Dovetail Group has received an ‘administrator licence’ to provide a wide range of ancillary financial services to investors and enterprises. The move is aimed at fast-tracking business activities in GIFT City and providing end-to-end solutions to offshore investors and institutions.
Notably, the Dovetail Group, as an administrator, would provide services related to capital markets, offshore asset management, and ancillary services such as fund accounting, registrar and transfer agency (R&T), compliance assistance, and related administrative services.
GIFT City’s managing director and group CEO Tapan Ray said, “We are witnessing significant interest from various segments under ancillary service providers category, many have already commenced their operations in GIFT City. The addition of Dovetail Group would certainly strengthen the financial services ecosystem offered at GIFT City.”
Interestingly, businesses at GIFT City IFSC is significantly growing following the announcement of the launch of a comprehensive primary market framework and other measures by the government to attract foreign and domestic investors.
As the investors and enterprises require an end-to-end solution encompassing structure, planning, liaison, legal review, ongoing maintenance, launch and closing, banking, taxation, corporate administration, compliance, registration, primary issuances and listings among others, IFSCA recently issued licenses to financial services providers as administrator and the move is expected to attract international investors.
“After carving a niche in the financial services sector, we are encouraged by getting an administrator license from IFSCA. The issuance of a license to us is recognition of our deep expertise and experience in the financial service domain. We have ventured into consulting business where enterprises consult us for setting up AIFs (Alternative Investment Fund) and FPIs (Foreign Portfolio Investor) for investment in Indian markets. At GIFT City, we will be expanding our operations with a very wide range of services,” said Mahesh Shekdar, co-founder, Dovetail Group.
According to him, setting up AIF in GIFT City is a key area where Dovetail would be focusing on alongside other consulting services. The company would set up and take over the complete back-office operations and administration of Investment Manager and funds in GIFT City, investing in Indian capital markets.