 "GIFT City")
Axis Bank promoted Axis Trustee Services Limited has become the first trustee to start operations at Gujarat International Financial Tec-City (GIFT) City's International Financial Services Centre (IFSC).
According to a statement by GIFT City, Axis Trustee will provide facility agency services to IFSC banking units for their ECB transactions and trusteeship services to alternate investment funds (AIFs). It may also offer escrow agency services for cross border M&A transactions. Axis Trustee will complete the ecosystem for fund business in GIFT IFSC.
The new venture at GIFT IFSC is getting operationalised after regulatory approvals. In November 2018, SEBI came out with
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