Mandate:
Uday Kotak’s transition to the helm of GIFT City comes nearly two and a half years after he stepped down as the MD & CEO of Kotak Mahindra Bank, an institution he built over nearly four decades into one of India’s largest financial conglomerates. Currently a Non-Executive Director at the bank, Kotak is expected to leverage his global financial network to position GIFT City as a competitive alternative to hubs like Dubai (DIFC) and Singapore.
Why Kotak? Why Now?
The replacement of a seasoned bureaucrat (Hasmukh Adhia) with a private-sector legend (U S Kotak) signals a clear change in the government’s operational philosophy for GIFT City.
From Infra to Ecosystem:
While Hasmukh Adhia’s tenure focused on administrative streamlining and regulatory foundations, Kotak’s appointment suggests a pivot toward ecosystem building. His primary task will be attracting global investment banks and hedge funds to set up base in Gandhinagar.
Global Credibility:
By placing a "market darling" at the helm, the government is sending a signal of institutional stability and market-friendly governance to international investors.
