Mumbai, Aug. 6 -- Standard Chartered has received in-principle approval from the International Financial Services Centres Authority (IFSCA) to distribute capital market products from GIFT City, the bank said in a statement on Thursday.

The approval will allow the lender to launch its wealth management business from GIFT City, with retail services expected to begin over the next few months.

Standard Chartered was the first foreign bank to start operations in GIFT City in 2020. It currently offers lending, trade finance, transaction banking and financial markets products to corporate and institutional clients from the international financial centre.

P.D. Singh, chief executive for India and South Asia at Standard Chartered, said the bank...