IFCI is the project management agency for various production-linked incentive (PLI) schemes launched by the Union government. It is also the verifying and monitoring agency for various capital subsidy schemes such as that for promoting faster adoption of electric vehicles
Markets regulator Sebi on Tuesday came out with guidelines for relocation of foreign funds to the International Financial Services Centre (IFSC). For relocation, a Foreign Portfolio Investor (FPI) or its wholly-owned special purpose vehicle may approach its Designated Depository Participants (DDP) for approval of a one-time off-market transfer of its securities to the resultant fund , Sebi said in a circular.
Sebi noted that tax incentives are provided for relocating foreign funds to IFSC under the Finance Act, 2021, in order to make the IFSC in GIFT City, Gujarat, a global financial hub. DDPs after appropriate due diligence may accord its approval for a one-time off-market transfer of securities for such relocation, Sebi said.