Several fund management entities (FMEs) operating out of Gujarat International Finance Tec-City (GIFT City) have come under the regulatory spotlight for failing to meet the 'substance' requirements.
According to sources, the International Financial Services Centres Authority (IFSCA) has issued advisories and warnings to around 10 FMEs that the unified regulator suspects could be operating from the International Financial Services Centre (IFSC) to lower tax burden.
The IFSCA has issued advisories to eight entities, while two have been given warnings for flouting the criteria laid down regarding having a minimum number of officials on the ground and meeting other thresholds.
Substance requirements refer to minimum criteria that need to be adhered to to avail the benefits of a financial hub. Most global financial hubs have a unique set of requirements.
Experts say that substance requirements for setting up shop at GIFT City are more cost-effective than other centres, such as those in Mauritius and Singapore.
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