Kotak Mahindra first bank to relocate Mauritius Domiciled Fund to GIFT IFSC – Times of India
“Alchemy’s India Long Term Fund would set a precedent for several other funds to evaluate the benefits of relocation and experience ease of business & operations in GIFT City,” said Sachin Samant, president, Banking & Financial Institutions Group & Structured Finance, Kotak Mahindra Bank.
One of the key objectives of GIFT IFSC is to bring back India-centric businesses from offshore to onshore at GIFT City, according to IFSCA’s executive director (development), Dipesh Shah. “We are seeing great traction in various offshore businesses moving to IFSC in India. We would continue to work towards making IFSC in India a most preferred financial centre for International Financial Services,” Shah said.
Next month, Alchemy India Long Term Fund will complete 15 years of operation. “The move to GIFT City will provide a solid foundation for many years of growth. We look forward to expanding our service offerings in GIFT City and are grateful to the International Financial Services Centres Authority and the Securities and Exchange Board of India (SEBI) officials for their support in making this possible,” said Hiren Ved, whole-time director and CEO, Alchemy Capital Management.
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