The International Financial Services Centres Authority (IFSCA) was established on April 27, 2020, under the International Financial Services Centres Authority Act, 2019, and is headquartered at GIFT City, Gandhinagar, Gujarat.
IFSCA is India’s unified regulator responsible for the development and regulation of financial products, financial services, and financial institutions operating in International Financial Services Centres (IFSCs).
Prior to the establishment of IFSCA, financial services activities in IFSCs were regulated by multiple domestic regulators, including the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India(IRDAI), and the Pension Fund Regulatory and Development Authority (PFRDA). The creation of IFSCA has enabled a single-window regulatory framework, promoting regulatory clarity, consistency, and ease of doing business.
GIFT City (Gujarat International Finance Tec-City) is India’s first smart city and the country’s maiden International Financial Services Centre. Notified as a Multi-Services Special Economic Zone (SEZ) under the SEZ Act, 2005, GIFT IFSC commenced operations in April 2015. It has been envisioned as a global financial and technology hub offering world-class infrastructure, a competitive tax regime, and a robust regulatory environment comparable with leading international financial centres such as Dubai, Singapore, and London. GIFT IFSC plays a strategic role in strengthening India’s integration with global financial markets andin developing specialized financial sectors, including aircraft leasing, under the regulatory oversight of IFSCA.
The Indian aviation sector is among the fastest-growing aviation markets globally and continues to witness sustained growth in fleet size and air passenger traffic. A significant portion of aircraft operated by Indian airlines is leased from offshore jurisdictions. To support the growth of the aviation sector and promote onshore leasing capabilities, GIFT IFSC has emerged as a preferred jurisdiction for aircraft leasing activities, offering a stable and evolving regulatory framework, tax efficiency, and ease of cross-border transactions under the supervision of IFSCA.
Progressive Aviation Ventures IFSC Private Limited is proudly registered as a Finance Company with the International Financial Services Centres Authority (IFSCA) and operates from GIFT IFSC,Gandhinagar, Gujarat. The Company undertakes permitted financial activities strictly in accordance with the provisions of the IFSCA Act, the IFSCA (Finance Company) Regulations, 2021, and the Framework for Aircraft Lease,as amended from time to time. Progressive Aviation Ventures IFSC Private Limited holds a valid Certificate of Registration (CoR) issued by the International Financial Services Centres Authority (IFSCA).
• Registration Number: IFSCA/FC/AOL/2024-25/0030
• Category: Finance Company
• Permitted Activity: Undertaking operating lease of aircrafts in accordance with Clause 5.E of the Framework for Aircraft Lease issued by IFSCA
In accordance with the Certificate of Registration issued by IFSCA and the Framework for Aircraft Lease, Progressive Aviation Ventures IFSC Private Limited undertakes the following permitted activities from GIFT IFSC:
Aircraft, Helicopter and Aviation Asset Operating Leasing
Progressive Aviation Ventures IFSC Private Limited operates as an aviation asset leasing platform from GIFT IFSC, undertaking operating lease and related aviation asset transactions in accordance with the IFSCA (Finance Company) Regulations, 2021 and the applicable Aircraft Leasing Framework issued by the International Financial Services Centres Authority (IFSCA).
The Company’s permitted activities include:
Progressive Aviation Ventures IFSC Private Limited has established a Grievance Redressal Mechanism in accordance with applicable IFSCA requirements to address complaints and concerns from stakeholders.
Grievance Redressal Officer
Sarah Vasishtha
Email: vp@progressiveaviation.in
Employees, Vendors, Lessees or any one from Public can submit their grievances via email with relevant details. The Company endeavours to acknowledge and resolve grievances in a timely and transparent manner in accordance with its rules and regulations and as applicable IFSCA regulations and guidelines.
Key Managerial Personnel – IFSC
The key managerial personnel responsible for the operations of the Company at GIFT IFSC are as follows:
Chief Executive Officer (CEO):
Dr. Roopak Vasishtha
Email: ceo@progressiveaviation.in
The above details are updated from time to time in accordance with regulatory requirements.
Regulatory Disclosure
The information provided on this webpage is disclosed pursuant to applicable provisions of the IFSCA Act, the IFSCA (Finance Company) Regulations, 2021, and relevant circulars and guidelines issued by IFSCA from time to time. The disclosures are subject to modification in line with regulatory changes or directions issued by the Authority.
At Progressive Aviation, we’re here to support you every step of the way on your journey to aviation excellence.
