Aavishkaar Capital First to Get Licence for GIFT City

The impact investment arm of the Aavishkaar Group has become the first investment adviser to get a licence to operate in the country's first international financial services centre (IFSC) at Gujarat International Finance Tec-City, or GIFT City. Aavishkaar Capital has obtained this licence from the capital markets regulator Securities and Exchange Board of India (SEBI.  Aavishkaar Investment Advisers IFSC Pvt Ltd, a wholly owned subsidiary of Aavishkaar Capital, can now provide advisory services for foreign investors including offshore funds. "Our intention is to further strengthen our global fund management platform and a presence within IFSC will help us achieve that by allowing us to service our offshore clients more efficiently," said Vineet Rai, CEO at Aavishkaar Capital. SEBI had issued operating guidelines for investment advisers in the IFSC in January 2020, and gave certain relaxations via a circular dated February 28, 2020. An applicant needs to have a net worth of not less than $0.7 million. In case the investment adviser is set up as a subsidiary, the net worth requirement is to be met by the subsidiary itself. However, if the subsidiary does not meet the criteria, the net worth of the parent can be considered. An applicant needs to have a net worth of not less than $0.7 million. In case the investment adviser is set up as a subsidiary, the net worth requirement is to be met by the subsidiary itself. However, if the subsidiary does not meet the criteria, the net worth of the parent can be considered. The existing recognised entities in the IFSC can also apply for investment adviser registration without forming a separate company or LLP.