Gandhinagar: Morgan Stanley, a prominent global financial services company, has received in-principle approval from the IFSC Authority to establish an office at the International Financial Services Centre (IFSC) in GIFT City, Gandhinagar.

The company is expected to begin operations at GIFT City within the next six months with a Category III alternative investment fund (AIF). This move makes Morgan Stanley the first global fund to establish a presence at the emerging financial hub of GIFT IFSC.

According to Dipesh Shah, the executive director (development) at IFSC Authority, the globally benchmarked regulations, tax certainty, and competitive cost of operations are making GIFT IFSC the jurisdiction of choice for most global investors. Morgan Stanley’s decision to set up a fund in GIFT IFSC demonstrates the IFSC’s increasing global recognition in the fund industry.

Last year, the IFSC Authority registered over 50 funds with a total commitment of $11 billion to invest in Indian and global equities, debts, derivatives, and interest instruments.

Sources suggest that Morgan Stanley will invest $200 million to launch the global fund and increase its investment eventually. The IFSC Authority is providing fast-track approvals for around 15-20 funds in the pipeline for offices at GIFT City. DeshGujarat