Gujarat International Finance Tec-City, known as GIFT City, has awarded its first full licence for a family investment fund, in a development for private wealth activity at the centre.
The approval went to Poornam Asset Management IFSC, reported Reuters, citing an official from GIFT City’s financial regulator who was not authorised to speak publicly.
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The licence comes as some wealthy Asian individuals look beyond Dubai amid geopolitical strains in the Gulf, the news publication noted.
“This registration highlights IFSCA’s commitment to establishing a globally competitive and flexible regulatory ecosystem for foreign family offices and private wealth structures,” IFSCA said in a statement.
Public filings show Poornam Asset Management has authorised capital of RS 7m ($75,175.86).
The company is led by Vineet Kulbandhu Sharma, who is based in London.
Sharma also manages two funds located in Hong Kong and London.
Earlier, GIFT City had given in-principle clearance to family office structures associated with Indian billionaire Azim Premji and Catamaran Artha, the family fund of Infosys co-founder Narayana Murthy.
Those entities have still not received final licences to run wealth management operations from GIFT City because of concerns about possible outflows of Indian capital, the official said.
Last year, HSBC enlarged its presence in GIFT City by opening a 12,550 ft2 office in Gujarat.
Its offering there includes foreign currency accounts, USD fixed deposits and investment products denominated in dollars.
The bank also provides wholesale banking for companies and corporate clients, covering international financial services, trade finance and payment services.
In addition, HSBC offers financial tools for managing foreign exchange exposure, risk and liquidity.
