Kotak Mahindra Bank on Thursday signed a Memorandum of Understanding (MoU) with a wholly-owned subsidiary company of GIFT City, GIFT SEZ Ltd.
According to the MoU, the area of focus will be to ease market access and cross-border activities for the fund management community. Both will jointly work on promoting the GIFT IFSC jurisdiction for AIF fund structures, holding seminars and knowledge series, and ease of doing business.
Director of Kotak Mahindra Bank KVS Manian said,“The MoU between Kotak Mahindra Bank and GIFT SEZ will further enhance and strengthen our relationship as we work closely to improve the financial services ecosystem at GIFT for AIF Structures and Global Custodian Services.
He added that their endeavor is to provide easy market accessibility for both the domestic and overseas financial entities that plan to set up their operations in the financial & technology gateway of India.
Tapan Ray, MD and Group CEO of GIFT City said,“AIFs, as a distinct asset class, have grown significantly in recent times. At GIFT IFSC, wealth management business, including AIFs and custody operations, has immense business opportunities.
He added that the MoU with Kotak Mahindra Bank is a significant step in this regard as it will strengthen the vibrant and competitive ecosystem offered by GIFT IFSC, and draw international and domestic players operating in this segment.
