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By Yatti Soni
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The chief financial officers of various private equity and venture capital firms have formed an association called PEVCCFOA to highlight the operational issues faced by funds trying to set-up operations in GIFT city, Gujarat.
PE/VC firms in the association include National Investment and Infrastructure Fund (NIIF), Kotak Investments, Blume Ventures, 3one4 Capital, ICICI Ventures, and HDFC Capital among others. Earlier this week, the association met International Financial Services Centres Authority (IFSCA) and Gujarat International Finance Tec-City (GIFT) city officials.
Some of the discussion points of the meeting included single integrated form for all approvals related to setting up in IFSCA, easing the set-up process for Indian fund managers exploring GIFT IFSC, reporting norms for entities set up in GIFT IFSC, rationalising SEZ (special economic zone) norms for funds and fund managers, matters related to taxation and FME (fund management entity) regulation, among others.
During the meeting, Injeti Srinivas, Chairman of IFSCA told the group about business opportunities in IFSC, initiatives taken for ease of doing business and regulatory changes done recently to make it an attractive destination for PE/VC Funds and various other businesses.
PEVCCFOA also met Tapan Ray, MD and Group CEO of GIFT City, who highlighted various steps taken by GIFT City for developing ecosystem for entities operating in GIFT City. This approach has enabled GIFT IFSC to emerge as a preferred destination for setting up of an offshore fund. The delegation discussed several operational matters related to establishment and operations of PE/VC funds from GIFT IFSC.
FSCA Chairman mentioned about the continuous focus on digital adoption by the authority to simplify the application process and other day to day operational compliances in the future. Chairman appreciated the creation of the PEVCCFOA and the meaningful role it can play in the future of AIF industry in the country. Comments
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