Virendra Pandit
Gandhinagar: Investment Advisory (IA) operations are all set to take off at GIFT City here with capital markets regulator SEBI giving license to an impact investing firm to begin its operation in India’s first International Financial Services Centre (IFSC).
Aavishkaar Investment Advisers IFSC Private Limited, a wholly-owned subsidiary of Aavishkaar Capital, the impact investing arm of the Aavishkaar Group, is the first investment adviser to obtain the SEBI license to start operations in GIFT IFSC.
It will provide advisory services for foreign investors, including offshore funds, said Tapan Ray, Managing Director and Group CEO, GIFT City.
“IA operations at GIFT IFSC will open a new business opportunity and help to serve foreign clients, including offshore funds in a cost-effective way. We are sure that the presence of Aavishkaar will encourage more market participants to consider GIFT IFSC for setting up their investment advisory business.”
Vineet Rai, Founder & CEO of Aavishkaar Capital and Chairman of the Aavishkaar Group said, “GIFT City has created able options within India for the fund management industry. A presence within IFSC will help us achieve that by allowing us to service our offshore clients more efficiently.”
SEBI had issued operating guidelines for IAs in IFSC on January 09, 2020.
The existing recognized entities in IFSC can also apply for IA registration without forming a separate company or LLP.
Currently, two international exchanges are operational which provide trading platforms for various products such as index derivatives, equity derivatives, currency derivatives, commodities derivatives, etc. Recently, SEBI permitted listing and trading of REITs and InvITs on IFSC Exchanges at GIFT City.
GIFT City is India’s first operational smart city and IFSC. An emerging global financial and IT services hub, it was designed to compete with globally-benchmarked business districts.