Mumbai: IIFL Capital GIFT IFSC Subsidiary move gained momentum as IIFL Capital Services Limited announced that it has received a No Objection from the Securities and Exchange Board of India (SEBI) to establish a Wholly Owned Subsidiary (WOS) at Gujarat International Finance Tec-City – International Financial Services Centre (GIFT IFSC).
The proposed IIFL Capital GIFT IFSC Subsidiary entity – IIFL Capital Services (IFSC) Limited / IIFL Capital (IFSC) Limited – will operate as a separate legal entity and undertake permitted financial services and capital market activities in GIFT IFSC, subject to approvals from relevant regulators including the Reserve Bank of India and other authorities as applicable.
The approval marks a step in expanding IIFL’s global financial services platform and strengthening its presence in international markets through India’s offshore financial hub.
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IIFL Capital is among the largest wealth management, broking, and investment banking firms in India, with about $28 billion of assets under management and custody.
The company is also active in investment banking and institutional equities, with sales teams based in Mumbai, Singapore, London, and New York.
Its institutional business serves a wide customer base including sovereign wealth funds, pension funds, private equity funds, international and domestic mutual funds, insurance companies, hedge funds, and alternative investment funds.
IIFL Capital GIFT IFSC Subsidiary to Expand Global Financial Services Platform
Commenting on the development, R Venkataraman, Managing Director, IIFL Capital Services Limited, said: “GIFT IFSC is emerging as India’s bridge to global capital. This approval enables us to build a dedicated international platform through which global investors can efficiently access Indian opportunities and Indian issuers can engage international pools of capital within a robust and transparent regulatory framework.
We see significant long-term potential in facilitating cross-border capital flows and expanding our institutional and investment banking offerings from this jurisdiction.”
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The IIFL Capital GIFT IFSC subsidiary will focus on serving global investors, facilitating cross-border investment flows, and enhancing access to international financial products, while maintaining regulatory separation and governance standards in line with SEBI guidelines.
The company will now proceed with obtaining remaining regulatory approvals and operational clearances before commencing business operations.
