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.