Africa-Press – Mauritius. Kotak Mahindra Bank, has successfully re-domiciled Alchemy India Long Term Fund from Mauritius to the International Financial Services Centre (IFSC), GIFT City.
This is the first-ever re-domicile foreign portfolio investor (FPI) licence to be issued by any custodian bank/ Designated Depository Participant (DDP) in the country to relocate an existing fund.
In May 2021, Kotak Mahindra Bank had issued the first-ever FPI license to an Alternate Investment Fund by bringing to GIFT IFSC the AIF of True Beacon Global.
Alchemy group was co-founded initially by Hiren Ved, the late Rakesh Jhunjhunwala and others. “We are proud to announce the first re-domicile FPI registration.
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 and operations in GIFT City,” said Sachin Samant, President, Banking & Financial Institutions Group & Structured Finance, Kotak Mahindra Bank
The relocation is a big boost for GIFT City as it seeks to establish itself as a leading international financial centre. “One of the important objectives of the IFSC initiative is to bring back India-centric business from offshore to onshore in GIFT IFSC.
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,” said Dipesh Shah, Executive Director (Development), ISFCA, said,
“Next month, our fund, ‘Alchemy India Long Term Fund,’ will complete 15 years of operation, and we believe that this 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,” said the CEO & CIO of Alchemy Capital Management, Hiren Ved. Alchemy’s relocation is expected to encourage other funds to relocate to GIFT City.
The move is also expected to boost GIFT City’s profile as an international financial centre and help it attract more offshore businesses to the country.
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