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More Indian asset managers shift overseas business to GIFT City

VCCircle

VCCircle · 1y ago

More Indian asset managers shift overseas business to GIFT City

Several Indian asset managers are relocating their offshore fund business from financial centers like Dubai and Singapore to GIFT City in Gujarat, India. GIFT City is being promoted by the Indian government as a gateway for global capital and financial services, offering tax breaks and incentives to attract companies. In the last six months, eight out of the top 10 Indian asset managers have either relocated or set up new funds in GIFT City. The stable regulatory regime and proximity to Indian markets are driving these decisions, with cost-effectiveness also being a factor.

Related News

What investment opportunities does Gift city offer to NRIs?

Money Control

Money Control · 11m ago

What investment opportunities does Gift city offer to NRIs?

The GIFT International Financial Services Centre (GIFT IFSC) in India is gaining traction as a wealth management destination for high-net-worth individuals. It offers opportunities for fund managers to raise money from international investors, while also allowing Indian funds to launch products with investments in overseas jurisdictions. Banks are permitted to open accounts for managing international investments, and several leading banks have already established branches in GIFT city. Investment opportunities are available through the alternative investment fund (AIF) route, with a minimum investment size of $150,000. The GIFT IFSC aims to create a world-class finance and IT zone for India's financial services industry.

GIFT City: A Game-Changer For HNIs Seeking Global Investment Opportunities

Inc42 · 10m ago

GIFT City: A Game-Changer For HNIs Seeking Global Investment Opportunities

- GIFT City is positioned to become a global business hub and a leader in bullion trading. - Indian residents can invest in GIFT City by opening a foreign dollar-denominated bank account. - GIFT City offers a unique investment opportunity by allowing investors to diversify their portfolios globally. - GIFT City aims to transform India from a price taker to a price setter in the bullion market. - GIFT City provides a platform for international businesses to establish a presence in India and expand their operations.

VCs flocking to GIFT City to tap global investment opportunities - The Economic Times

Economic Times

Economic Times · 25d ago

VCs flocking to GIFT City to tap global investment opportunities - The Economic Times

Venture capital firms are increasingly setting up in Gujarat International Finance Tec-city (GIFT City) to streamline overseas investments, offering an alternative to offshore hubs like Mauritius. Prominent firms like Blume Ventures and 3one4 Capital have established offices there. While GIFT City presents a beneficial structure for foreign currency funds and tax exemptions, challenges include complex fund setup processes and unclear tax regulations. Despite these, investors find GIFT City a promising hub for India-US corridor investments.

Azim Premji's wealth fund gets nod to set up shop in GIFT City

VCCircle

VCCircle · 1y ago

Azim Premji's wealth fund gets nod to set up shop in GIFT City

Billionaire Azim Premji's wealth fund has received approval to establish a family investment fund in India's Gujarat International Finance Tec-City (GIFT City). This move allows the fund to invest overseas without regulatory approval. GIFT City, a financial hub in Prime Minister Narendra Modi's home state, has been implementing initiatives to attract foreign brokers and companies. Premji's family office declined to comment. The fund has $10 billion in assets, with the proposed GIFT entity planning an initial investment of $200 million. Approximately 80 funds with $24 billion in commitments have been set up in GIFT City.

Indian regulator asks fund managers to stop investing in overseas ETFs

Reuters · 1y ago

Indian regulator asks fund managers to stop investing in overseas ETFs

India's market regulator, the Securities and Exchange Board of India (SEBI), has instructed asset managers to halt inflows into schemes that invest in overseas exchange-traded funds (ETFs) from April 1. The directive comes as Indian mutual funds are nearing the $1 billion limit set by India on overseas ETF investments. The reason for the directive was not disclosed. The Association of Mutual Funds in India (AMFI) sent out an email notifying asset managers of the decision. Neither SEBI nor AMFI have provided further comments or clarification on the matter.

ADIA starts operations in India's GIFT City finance hub

VCCircle

VCCircle · 10m ago

ADIA starts operations in India's GIFT City finance hub

- ADIA, the largest sovereign wealth fund in the UAE, has started operations in India's tax-neutral finance hub, GIFT City. - GIFT City is a financial services hub that offers a 10-year tax holiday and no taxes on funds transfer from overseas jurisdictions. - The UAE is the largest Arab investor in India, with investments amounting to around $3 billion in the last fiscal year. - ADIA had announced its intention to establish a presence in GIFT City in July 2023. - The sovereign fund is setting up a $4-5 billion fund to invest in India through the finance hub.

Nasdaq talks to India about overseas listings for local companies

VCCircle

VCCircle · 1y ago

Nasdaq talks to India about overseas listings for local companies

U.S. stock exchange Nasdaq has been in discussions with Indian authorities about the possibility of allowing Indian companies to directly list on foreign exchanges. Currently, Indian companies are not permitted to list their shares overseas, but this move would give them wider access to capital. Nasdaq's Executive Vice Chairman, Edward Knight, expressed hope that foreign listings would be allowed beyond Gujarat International Finance Tec-City (GIFT), and that technology companies, in particular, would benefit from accessing global investors. The Indian government has made changes to the law in support of this, but specific details have yet to be released.

ADIA plans to invest $4-5 bn in India via GIFT City fund

VCCircle

VCCircle · 1y ago

ADIA plans to invest $4-5 bn in India via GIFT City fund

Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in UAE, is establishing a $4-5 billion fund to invest in India through a tax-neutral finance hub in Gujarat. ADIA has received in-principal approval from the regulatory authority of Gujarat International Finance Tec-City (GIFT City). This move allows ADIA to become the first sovereign wealth fund to invest in India via GIFT City and strengthens ties between the UAE and India. The funds will be invested over time, and GIFT City offers various benefits, including a 10-year tax holiday and proximity to Indian markets.

Paytm eyes global expansion with ₹100 Crore investment in GIFT City

Livemint

Livemint · 1y ago

Paytm eyes global expansion with ₹100 Crore investment in GIFT City

Indian fintech giant Paytm has announced a strategic investment of ₹100 crore in Gujarat International Finance Tec-City (GIFT City) to establish a global financial ecosystem. The company aims to leverage GIFT City's infrastructure to develop artificial intelligence-powered cross-border remittance solutions, offering faster and cheaper options for global transactions. Paytm plans to create a development center in GIFT City to build advanced financial products and services, serving as a hub for its global technology initiatives. This move aligns with Paytm's ambitions to expand beyond the domestic market.

SEBI allows foreign funds at GIFT City to take full investment from NRIs

VCCircle

VCCircle · 1y ago

SEBI allows foreign funds at GIFT City to take full investment from NRIs

India's market regulator, SEBI, has announced that foreign funds operating at Gujarat International Finance Tec-City (GIFT City) can now accept full investment from non-resident Indians (NRIs) and Indian-origin citizens. However, funds with over 33% of their equity assets under management (AUM) in a single Indian group must provide detailed disclosures about their investors. Funds with a combined equity AUM of over INR250bn ($3bn) will also need to make similar disclosures. This move is part of the Indian government's efforts to establish GIFT City as a global financial hub.

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