Axis Trustee Services became the first trustee to commence operations in international finance services centre (IFSC) at GIFT City, a statement said.
In November 2018, Sebi came out with regulatory framework for Alternative Investment Funds (AIFs) to set up operations in GIFT IFSC, thereby opening doors for fund houses to consider GIFT as preferred destination and trustee companies to offer trusteeship services for such AIFs.
"Axis Trustee Services Limited (promoted by Axis Bank) became the first trustee to start operations at GIFT IFSC," the statement by GIFT City said Tuesday.
Axis Trustee will provide facility agency services to IFSC banking units for their external commercial borrowing transactions and trusteeship services to AIFs. It may also offer escrow agency services for cross border merger and acquisition transactions, it added.
"Trustee operations are key enabler for the eco-system as they provide key support for the growth of various businesses in IFSC. With Axis Trustee one of the reputed entity setting base in GIFT IFSC, it would help fund industry, banking and other key international financial services to set up base in GIFT.
"In coming days, we see a huge volume of transactions in the trustee operations to take place from this centre," Dipesh Shah, head IFSC-GIFT City, said.
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Gujarat International Finance Tec-City (GIFT City) is the Gujarat government project in partnership with IL&FS for developing India's first global financial hub.
GIFT is India's first multi-service special economic zone with IFSC status which is catering to the nation's large financial services market by offering global firms, world-class infrastructure and facilities.
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