FPI count at GIFT City doubles in last four months, shows NSDL data

Maiden IFSC emerges as preferred choice of fund managers

Foreign portfolio investors (FPIs) are expanding their presence at the Gujarat International Finance Tec-City (GIFT City) to benefit from lower costs and mitigate operational challenges in popular jurisdictions like Singapore and Mauritius.

The number of FPIs registered in GIFT International Financial Services Centre (IFSC) has doubled in the past four months.

According to data from the National Securities Depository, the number of FPIs registered at GIFT IFSC stood at 41 until February 2024, compared to only 21 until October 2023.

Many fund managers are increasingly looking to re-domicile their base to India’s maiden IFSC, say legal experts. This is because