Awaiting regulatory clarity: GIFT City-bound family offices on hold

Family offices, including those of Azim Premji and NRN Murthy, have filed application for registration in Gift city

Indian family offices may have to wait before they are able to set up family investment funds (FIFs) in the International Financial Services Centre (IFSC) because the regulatory authority is awaiting clarification on this from the Reserve Bank of India (RBI) and the government.

Among the key family offices eyeing the GIFT-IFSC route are Premji Invest and Catamaran Ventures, which had applied last year with the IFSC Authority to set up and start operations at the emerging financial hub.

Premji Invest represents the family office of industrialist Azim Premji while Catamaran Ventures is its equivalent of Infosys