Alchemy Investment Management LLP has migrated its offshore ‘Alchemy India Long Term Fund’ to the International Financial Services Centre at Gujarat International Finance Tec-City (GIFT City).

The shift was enabled by the International Financial Services Centres Authority for India-sponsored funds and managers to re-domicile to India by making it tax neutral, especially those who had traditionally established themselves abroad to cater to offshore clients.

Also read: Alchemy Capital plans to launch hybrid AIF in early-FY24

This move is expected to make the fund structure efficient from both operations and cost perspectives.

Hiren Ved, Whole-Time Director, CEO and CIO of Alchemy Capital Management, said the company is looking forward to expanding its service offerings with the support of the International Financial Services Centres Authority and the Securities and Exchange Board of India.

Alchemy Investment Management LLP’s fund migration to GIFT IFSC represents a step forward in the country’s goal of becoming a global financial hub.

Dipesh Shah, Executive Director, International Financial Services Centres Authority, said the main objectives of the IFSC initiative is to bring back India-centric businesses from offshore to onshore in GIFT IFSC. “We are seeing great traction in various offshore businesses moving to IFSC in India,” he said.