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.
IFSCA constitutes Nilesh Shah headed expert committee on Investment Funds
May 25, 2021
Panel will recommend long-term vision for operation of Investment Funds in IFSCs
Gift city regulator IFSCA has constituted an expert committee on Investment Funds to recommend the roadmap for the funds industry in the International Financial Services Centres (IFSCs).
The committee – headed by Nilesh Shah, Managing Director, Kotak Mahindra Asset Management Co Ltd – has been tasked to recommend to the IFSCA on long-term vision for operation of Investment Funds in IFSC.
The 12-member panel comprises leaders from the entire fund management ecosystem including from areas such as technology, distribution, legal, compliance and operations.
Nilesh Shah to head IFSCA s expert panel on investment funds
By IANS |
Published on
Tue, May 25 2021 22:12 IST |
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Nilesh Shah to head IFSCA s expert panel on investment funds. Image Source: IANS News
New Delhi, May 25 : The International Financial Services Centres Authority (IFSCA) has constituted an Expert Committee on Investment Funds under the chairmanship of Kotak Mahindra Asset Management Co Ltd MD Nilesh Shah.
The committee will recommend the authority on the roadmap for the funds industry in the International Financial Services Centres (IFSCs).
It comprises of leaders from the entire fund management ecosystem including from areas such as technology, distribution, legal, compliance, and operations, said a Finance Ministry statement.
Synopsis
Foreign hedge funds can now operate in International Financial Services Centres in the country without getting a permanent account number, or PAN.
Agencies
Foreign hedge funds can now operate in International Financial Services Centres in the country without getting a permanent account number, or PAN. Foreign investors of category III alternative investment funds (AIFs) operating in IFSCs will not require PAN if they deduct tax from their income and provide details of investors’ name, address, country of residence and Tax Identification Numbers every quarter, the Central Board of Direct Taxes notified on Tuesday.
Category III AIFs include hedge funds. The board had already granted this exemption to foreign investors of AIF categories I and II. The move follows a representation by International Financial Services Centres Authority (IFSCA), an official said, adding, “This would pave way for a large number of category III AIF establishing a base in IFSCs.”