A 16-member expert panel appointed by the International Financial Services Centres Authority (IFSCA) last week recommended a special carveout for mutual funds wanting to invest in Gift City. Mint has seen a copy of the report.
Currently, any investments made by mutual funds are considered overseas investments, which are subject to various investment limits.
The Reserve Bank of India (RBI) allows the entire mutual funds industry to invest up to $7 billion in overseas companies. Also, no individual fund is allowed to invest more than $1 billion in foreign securities. The expert committee recommendation, if implemented, will ensure that their investments in Indian companies in Gift City are not considered and, overseas investment instead, a separate limit will be put in place for Gift City.
To be sure, Gift City currently offers only derivatives trading, and does not have any listed companies. The government is working to allow Indian firms to list directly from Gift City, before opening up direct overseas listings.
Bu hikaye Mint Mumbai dergisinin January 09, 2024 sayısından alınmıştır.
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Bu hikaye Mint Mumbai dergisinin January 09, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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