Board members of PEVCCFOA, which represents PE and VC funds that invest in India through AIFs, met IFSCA and GIFT City officials
Discussions took place on issues related to the establishment and operations of PE/VC funds from GIFT IFSC and addressing persisting issues: PEVCCFOA
GIFT, IFSCA willing to form a working committee to ensure the process for setting up AIFs at IFSC is streamlined
The board of the newly-formed Private Equity and Venture Capital CFO Association (PEVCCFOA) recently visited the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT) to discuss policy and operational issues related to PE and VC funds being set up at the tech city.
Injeti Srinivas, chairman of the International Financial Services Centres Authority (IFSCA), held discussions with the board members on business opportunities in IFSC, initiatives taken for ease of doing business, and the recent regulatory changes, the association said in a statement.
The government aims to make IFSC a global financial hub. As part of this, it is also looking to make GIFT IFSC an attractive destination for PE and VC Funds.
PEVCCFOA represents the PE and VC funds that invest in India through Alternative Investment Funds (AIFs) and Venture Capital Funds (VCFs). It will also coordinate with the regulators to ensure ease of operation.
As the government now wants the PE and VC funds to operate from GIFT IFSC, there are a few challenges visible. Hence, in the meeting, there were discussions related to the establishment and operations of PE/VC funds from GIFT IFSC and the ways it can be further streamlined by addressing the persisting issues, the statement said.
The board member of PEVCCFOA also met Tapan Ray, MD and Group CEO of GIFT, who highlighted various steps taken by GIFT to develop an ecosystem for entities operating in it.
The development of India’s maiden International Financial Services Centre at GIFT by IFSCA has enabled it to emerge as a preferred destination for setting up offshore funds, the association stated.
Ray also discussed issues relating to the special economic zones (SEZs) and funds operating therein and promised support to create frictionless pathways for funds to operate and invest from GIFT IFSC.
GIFT and IFSCA are also willing to form a working committee to ensure the process is streamlined, the statement said.
IFSCA is a regulator formed with the aim to promote ease of doing business in IFSC and provide a world-class regulatory environment. Its objective is to focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region and the global economy as a whole.
PEVCCFOA, which includes PE/VC firms like 3one4 Capital, Kotak Investment, among others, aims to empower the CFOs to discharge their fiduciary responsibility and improve governance standards and practices.
