AHMEDABAD: Kotak Mahindra Bank Limited on Saturday introduced it has effectively re-domiciled Alchemy India Long Term Fund from Mauritius to Gift City in Gandhinagar, which properties India’s first International Financial Services Center (IFSC). The financial institution has issued the first-ever overseas 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 1st such FPI license issued via a custodian financial institution or designated depository player (DDP) in India, to a fund included in GIFT City, to relocate an present 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 targets of GIFT IFSC is to deliver again India-centric companies from offshore to onshore at GIFT City, in step with IFSCA’s government director (construction), 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 center for International Financial Services,” Shah mentioned.
Next month, Alchemy India Long Term Fund will entire 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 Centers Authority and the Securities and Exchange Board of India (SEBI) officials for their support in making this possible,” mentioned Hiren Ved, whole-time director and CEO, Alchemy Capital Management.
“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 targets of GIFT IFSC is to deliver again India-centric companies from offshore to onshore at GIFT City, in step with IFSCA’s government director (construction), 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 center for International Financial Services,” Shah mentioned.
Next month, Alchemy India Long Term Fund will entire 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 Centers Authority and the Securities and Exchange Board of India (SEBI) officials for their support in making this possible,” mentioned Hiren Ved, whole-time director and CEO, Alchemy Capital Management.