SEVERAL DOMESTIC ASSET managers said they are moving, or planning to move, some offshore fund business from financial centres such as Dubai and Singapore to Gujarat International Finance TecCity, or GIFT City, to gain better access to the capital markets. The government is promoting GIFT City as a "gateway for global capital and financial services for the economy" and is trying to attract companies through tax-breaks and other incentives.
In the last six months, about eight of the 10 biggest domestic asset managers have either relocated their business, or set up new funds or filed for permits to move to GIFT City, according to executives at these funds.
This story is from the February 10, 2024 edition of Financial Express Mumbai.
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This story is from the February 10, 2024 edition of Financial Express Mumbai.
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