Question
Which bank has successfully re-domiciled Alchemy India
Long Term Fund from Mauritius to GIFT City in Gandhinagar, which houses India’s first International Financial Services Centre (IFSC)?Solution
Kotak Mahindra Bank Limited has announced it has successfully re-domiciled Alchemy India Long Term Fund from Mauritius to GIFT City in Gandhinagar, which houses India’s first International Financial Services Centre (IFSC).  The bank has issued the first-ever foreign portfolio investor (FPI) license to Alchemy’s Fund incorporated in GIFT and registered with IFSCA for relocating from its original jurisdiction to the new one. This is the first such FPI license issued by a custodian bank or designated depository participant (DDP) in India, to a fund incorporated in GIFT City, to relocate an existing fund.
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