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Kotak Mahindra Bank on Thursday said it has issued the first-ever foreign portfolio investments (FPI) license to the GIFT IFSC Alternate Investment Fund (AIF) of True Beacon Global. “This is the first FPI license issued to an AIF incorporated in GIFT IFSC by any custodian bank or Designated Depository Participant in the country,” it said in a statement.
Sachin Samant, President – Banking and Financial Institutions Group, Kotak Mahindra Bank, said, “Foreign portfolio investments are now a reality through GIFT IFSC. We look forward to on-boarding new investors and providing them with a wide range of services catered towards their investments.”
Tapan Ray, MD and Group CEO, GIFT City, said, “AIF is an important business vertical at GIFT IFSC and offers huge benefits and a competitive edge for setting up fund in IFSC at GIFT City. We are witnessing huge interest from a large number of India centric AIFs to set-up their base in GIFT IFSC.”
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