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June 01, 2021
K.P.Krishnan-led committee submits report to IFSCA Chairman Injeti Srinivas
Fund management activity in India’s GIFT City the only international financial services centre (IFSC) in India may soon get a fillip with an IFSCA appointed panel recommending the adoption of Variable Capital Company (VCC)-like legal structure for the fund industry in such IFSCs.
A VCC is basically an alternative form of corporate vehicle that dispenses with some of the key limitations of companies and LLPs and provides for higher regulatory standards than those applicable to trusts. A VCC can be used for both open-ended and closed ended alternative and traditional fund strategies.
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Expert panel on Variable Capital Company submits report to IFSCA
By IANS |
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Expert panel on Variable Capital Company submits report to IFSCA. Image Source: IANS News
New Delhi, June 1 : An expert committee has suggested separate legal framework akin to Variable Capital Company (VCC) for the purpose of conducting fund management activity in the International Financial Services Centres (IFSCs).
In its report submitted to International Financial Services Centres Authority (IFSCA) Chairperson Injeti Srinivas, the K.P. Krishnan-headed expert committee on feasibility of VCCs in the IFSCs recommended that a legal framework governing entities that undertake fund management would provide certainty and clarity to investors.
How to form a trust for a special needs child
Synopsis
Typically one or both parents of the special needs child are the settlers. They need to identify trustees who understand the child’s needs and will work in his best interests, besides being capable of managing the assets.
What is a trust?According to the Indian Trusts Act 1882, a trust is a legal entity created by the ‘author’ or ‘settler’ whereby he transfers assets (property/investments) to a second party called the ‘trustee´ for him to hold and manage it for the benefit of a third party called the ‘beneficiary’. There are two types of trusts: