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Friday, January 15, 2021
AIFs in GIFT City permitted to undertake leverage, subject to satisfaction of prescribed conditions.
Co-investment in portfolio companies permitted by AIFs in GIFT City through segregated portfolio, provided the investment terms are not favourable than those offered to the common portfolio and appropriate disclosures are made in the placement memorandum.
AIFs in GIFT City permitted to invest in domestic AIFs, alongside other permissible investments.
Diversification limits under the AIF Regulations not applicable to AIFs in GIFT City, subject to appropriate disclosures in the placement memorandum
The International Financial Services Centre (“
IFSC”) in the Gujarat International Finance-Tec (“
GIFT”) City at Gandhinagar, Gujarat is all set to offer a competitive and collaborative environment to the fund management industry in India. The establishment of the IFSC Authority (“
PALAK SHAH
An extension of term to Narendra Ahlawat, MD and CEO of MCX Clearing Corporation (MCX CC), is under discussion. His three-year term is to end in mid-2021 but has come up for renewal early because Ahlawat’s 2018 appointment as MD and CEO of MCX CC has been pending ratification as per the Companies Act.
In January,
BusinessLine reported that Ahlawat’s current appointment was erroneous as it was required to be ratified in the immediate EGM or the annual general meeting. This did not happen.
MCX CC is a fully owned arm of Multi Commodity Exchange (MCX. According to sources, there is a view within MCX that granting an extension to Ahlawat has legal complications. PS Reddy, MD and CEO of MCX, has sought SEBI’s opinion in the matter, the sources said.