IFSCA chairman K Rajaraman said the GIFT City bond market is primarily institutional, with Indian corporates raising offshore debt through NSE IX and India INX. While resident retail investors have limited access, regulators have strengthened disclosure and credit rating norms to protect investors. The market has seen $68 billion in outstanding issuances, including $16 billion in green and sustainable bonds, and may gradually open up through tools like fractionalisation and tokenisation.
