Shah sees good interest from Institutions in IFSC.
Basiz Fund Service Private Limited, Ops Fund Services Private Limited and Ops Global Capital Advisors Private Limited, ventures which are part and affiliates of Ops Global of Singapore, has received the authorisation from the International Financial Services Centres Authority (IFSCA), Gandhinagar, to be registered as Ancillary Service Providers with the IFSCA.
This authorisation will enable the entities to offer a full-fledged range of professional services to the Alternative Investment Fund Industry in funds domiciled in GIFT IFSC and elsewhere.
The authorization permits providing services relating to preparation, compilation and review of financial statements, book-keeping and accounting services and compliance and secretarial services, among other things.
Ops Global, Singapore, has active business interests worldwide in the areas of Fund Accounting and Fund Administration Services, Proprietary Investments, Tax Services for the US and India as well as Software Development. Basiz Fund Services Group is India’s sole global fund administrator.
Reacting to this approval, Aditya Sesh, Founder and Managing Director, Basiz Fund Service, said,
“It is a great honour to be associated with the IFSCA. We are the first to suo motu apply to the regulator to be regulated as an Ancillary Service Provider. We believe that regulation is must for better Quality of Service and Standards. To us, association and participation in IFSCA, is also part of ‘Atma Nirbhar Bharat’ Program. For years, we have always been in the ‘Made in India for the World’ methodology, CA Aditya Sesh, Founder and Managing Director, Basiz Fund Service, said in a release on 17 May 2021.
“IFSCA has been most proactive in the entire process of our application with a business-oriented approach. In order to provide the vast array of services that we are planning, we plan to increase headcount across all the units to reach 40-50 high-end professionally qualified resources over the next three to five years. Most of these resources will be sourced locally,” said Sesh.
Dipesh Shah, Head (Development), IFSCA said, “We are seeing very good interest from Institutions for setting up operations in IFSC. We welcome Basiz Fund Services to IFSC, fund services would play important role in developing IFSC as a Hub for Global Funds.”
Basiz Fund Services is the first fund administrator to be licenced to set up shop in GIFT City, Gandhinagar. Operating from Chennai, Mumbai and Gandhinagar, besides international offices in New Jersey, Bahrain and Singapore, collectively with a 120+ qualified resources strength, Basiz is a major player in providing fund administration, accounting and financial statements compilations services to the AIF industry, fund tech products etc. for over the last 15 years.
It also has entered into an understanding with a leading European organisation to provide European VAT registration, filing and recovery services for Indian exporters exporting to Europe. It has a fund accounting history of providing support to over USD 18 billion across many asset classes and structures globally.
Basiz is a global leader in financial reporting for funds and also amongst the top service providers for fund administration. Basiz also provides US tax preparation and filing services from India in addition to our other services. Basiz also offers Software Products and People Bank Services to the fund Industry. #investment #funds #banking /fiinews.com
