Kotak Mahindra Bank Becomes India’s 1st to Relocate Mauritius Domiciled Fund

Current Context: Kotak Mahindra Bank Limited has announced that 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).

• This is the first FPI license issued to a fund incorporated in GIFT by any custodian bank/ Designated Depository Participant (DDP) in the country to relocate an existing fund.
• The move is expected to provide a solid foundation for many years of growth and expansion of service offerings in GIFT City.

Question:

Q.1 Which bank has successfully re-domiciled Alchemy India Long Term Fund from Mauritius to GIFT City?
a. HDFC Bank
b. ICICI Bank
c. Kotak Mahindra Bank
d. Axis Bank