After FM’s Tax Sops, True Beacon, Kedaara Capital & Basiz To Set Up Investment Funds In GIFT City

After FM’s Tax Sops, True Beacon, Kedaara Capital & Basiz To Set Up Investment Funds In GIFT City

SUMMARY

True Beacon is awaiting regulatory approval for setting up shop in GIFT City with a new launch of funds that is expected to deploy money in Nifty 50 stocks primarily

All three firms are reportedly looking to raise around $100-$200 Mn each initially under an AIF structure

The development comes after Finance Minister Nirmala Sitharaman, during this year’s Union Budget, announced tax incentives for certain units under the IFSC in the Ahmedabad-based GIFT City

Zerodha founders’ hedge fund True Beacon, private equity firm Kedaara Capital and fund accounting service provider Basiz have applied to set up alternative investment funds (AIFs) at the International Financial Services Centre (IFSC) at Gujarat’s GIFT (Gujarat International Finance Tec) City. 

According to ET, which first reported the development, True Beacon is awaiting regulatory approval for setting up shop in GIFT City with a new launch of funds that is expected to invest money in Nifty 50 stocks. The approval from IFSC is expected in early April. 

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