Markets regulator Sebi on Tuesday came out with guidelines for relocation of foreign funds to the International Financial Services Centre (IFSC). For relocation, a Foreign Portfolio Investor (FPI) or its wholly-owned special purpose vehicle may approach its Designated Depository Participants (DDP) for approval of a one-time off-market transfer of its securities to the resultant fund , Sebi said in a circular.
Sebi noted that tax incentives are provided for relocating foreign funds to IFSC under the Finance Act, 2021, in order to make the IFSC in GIFT City, Gujarat, a global financial hub. DDPs after appropriate due diligence may accord its approval for a one-time off-market transfer of securities for such relocation, Sebi said.
Cyril Amarchand Mangaldas has hired Desai & Diwanji Mumbai partner Ketaki Gor Mehta as a partner in its new office in the Gandhinagar-based office in the Gujarat International Finance Tec-City (GIFT), which it had announced in early May 2021 (alongside IC Universal Legal also opening in the city).
True Beacon Goes Global finanznachrichten.de - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from finanznachrichten.de Daily Mail and Mail on Sunday newspapers.
Exclusive content, features, opinions and comment - hand-picked by our editors, just for you.
Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
Track the industry of your choice with a daily newsletter specific to that industry.
Stay on top of your investments. Track stock prices in your portfolio.
NOTE :
The monthly duration product is an auto renewal based product. Once subscribed, subject to your card issuer s permission we will charge your card/ payment instrument each month automatically and renew your subscription.
In the Annual duration product we offer both an auto renewal based product and a non auto renewal based product.
Funds seek clarity on GIFT city sops amid coronavirus pandemic
As per the current regulations, any fund within GIFT City has to be managed by a manager with at least five years of experience.
Synopsis
Many fund managers are in the process of setting up new alternative investment funds (AIF) in the Section-3 category that mainly includes hedge funds, private equity and venture capital entities. There is ambiguity on whether a fund manager has to reside inside GIFT City, or how long he or she needs to stay there every year.
Fund managers looking to set up new entities in Gujarat International Finance Tec-City (GIFT) have reached out to their legal experts to figure out if they need to move in immediately or could they work remotely amid the pandemic and still be eligible for tax sops.