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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.

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