Ahmedabad: Ecosystem for funds at the International Financial Services Center for the Maiden India (IFSC) in Gujarat International Finance Tec-City (Gift City) formed with more than 20 alternative investment funds (AIF) is now registered with IFSC authorities, integrated regulators for IFSC in India.
20 AIF wants to manage RS 40,000 crore funds in the prize city in Gandhinagar which will land in international financial centers in Singapore or Mauritius, a official is close to developments.
25-30 other proposals for AIF are awaiting permission from the IFSC regulator, according to officials.
“In less than two years since the IFSC regulator was established, around 45 funds had called the gift city,” he said further.
The latest approval for getting IFSC Aditya Birla Sun Life AMC Limited (abslamc) was given approval by IFSCA on January 20 to carry out portfolio management services through branch offices at the International Financial Services Center (IFSC) in India.
The journey of Abslam to set up a new unit in Gujarat International Finance Tec-City (Gift City) is a strategic step towards its international business growth to expand global client reach and services, including NRI to invest in India, the company said in an announcement.
“This is a significant development considering, Aditya Birla will carry out this operation from IFSC than Singapore.
The Offshore Offshore Government Offoring through IFSC gets substantial momentum with IFSCA formation as an integrated financial regulator,” said an industrial expert who is aware of its development.
ABSLAMC is the fourth largest asset manager in this country with attendance.
280 Pan-India locations and already have a presence in international markets such as Dubai, Singapore and Mauritius.
“We see great momentum to prepare AIF in IFSC, the ECO-system system at IFSC now includes AIF, Fund Manager, PMS, IAS and fund administrators.
Activating the regulatory framework, competitive tax regime and low operating costs attracting the global fund structure on the IFSC gift , “said Dipesh Shah, Executive Director (Development) at the International Financial Services Center Authority (IFSCA).
AIF 20-ODD will handle around RS 40,000 Crore including the Avendus Group, asset assets and wealth management, among others.
In 2012, the Securities and Exchange of the Council of India (SEBI) introduced AIF regulations with the intention to regulate unregistered vehicle collection.
It aims to avoid regulatory gaps and have a field play level for all types of funds in India.
AIF is an investment vehicle collected personally who raises funds from investors (both India or foreign) to invest in accordance with the specified investment policy.
It plays an important role in the Indian fund regime and provides long-term capital and at high risk of various businesses at all their evolution stages, creating stability and entrepreneurial skills.
There are more than 500 AIFs listed with Sebi.
Apart from AIF, the ecosystem of funds in the IFSC prize consists of 25 fund managers, 6-7 portfolio management services (PMS) and 4-5 investment advisors registering the IFSCA source, the source said.
Guj: AIFS now makes Beeline for IFSC gifts
