13 scheme have relocated from foreign jurisdictions to GIFT City, says Pawan Shah of IFSC

Shah was speaking at the Global Securities Markets Conclave held at GIFT City in Gujarat on January 16.

Around 13 schemes have been relocated from jurisdictions like Singapore, Hong Kong, and Mauritius to GIFT IFSC, said Pawan Shah, general manager at IFSC. He highlighted that prominent foreign fund managers, including Morgan Stanley, ADIA, Lighthouse Canton, Mirae Asset, Lightrock, and several others, have registered in GIFT IFSC.

Shah was speaking at the Global Securities Markets Conclave held at GIFT City in Gujarat on January 16.

As per data curated by Shah, currently, GIFT IFSC is home to 139 fund management entities (FMEs), of which 123 are non-retail, 8 are retail, and 8 are authorized FMEs. In terms of schemes, there are a total of 198 registered schemes in the financial center. Category III AIFs lead the way with 114 schemes, followed by 73 schemes under Category I and Category II AIFs. Additionally, 11 schemes fall under the angel and venture capital category.

For non-retail schemes, 2,004 investors across various jurisdictions have made investments. On the PMS side, 100 investors have contributed under non-retail schemes. “While the number of investors might appear low, the scale of their investments is significant,” Shah said.

Currently, 20 FMEs are offering PMS services in GIFT IFSC.

The AUM of discretionary and non-discretionary PMS has witnessed remarkable growth, increasing from $18 million in September 2023 to $930 million in September 2024. Similarly, cumulative commitments rose from $4.73 billion in March 2023 to $12.13 billion in September 2024. During the same period, cumulative funds raised grew significantly from $1.17 billion to $5.58 billion.