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    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)?
    A Axis Bank Correct Answer Incorrect Answer
    B DBS Bank India Correct Answer Incorrect Answer
    C Kotak Mahindra Bank Correct Answer Incorrect Answer
    D HDFC Bank Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    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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