Azim Premji’s family office: India’s new finance hub GIFT City gives first nod to rich to invest abroad

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Key Points

Indias new financial hub granted its first approval to billionaire Azim Premjis family office to invest its capital overseas, raising hope for the nations wealthy as they wait for clarifications from regulators to make similar moves...

Premji Invest has received an in-principle approval to set up a so-called family investment fund at Gujarat International Finance Tec-City, also known as GIFT City based in Prime Minister Narendra Modis home state, according to people familiar with the matter..

Dozens of applications for FIFs that allow families to make investments across various asset classes and instruments offshore, are still pending, said the people, asking not to be identified discussing a private matter...

However, a few months later, the regulator told bankers in a call that these relaxed rules were not intended to allow wealthy individuals to set up family offices abroad and asked banks to stop facilitating these structures, according to some participants on the call..

GIFT City, which aims to be the first port-of-call for resident Indians who would have otherwise set up offices in Singapore and London, has a broad framework for launching these funds, IFSCA said on its website..

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