Axis Trustee Services has become the first trustee to commence operations at the Gujarat International Financial Tec-City (GIFT) City's International Financial Services Centre (IFSC).
Axis Trustee will provide facility agency services to IFSC banking units for ECB transactions and trusteeship services to alternate investment funds (AIFs). The new venture is getting operationalised after regulatory approvals.
Axis Trustee will complete the ecosystem for fund business in GIFT IFSC. It may also offer escrow agency services for cross border M&A transactions.
In November 2018, the Securities and Exchange Board of India (SEBI) came out with regulatory framework for AIFs to set up operations in GIFT IFSC, thus opening doors for funding companies to consider GIFT as a preferred destination and Trustee companies to offer trusteeship services for such AIFs.