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Parag Parikh Financial Advisory Services has started its operations in GIFT City through PPFAS Alternate Asset Managers IFSC Pvt. Ltd.
The new office will serve as the hub for the firm’s global and domestic alternative investment offerings.
The company will offer PMS, inbound and outbound fund from its newly launched GIFT City base.
The inbound fund will be a fund of funds (FOF) that serves as a feeder into the existing mutual fund scheme "Parag Parikh Flexicap Fund". It targets NRIs and foreign nationals seeking exposure to India.
The benefits of this fund include the fact that there is no need for a PAN number, no requirement to open an NRO/NRE account, and no FPI license. Repatriation is not restricted, as funds are invested in US Dollars and currency risk is eliminated. Under the IT Act, any gains from unit transfers of the Fund are exempt from tax, and no TDS is deducted.
The outbound fund will enable resident Indian investors to use the Liberalised Remittance Scheme (LRS) limits and remit US dollars to invest internationally.
“We are excited to operationalise our presence in GIFT City. This marks a significant milestone for our alternate asset management journey and strengthens our ability to cater to both domestic and global investors,” said Nirmal Bari, Director and Principal Officer at PPFAS Alternate Asset Managers IFSC.
“The expansion to GIFT City aligns with PPFAS’s long-term vision of building a robust alternative investment platform that leverages the IFSC’s regulatory benefits and global connectivity,” said Rajeev Thakkar, Director, PPFAS Alternate Asset Managers IFSC.
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