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With the regulatory regime and licenses in place for fund administration now in place, allowing the country’s only global fund administrator and the only wide spectrum fund service provider, 'Basiz Fund Services' to offer regulated fund administration services, the Alternative Investment Fund (AIF) sector to set robust growth in India with an equally robust backend ecosystem. This makes the AIF universe holistic, for India Centric Funds to grow. It also allows global funds to use India as a hub for fund administration, creating a benchmark for service levels. Basiz Fund Service Private Limited, Ops Fund Services Private Limited, and Ops Global Capital Advisors Private Limited, ventures which are part and affiliates of Ops Global Singapore, has received authorization from the International Financial Services Centres Authority, Gandhinagar, Gujarat, India, to be registered as Ancillary Service Providers with the IFSCA. This authorization will enable the entities to offer a full-fledged range of end-to-end professional services to the Alternative Investment Fund Industry in funds domiciled in GIFT IFSC and elsewhere globally.

 

The 15-year-old fund reporting firm has offices in Chennai, Mumbai, and Gandhinagar in India besides international workspaces in New Jersey, Bahrain, and Singapore. Basiz is a major player in providing fund administration, accounting, fund tax, and financial statements compilations services to the AIF industry, fund tech & legal tech products It has a fund accounting history of providing support to over USD 18 billion across many asset classes and structures globally, besides a reporting history of more than 30,000 fund financials. 

 

"We are the global leader in financial reporting for funds having created a 'Scaling the skill' solution that is also Flexible. This is a rare blend for clients who look to a “Life cycle partner" at an affordable cost. We are also the only Independent firm that not only drafts a US tax return for a fund but also signs it right here in India. We also guide our tax clients on various choices they have while operating their fund from tax elections, to global connect and network to set up master & feeders elsewhere for both inbound and outbound wealth," says Aditya Sesh, MD, and Founder, Basiz.

 

The financial reporting firm is believed to be among the top 25 fund administrators globally both in terms of the number of funds administered as well as by AUA and with the new licenses in the GIFT City Gandhinagar, these numbers will only increase, mentioned Sesh. 

 

The GIFT authorization will enable the entities to offer a full-fledged range of professional services to the Alternative Investment Fund Industry in funds domiciled in GIFT IFSC and elsewhere. The authorization permits providing services relating to the preparation, the compilation, and review of financial statements, book-keeping, and accounting services, and compliance, trustee & secretarial services, among other things. Ops Global, Singapore, has active business interests worldwide in the areas of Fund Accounting and Fund Administration Services, Tax Services for USA and India software product development. 

The International Financial Services Centre Authority (IFSCA) has recently freed the sponsors to the fund, in cases of funds transferring from other domiciles to GIFT, from the need to perennially continue to hold an economic interest in the fund, thus increasing the attractiveness to shift funds domiciled elsewhere to GIFT Gujarat. We brought this regulatory gap to the notice of the authorities and after a deep discussion and presenting the acts, pros, and cons, we are very delighted that the IFSCA very quickly provided this facility through a notification, says Aditya Sesh. In his opinion, this along with other tax benefits, reasonable cost of operations, availability of skills and scale will certainly make domiciling in GIFT the first choice. In addition, Sesh says, this will put GIFT on the global map for administering funds, which he calls a “Missed Call" fund. Such funds are those that neither invest in India nor do they have investors from India, but use India for quality, best of breed, and scalable services. GIFT already provides a tax-free mechanism for such funds.  

With PM’s vision of “Make in India for the World", “Vocal for Local" vision has helped the AIF sector in offering best of breed services in India, that is capable of earning $50 bn annually, that would otherwise have been paid to service providers outside. The actual impact may be much bigger than we think when the employment opportunity spurs many indirect benefits.   


Disclaimer: This content is distributed by Digpu News Network. No HT journalist is involved in creation of this content.




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