Kotak Mahindra Bank issues India’s first FPI licence to GIFT AIF

Kotak Mahindra Bank has issued the first-ever foreign portfolio investor (FPI) licence to the GIFT IFSC alternative investment fund (AIF) of True Beacon Global. This is the first FPI licence issued to an AIF incorporated in GIFT IFSC by any custodian bank or designated depository participant (DDP) in the country.

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AIF is an important business vertical at GIFT IFSC and offers huge benefits and a competitive edge for setting up a fund in IFSC at GIFT City. In partnership with Kotak Mahindra Bank, True Beacon launched its first AIF in GIFT-City with PricewaterhouseCoopers(PWC) as consultants.

Definitions:

  • Foreign Portfolio Investor: It means the investments made by investors in financial assets, such as stocks and bonds of entities located in another country.
  • Designated Depository Participant: It means a person who has been approved by the Securities Exchange Board of India (SEBI) under FPI Regulations, 2014, to buy, sell or otherwise deal in securities as a foreign portfolio investor.
  • Alternative Investment Fund: It is a privately pooled investment vehicle that collects funds from sophisticated investors, whether Indian or foreign, for investing it by a defined investment policy for the benefit of its investors. There are 3 Categories in AIFs (Category I AIFs, Category II AIFs, and Category III AIFs).

Important takeaways for all competitive exams:

  • Kotak Mahindra Bank is India’s first non-banking finance company which is converted into a bank;
  • Kotak Mahindra Bank Establishment: 2003 (Kotak Mahindra Finance Ltd. was established in 1985, converted to Kotak Mahindra Bank in 2003);
  • Kotak Mahindra Bank Headquarters: Mumbai, Maharashtra;
  • Kotak Mahindra Bank MD & CEO: Uday Kotak;
  • Kotak Mahindra Bank Tagline: Let’s Make Money Simple.

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