Kotak Bank relocates Mauritius domiciled fund to GIFT City
Kotak Mahindra Bank has re-domiciled Alchemy India Long Term Fund to India’s GIFT City from Mauritius.
The bank has issued the first-ever foreign portfolio investor licence to Alchemy’s fund for relocating from its original jurisdiction to the new jurisdiction.
“We are seeing great traction in various offshore business moving in IFSC in India. We would continue to work towards making IFSC in India a most preferred financial centre for International Financial Services,” says Dipesh Shah, executive director (development) of ISFCA.
Also read: ONGC Videsh has less than $100 million stuck in Russia, says official
“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,” says Hiren Ved, whole-time director, chief executive officer and chief investment officer, Alchemy Capital Management.