Representative mandates

Foreign asset manager launching a fund from GIFT

Manager regulated abroad wants a GIFT-based fund for global and NRI investors.

Facts that decide the route

Investor mix; scheme type; branch vs subsidiary; Indian investments

Authorities

IFSCA (FM Regs 2025); CBDT; RBI; SEBI (FPI interface)

The steps

1. Map the strategy to a scheme type (VC, restricted or retail).
2. Register an FME in the matching category; arrange KMPs in GIFT City.
3. Incorporate the FME (company or LLP) or register a branch.
4. File CAF + FME annexure on SWIT; obtain SEZ approval.
5. File the scheme's placement memorandum; appoint custodian, auditor and fiduciaries.
6. Onboard investors: non-residents freely, NRIs in foreign currency, residents within LRS.

Points that need care

• Home-regulator notifications for the parent manager.
• Investor tax and treaty positions.
• s.147 eligibility for the FME's income.

Read next

Fund Management Entities • Venture capital, restricted and retail schemes • The set-up sequence: office space to certificate of registration • Tax for IFSC units

Indian family setting up a family investment fund

Resident family wants to pool global investments via GIFT.

Facts that decide the route

Residence of family members; LRS limits; tax residency

Authorities

IFSCA; RBI (LRS); CBDT

The steps

1. Agree who counts as family and who will control decisions.
2. Choose a family-controlled FME or a third-party manager.
3. Form the fund vehicle and register it.
4. Resident members contribute within LRS; NRIs and OCIs contribute in foreign currency.
5. Adopt an investment policy and a family governance charter.
6. Plan succession: wills, trusts and transfer of fund interests.

Points that need care

• LRS limits and TCS on remittances.
• Tax on distributions and exit for resident members.
• Investments back into India follow the route-specific rules.

Read next

Family investment funds and family offices • Resident individuals investing through GIFT

Foreign bank opening an IFSC Banking Unit

Global bank wants to book USD lending to Indian corporates offshore.

Facts that decide the route

Branch vs IBC; home-regulator approval; lending to India

Authorities

IFSCA (Banking); RBI (ECB)

The steps

1. Decide branch (IBU) or subsidiary (IBC).
2. Obtain home-regulator no-objection.
3. File CAF + banking annexure.
4. Set up capital, liquidity and Handbook compliance.
5. Lend to Indian corporates within the ECB framework.

Points that need care

• Handbook version changes.
• Borrower-side ECB conditions.

Read next

IFSC Banking Units and IFSC Banking Companies • IBU branch or IFSC Banking Company • Lending from the IFSC to India

Multinational setting up a treasury centre

Group wants a regional treasury centre in GIFT.

Facts that decide the route

Group size; activities (netting, lending, hedging); staff

Authorities

IFSCA (FC Regs; GRCTC framework); CBDT; RBI

The steps

1. Confirm group activities fit the GRCTC framework.
2. Register as a finance company/unit for treasury.
3. Draft cash-pooling and intra-group loan agreements.
4. Apply company-law relief where eligible.
5. Document transfer pricing.

Points that need care

• Exchange-control on rupee legs.
• Substance of treasury decisions in GIFT.

Read next

Global and regional corporate treasury centres • Finance companies and finance units • Transfer pricing for IFSC units in groups

Indian corporate group creating an IFSC finance or holding unit

Indian parent sets up an IFSC unit for group financing.

Facts that decide the route

ODI route; splitting-up condition (s.147(5)); transfer pricing

Authorities

IFSCA; RBI (ODI); CBDT

The steps

1. Choose the IFSC entity type for group financing or holding.
2. Make the ODI filings from the Indian parent.
3. Test the s.147(5) splitting-up condition.
4. Register with IFSCA and SEZ.
5. Set intra-group terms.

Points that need care

• Splitting-up and reconstruction test for units commencing on or after 1 April 2026.

Read next

Indian groups setting up IFSC units • The section 147 deduction

Foreign reinsurer opening an IIO branch

Reinsurer wants to write Indian and regional risk from GIFT.

Facts that decide the route

Branch vs company; cedant rules; capital

Authorities

IFSCA (11 insurance regs); IRDAI

The steps

1. Confirm eligibility and home-regulator standing.
2. File CAF + insurance annexures.
3. Meet capital and solvency rules.
4. Plan reinsurance of Indian risks within cession rules.

Points that need care

• Tax on reinsurance income; s.147.

Read next

IFSC Insurance Offices • Reinsurance from GIFT IFSC

Foreign insurer choosing mainland or IFSC entry

Insurer weighs a mainland subsidiary (100% FDI) against an IIO.

Facts that decide the route

Lines of business; distribution; capital

Authorities

IRDAI; MoF; RBI; IFSCA

The steps

1. Compare onshore IRDAI entry with an IFSC IIO.
2. Model capital, business and tax in each.
3. Decide; or use both for different business.

Points that need care

• The regimes are not interchangeable.

Read next

Mainland or IFSC: routes for a foreign insurer

Aircraft lessor establishing in GIFT

Lessor sets up an IFSC entity to lease aircraft to Indian and foreign airlines.

Facts that decide the route

Lease type; lessee; Cape Town enforcement; tax on transfer (s.147(3)(d))

Authorities

IFSCA; DGCA; MCA; CBDT

The steps

1. Register the lessor under the aircraft leasing framework.
2. Document leases; DGCA and Cape Town filings.
3. Plan customs on import and export.
4. Plan tax on rentals and transfers (s.147(3)(d)).

Points that need care

• Business operations must commence by 31 March 2030 for transfer income to qualify.

Read next

Aircraft leasing and financing • The section 147 deduction

Shipping group leasing vessels from GIFT

Group leases ships to Indian and foreign operators.

Facts that decide the route

Lessee residence; flagging; TDS notification 75/2026

Authorities

IFSCA; MoCI; CBDT

The steps

1. Register under the ship leasing framework.
2. Plan flag and registration.
3. Document leases and financing.
4. Obtain Form No. 1(N) so lessees stop TDS on ship lease rent (Notification 75/2026).

Points that need care

• Flag-state rules.

Read next

Ship leasing and financing • TDS relief for IFSC units

Fintech start-up entering the sandbox

Payments-adjacent start-up wants to test with real customers.

Facts that decide the route

Track choice; client money; existing licences abroad

Authorities

IFSCA (Sandbox Framework 2026); PSP regs

The steps

1. Pick the sandbox model.
2. File the preliminary sandbox application.
3. Obtain in-principle approval, then Limited Use Authorisation.
4. Test, report and exit or graduate to full registration.

Points that need care

• Data protection and cyber rules apply during testing.

Read next

FinTech Sandbox Framework, 2026 • Regulatory, innovation and inter-operable sandboxes compared

Cross-border payment provider seeking PSP authorisation

Remittance firm wants an IFSC PSP licence.

Facts that decide the route

Services; escrow; RDA; RBI interface

Authorities

IFSCA (PS Regs 2024); RBI

The steps

1. Confirm the service type under the PS Regulations.
2. File the PSP application.
3. Build AML, safeguarding and technology controls.
4. Plan rupee drawing arrangements if relevant.

Points that need care

• RBI rules for any rupee leg.

Read next

Payment service providers • Rupee drawing arrangements for PSPs

Foreign broker registering as a capital market intermediary

Broker-dealer wants Global Access and IFSC exchange membership.

Facts that decide the route

Categories; Master Key; net worth

Authorities

IFSCA (CMI Regs 2025)

The steps

1. Register as a CMI (broker/clearing member).
2. Obtain exchange memberships.
3. Set up global access arrangements.
4. Certify KMPs within the timelines.

Points that need care

• Quarterly reporting norms (8 April 2026).

Read next

Capital market intermediaries • Global Access and remote trading

Indian company listing directly on an IFSC exchange

Unlisted public company considers an IFSC listing.

Facts that decide the route

Eligibility; Companies rules 2024; FEMA NDI; investor tax

Authorities

MCA; IFSCA (Listing); RBI; CBDT

The steps

1. Confirm eligibility under the direct listing rules.
2. Board and shareholder approvals.
3. Prepare offer document under the Listing Regulations.
4. FEMA reporting.

Points that need care

• Conditions turn on the constitution, shareholding and exchange chosen.

Read next

Direct listing of Indian companies • Listing equity and debt on IFSC exchanges

Issuer raising a green or transition bond

Corporate issues labelled debt on an IFSC exchange.

Facts that decide the route

Framework label; external review; greenwashing principles

Authorities

IFSCA (Listing; circulars)

The steps

1. Adopt a green or sustainability framework.
2. Obtain external review.
3. List under the Listing Regulations.
4. Report on use of proceeds.

Points that need care

• Label credibility.

Read next

Green, social, sustainability-linked and transition bonds

Financial group building a captive services centre (GIC)

Bank group moves operations work to GIFT.

Facts that decide the route

India revenue cap; operating model; staff transfers

Authorities

IFSCA (GIC Regs 2025)

The steps

1. Confirm the group qualifies under the GIC Regulations 2025.
2. Register the GIC.
3. Sign group service agreements.
4. Plan transfer pricing and data transfers.

Points that need care

• Group-only scope.

Read next

Global In-House Centres • Group centres compared: GIC, GAO, finance unit, TechFin and ancillary

Professional firm setting up BATF or ancillary services

Accounting/compliance firm serves non-resident clients from GIFT.

Facts that decide the route

Client residence; mirror-firm rules; 2026 amendments

Authorities

IFSCA (BATF; TAS)

The steps

1. Choose BATF or ancillary registration.
2. Register and set up premises.
3. Serve non-resident clients; check professional-body rules.

Points that need care

• 2026 BATF amendment.

Read next

BATF services • TechFin and ancillary services

Foreign university opening a GIFT campus

University evaluates an IBC or OEC.

Facts that decide the route

Eligibility; programmes; repatriation

Authorities

IFSCA (IBC/OEC Regs 2022); MoF

The steps

1. Confirm permitted courses.
2. Apply for a branch campus or offshore education centre.
3. Plan annual reporting.

Points that need care

• Reporting norms of 30 April 2026.

Read next

International branch campuses and offshore education centres

Jeweller importing bullion through IIBX

Qualified jeweller imports gold via IIBX.

Facts that decide the route

QJ eligibility; TRQ; RBI remittance

Authorities

IFSCA (Bullion); DGFT; RBI

The steps

1. Qualify as a jeweller or supplier on IIBX.
2. Import through a trading member.
3. Store in an IFSC vault; follow Good Delivery Guidelines 2026.

Points that need care

• Import circular of 22 September 2026.

Read next

Bullion: trading, clearing and vaults

Existing GIFT entity responding to an IFSCA notice

Registered entity receives a show-cause notice.

Facts that decide the route

Nature of breach; timelines; remedies

Authorities

IFSCA; courts

The steps

1. Read the notice and its time limits.
2. Collect documents; prepare a reply.
3. Consider settlement where available.
4. Attend hearing; preserve appeal rights.

Points that need care

• Do not miss the reply deadline.

Read next

IFSCA enforcement and adjudication • Inspections, enforcement and penalties

NRI investor using GIFT products

NRI wants USD deposits, funds and exchange access via GIFT.

Facts that decide the route

Product choice; tax; repatriation

Authorities

IFSCA; RBI; CBDT

The steps

1. Open a foreign-currency account with an IBU.
2. Invest in IFSC funds or IFSC-listed securities.
3. Check tax residence and treaty status.

Points that need care

• Residents (not NRIs) are subject to LRS.

Read next

NRI and OCI investment through IFSC funds • Foreign-currency accounts for residents through IBUs

Offshore fund relocating to GIFT

Existing offshore fund considers relocation.

Facts that decide the route

Relocation conditions; investor consent; tax neutrality window

Authorities

IFSCA; CBDT

The steps

1. Set up the FME and IFSC scheme.
2. Transfer assets for units.
3. Confirm tax neutrality conditions.
4. Handle origin-jurisdiction steps.

Points that need care

• Investor consents.

Read next

Relocating an offshore fund

Proposal, not yet a permitted activity

Technology company leasing GPUs from GIFT (proposal)

Lessor explores GPU and data-centre equipment leasing.

Facts that decide the route

Status: IFSCA consultation (Aug 2026), not yet law

Authorities

IFSCA (consultation)

The steps

1. Follow IFSCA's consultation on GPU leasing.
2. Model the business under the finance company framework if permitted.
3. Wait for the final framework before committing.

Points that need care

• Proposal only, not yet permitted.