Comments
Axis Trustee Services (promoted by Axis Bank) has become the first trustee to start operations at GIFT IFSC.
Gujarat International Finance Tec-City (GIFT) is India’s first multi-services SEZ with International Financial Service Centre (IFSC) status.
Axis Trustee will provide facility agency services to IFSC banking units for their external commercial borrowings (ECB) and trusteeship services to alternate investment funds (AIFs). It may also offer escrow agency services for cross-border M&A deals.
In November 2018, SEBI had come out with the regulatory framework for AIFs to set up operations in GIFT IFSC, thereby opening the doors for fund houses to consider GIFT as a preferred destination and trustee firms to offer trusteeship services for such AIFs.
Sanjay Sinha, MD & CEO, Axis Trustee, said, “Given the high costs attached to maintaining overseas offices, it is cost-efficient to operate business from GIFT City. Further, the financial and fiscal incentives are also expected to add to the viability of businesses operating from GIFT. Given the funds-raising activities through Masala Bonds and regulatory nod to AIFs to operate from GIFT City, we see a lot of opportunities in the trustee services space. ECBs being undertaken by banks in GIFT City will open the window for facility agency services to trustee companies.”
Dipesh Shah, Head, IFSC, GIFT City, said, “Trustee operations are key enablers for the eco-system as they provide key support for the growth of various businesses in IFSC. With Axis Trustee setting base here it will help fund industry, banking and other key international financial services to set up base in GIFT.”
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.