Kotak Mahindra first bank to relocate Mauritius Domiciled Fund to GIFT IFSC – Newz9

AHMEDABAD: Kotak Mahindra Bank Limited on Saturday introduced it has efficiently re-domiciled Alchemy India Long Term Fund from Mauritius to GIFT City in Gandhinagar, which homes India’s first International Financial Services Centre (IFSC). The bank has issued the first-ever international portfolio investor (FPI) license to Alchemy’s Fund included in GIFT and registered with FISCA for relocating from its unique jurisdiction to the brand new one. This is the first such FPI license issued by a custodian bank or designated depository participant (DDP) in India, to a fund included in GIFT City, to relocate an current fund.
“Alchemy’s India Long Term Fund would set a precedent for several other funds to evaluate the benefits of relocation and experience ease of business & operations in GIFT City,” mentioned Sachin Samant, president, Banking & Financial Institutions Group & Structured Finance, Kotak Mahindra Bank.
One of the important thing goals of GIFT IFSC is to carry again India-centric companies from offshore to onshore at GIFT City, in accordance to IFSCA’s govt director (improvement), Dipesh Shah. “We are seeing great traction in various offshore businesses moving to IFSC in India. We would continue to work towards making IFSC in India a most preferred financial centre for International Financial Services,” Shah mentioned.
Next month, Alchemy India Long Term Fund will full 15 years of operation. “The move to GIFT City will provide a solid foundation for many years of growth. We look forward to expanding our service offerings in GIFT City and are grateful to the International Financial Services Centres Authority and the Securities and Exchange Board of India (SEBI) officials for their support in making this possible,” mentioned Hiren Ved, complete-time director and CEO, Alchemy Capital Management.