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Sebi plans rules for advisers, PMS to operate in GIFT City

Sebi also considering allowing trading of new products like dollar-rupee derivatives in India’s first IFSC.

, ET Bureau|
Last Updated: Aug 24, 2019, 08.54 AM IST
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GANDHINAGAR: The market regulator plans to come out with guidelines for investment advisers and portfolio management services (PMS) to enable them to provide services at the international financial services centre (IFSC) in Gandhinagar. It is also considering allowing trading of new products like dollar-rupee derivatives in India’s first IFSC.

The Securities and Exchange Board of India (Sebi) has initiated a consultative approach with Gujarat International Finance Tec-city (GIFT City) and other stakeholders and is in an advance discussion stage for issuing operational guidelines for investment advisers.

While for portfolio management services, Sebi is awaiting a proposal form GIFT City.

Talking at a seminar in GIFT City, Sebi chairman Ajay Tyagi said: “Apart from Alternative Investment Funds (AIFs), there is a need for other fund management-related services such as investment advisers and portfolio management services to be moved to onshoring, which can give significant boost to the fund management industry in India. Now it’s a priority area for Sebi to issue operating guidelines for these activities.”

Once the guidelines are issued, those would encourage onshoring of advisory and portfolio management services into India, he said.

Last year, to encourage AIFs to set up their base in GIFT City, the regulator issued guidelines, providing clarity on several aspects with respect to setting up and operations of AIFs in the IFSC.

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