Monarch Networth Capital IFSC has received the certificate of registration as a Registered Fund Management Entity (Retail) from the International Financial Services Centres Authority (IFSCA).
The certification will enable MNCL Group to expand its offerings in the fund management business through introduction of value-added and globally competitive products.
The FME (Retail) license authorizes Monarch IFSC to undertake a wide range of fund management activities, including investing in securities and financial products, managing and launching retail investment schemes, launching Exchange Traded Funds, managing public offerings of REITs and InvITs and Family Investment Funds.
It can also undertake activities for FME Non-Retail such as launching restricted schemes, special situation funds, and Portfolio Management Services including multi-family office structures.
The FME (Retail) license has been selectively granted to a limited number of domestic financial institutions (majority of them being pure-play asset management companies) and MNCL Group was the first among the non-AMC companies to represent domestic financial services industry at GIFT IFSC.
MNCL Group currently operates a domestic AIF platform under Monarch AIF, managing about ₹900 crore of long-only equity AUM across two schemes. Having recently completed five years of operations; the Group is now planning to expand its product suite by launching appropriate equity-focused offerings from GIFT City in this fiscal and attract foreign investors under the AIF framework.
Additionally, MNCL Group has applied for a Mutual Fund license last fiscal and is actively engaging with regulators on related submissions and compliances.
Vaibhav Shah, Managing Director, Monarch Networth Capital said the Group looks forward to introducing differentiated investment products from GIFT City targeted at foreign investors and NRIs.
Leveraging the deep experience in the domestic AIF space and extensive retail reach, the company aims to deliver meaningful value to investors and clients, he said.