Finance Bill amendment eases Mauritius funds' path for India shift

Topics Finance Bill | IFSC | GIFT City

An amendment to the Finance Bill has allowed a wholly-owned special purpose vehicle (SPV) of an offshore fund to transfer securities to an International Financial Services Centre (IFSC) fund in Gujarat, while also enabling the IFSC fund to issue units either to investors in the offshore fund or to the offshore fund itself.   This, said experts, will make it easier for Mauritius funds investing in India to shift to the IFSC. There are 600-800 Mauritius funds investing in India. Experts reckon up to 10 per cent of such funds could shift to the IFSC. The earlier Budget provi.....

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