Kotak Mahindra Bank issues India’s first FPI license to GIFT IFSC AIF
Kotak Mahindra Bank Limited (KMBL) on May 20 announced that it has issued the first-ever FPI license to the GIFT IFSC AIF of True Beacon Global. This is the first FPI license issued to an AIF incorporated in GIFT IFSC by any custodian bank/ Designated Depository Participant (DDP) in the country.
Sachin Samant, President – Banking and Financial Institutions Group, Kotak Mahindra Bank, said, “Foreign portfolio investments are now a reality through GIFT IFSC. As pioneers in this field, we look forward to onboarding new investors and providing them with a wide range of services catered towards their investments.”
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Kotak Mahindra Bank Limited Issues India's First FPI License |
Richard Pattle, Co-founder and CEO, True Beacon, said, “GIFT City provides an attractive avenue to invest into India. The establishment of True Beacon Global at GIFT City is an exciting new chapter for us. Undoubtedly, India is one of the most compelling investment destinations for ultra-high net worth individuals and institutional investors globally. We look forward to playing our part in attracting foreign capital to the country. We are grateful to Kotak for playing a pivotal role in procuring the FPI licence for us and look forward to continuing our partnership with them.”
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