{"id":24717,"date":"2026-04-20T19:42:03","date_gmt":"2026-04-20T14:12:03","guid":{"rendered":"https:\/\/trending.niftytrader.in\/?p=24717"},"modified":"2026-04-20T19:42:39","modified_gmt":"2026-04-20T14:12:39","slug":"ifsca-issues-first-gift-city-family","status":"publish","type":"post","link":"https:\/\/www.niftytrader.in\/markets\/ifsca-issues-first-gift-city-family\/","title":{"rendered":"IFSCA Issues First GIFT City Family Office Licence to Poornam"},"content":{"rendered":"<p data-section-id=\"1spc89e\" data-start=\"66\" data-end=\"147\">April 20 approval marks rollout of India\u2019s family office framework inside IFSC<\/p>\n<p data-start=\"149\" data-end=\"388\">On April 20, 2026, the <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">International Financial Services Centres Authority<\/span><\/span> (IFSCA) granted the first family office licence in <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Gujarat International Finance Tec-City<\/span><\/span> (GIFT City) to <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Poornam Asset Management IFSC Pvt Ltd<\/span><\/span>, according to a regulatory official.<\/p>\n<p data-start=\"390\" data-end=\"560\">This is the first final approval under GIFT City\u2019s family office framework, allowing private wealth to be structured and managed within India\u2019s offshore financial centre.<\/p>\n<p data-start=\"1327\" data-end=\"1520\">Also Check :<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><a href=\"https:\/\/www.niftytrader.in\/nifty50-contributors\">Nifty 50<\/a><\/li>\n<li><a href=\"https:\/\/www.niftytrader.in\/nifty-bank-contributors\">Bank Nifty<\/a><\/li>\n<li><a href=\"https:\/\/www.niftytrader.in\/stocks-price\/bse\">Sensex<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2 data-section-id=\"1eoh456\" data-start=\"567\" data-end=\"631\">What the licence allows and why it matters for private wealth<\/h2>\n<p data-start=\"633\" data-end=\"790\">The licence enables Poornam Asset Management to set up and manage a family investment fund from GIFT City, targeting ultra-high-net-worth (UHNI) capital.<\/p>\n<p data-start=\"792\" data-end=\"856\">Key structural features of GIFT City relevant to family offices:<\/p>\n<ul data-start=\"858\" data-end=\"1129\">\n<li data-section-id=\"19wqzf6\" data-start=\"858\" data-end=\"939\">0% capital gains tax for certain IFSC-based funds (subject to conditions)<\/li>\n<li data-section-id=\"zeo4qf\" data-start=\"940\" data-end=\"1005\">10-year tax holiday for eligible units under Section 80LA<\/li>\n<li data-section-id=\"k37w89\" data-start=\"1006\" data-end=\"1060\">No securities transaction tax (STT) on IFSC trades<\/li>\n<li data-section-id=\"1yv1ahm\" data-start=\"1061\" data-end=\"1129\">Liberalised foreign exchange framework under RBI-IFSCA oversight<\/li>\n<\/ul>\n<p data-start=\"1131\" data-end=\"1275\">These incentives position GIFT City as a competing jurisdiction to offshore hubs like Dubai International Financial Centre (DIFC) and Singapore.<\/p>\n<p data-start=\"1131\" data-end=\"1275\">Read More : <a href=\"https:\/\/www.niftytrader.in\/markets\/rupee-takes-a-hit-could-a-stronger\/\">Rupee Takes a Hit! Could a Stronger Dollar Push the Rupee Into Dangerous Territory?<\/a><\/p>\n<h2 data-section-id=\"l4qu78\" data-start=\"1282\" data-end=\"1319\">Key numbers behind the development<\/h2>\n<ul data-start=\"1321\" data-end=\"1734\">\n<li data-section-id=\"1w1eith\" data-start=\"1321\" data-end=\"1386\">Authorised capital (Poornam Asset Management): $75,175.86<\/li>\n<li data-section-id=\"1vxvgsc\" data-start=\"1387\" data-end=\"1437\">First final licence issued: April 20, 2026<\/li>\n<li data-section-id=\"1a9eqam\" data-start=\"1438\" data-end=\"1583\">Pending high-profile applicants: Family offices linked to <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Azim Premji<\/span><\/span> and <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Narayana Murthy<\/span><\/span><\/li>\n<li data-section-id=\"1xs3nvl\" data-start=\"1584\" data-end=\"1645\">Regulatory benefit window: Up to 10 years tax holiday<\/li>\n<li data-section-id=\"21e893\" data-start=\"1646\" data-end=\"1734\">Global UHNI wealth pool (Asia): Estimated over $10 trillion (industry estimates)<\/li>\n<\/ul>\n<p data-start=\"1736\" data-end=\"1864\">Despite earlier in-principle approvals, this is the first operational licence allowing actual fund structuring within GIFT City.<\/p>\n<h2 data-section-id=\"c12fns\" data-start=\"1871\" data-end=\"1935\">Who is Poornam Asset Management and why it was approved first<\/h2>\n<p data-start=\"1937\" data-end=\"2111\"><span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Poornam Asset Management IFSC Pvt Ltd<\/span><\/span> is led by <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Vineet Kulbandhu Sharma<\/span><\/span>, a London-based fund manager with experience managing funds across Hong Kong and London.<\/p>\n<p data-start=\"2113\" data-end=\"2271\">Regulatory sources indicated that global fund management experience and offshore structuring capability were key considerations in granting the first licence.<\/p>\n<h2 data-section-id=\"yi7p81\" data-start=\"2278\" data-end=\"2331\">Here\u2019s what happened today and why traders reacted<\/h2>\n<p data-start=\"2333\" data-end=\"2418\">The development had limited immediate market reaction, but triggered interest in:<\/p>\n<ul data-start=\"2420\" data-end=\"2526\">\n<li data-section-id=\"531mlm\" data-start=\"2420\" data-end=\"2450\">Asset management companies<\/li>\n<li data-section-id=\"1imnbx\" data-start=\"2451\" data-end=\"2494\">IFSC-linked financial service providers<\/li>\n<li data-section-id=\"1ir5wv3\" data-start=\"2495\" data-end=\"2526\">GIFT City ecosystem players<\/li>\n<\/ul>\n<p data-start=\"2528\" data-end=\"2562\">Traders remained cautious because:<\/p>\n<ul data-start=\"2564\" data-end=\"2722\">\n<li data-section-id=\"ktjdmt\" data-start=\"2564\" data-end=\"2607\">No immediate earnings impact is visible<\/li>\n<li data-section-id=\"1nfetaf\" data-start=\"2608\" data-end=\"2654\">Licensing scale is still at an early stage<\/li>\n<li data-section-id=\"1o8i9ff\" data-start=\"2655\" data-end=\"2722\">Large domestic family offices are yet to receive final approval<\/li>\n<\/ul>\n<p data-start=\"2724\" data-end=\"2813\">However, the move is being tracked as a long-term liquidity and capital flow trigger.<\/p>\n<h2 data-section-id=\"8wq4l7\" data-start=\"2820\" data-end=\"2870\">What impact on investors and financial markets?<\/h2>\n<p data-start=\"2872\" data-end=\"2890\">For investors:<\/p>\n<ul data-start=\"2891\" data-end=\"3122\">\n<li data-section-id=\"owqi8n\" data-start=\"2891\" data-end=\"2973\">Opens a regulated route for structuring offshore-like investments within India<\/li>\n<li data-section-id=\"1gg60xr\" data-start=\"2974\" data-end=\"3057\">Potential shift of Indian-origin wealth from foreign jurisdictions back to IFSC<\/li>\n<li data-section-id=\"xgovoe\" data-start=\"3058\" data-end=\"3122\">Increased participation in alternative investment structures<\/li>\n<\/ul>\n<p data-start=\"3124\" data-end=\"3140\">For markets:<\/p>\n<ul data-start=\"3141\" data-end=\"3297\">\n<li data-section-id=\"9948yc\" data-start=\"3141\" data-end=\"3184\">Long-term boost to capital market depth<\/li>\n<li data-section-id=\"1pz285i\" data-start=\"3185\" data-end=\"3244\">Potential inflows into IFSC-based funds and instruments<\/li>\n<li data-section-id=\"1d1zoxq\" data-start=\"3245\" data-end=\"3297\">Growth in fund management and advisory ecosystem<\/li>\n<\/ul>\n<h2 data-section-id=\"5kohx0\" data-start=\"3304\" data-end=\"3357\">The real shift: Competing with Dubai and Singapore<\/h2>\n<p data-start=\"3359\" data-end=\"3426\">Unlike offshore jurisdictions, GIFT City offers a hybrid advantage:<\/p>\n<ul data-start=\"3428\" data-end=\"3539\">\n<li data-section-id=\"14j58l9\" data-start=\"3428\" data-end=\"3477\">Offshore-style tax and regulatory flexibility<\/li>\n<li data-section-id=\"1ykwhrn\" data-start=\"3478\" data-end=\"3539\">Within India-linked jurisdiction and regulatory oversight<\/li>\n<\/ul>\n<p data-start=\"3541\" data-end=\"3560\">Key difference:<\/p>\n<ul data-start=\"3562\" data-end=\"3683\">\n<li data-section-id=\"cv8eih\" data-start=\"3562\" data-end=\"3613\">Dubai\/Singapore \u2192 Fully offshore wealth parking<\/li>\n<li data-section-id=\"1qis12d\" data-start=\"3614\" data-end=\"3683\">GIFT City \u2192 Offshore structure within Indian regulatory perimeter<\/li>\n<\/ul>\n<p data-start=\"3685\" data-end=\"3791\">This reduces friction for Indian-origin capital that previously had to move abroad for similar structures.<\/p>\n<h2 data-section-id=\"mtzqad\" data-start=\"3798\" data-end=\"3847\">Regulatory caution remains on capital outflows<\/h2>\n<p data-start=\"3849\" data-end=\"3929\">While the licence marks progress, approvals have been slow due to concerns over:<\/p>\n<ul data-start=\"3931\" data-end=\"4039\">\n<li data-section-id=\"1cnqjjz\" data-start=\"3931\" data-end=\"3974\">Potential capital flight from India<\/li>\n<li data-section-id=\"1v8uymj\" data-start=\"3975\" data-end=\"4039\">Regulatory arbitrage between domestic and IFSC jurisdictions<\/li>\n<\/ul>\n<p data-start=\"4041\" data-end=\"4145\">This explains why family offices linked to major Indian billionaires are still awaiting final clearance.<\/p>\n<h2 data-section-id=\"1gma9om\" data-start=\"4152\" data-end=\"4218\">Market outlook: Early-stage framework, scale will decide impact<\/h2>\n<p data-start=\"4220\" data-end=\"4281\">The first licence is a starting point, not a scale event.<\/p>\n<p data-start=\"4283\" data-end=\"4334\">For meaningful market impact, investors will track:<\/p>\n<ul data-start=\"4336\" data-end=\"4486\">\n<li data-section-id=\"17ph0gq\" data-start=\"4336\" data-end=\"4373\">Number of licences issued in FY27<\/li>\n<li data-section-id=\"3xh3kq\" data-start=\"4374\" data-end=\"4435\">Participation from large Indian and global family offices<\/li>\n<li data-section-id=\"1uoxt4z\" data-start=\"4436\" data-end=\"4486\">Actual capital inflows into IFSC-managed funds<\/li>\n<\/ul>\n<p data-start=\"4488\" data-end=\"4555\">Without scale, the impact remains structural rather than immediate.<\/p>\n<h2 data-section-id=\"ubhkk5\" data-start=\"4562\" data-end=\"4599\">FAQs: What investors are searching<\/h2>\n<h3 data-section-id=\"198ug89\" data-start=\"4601\" data-end=\"4650\">What is a family office licence in GIFT City?<\/h3>\n<p data-start=\"4651\" data-end=\"4791\">It allows firms to manage private wealth through structured investment funds within the IFSC, benefiting from tax and regulatory incentives.<\/p>\n<h3 data-section-id=\"1gxe2km\" data-start=\"4793\" data-end=\"4841\">Who can apply for a GIFT City family office?<\/h3>\n<p data-start=\"4842\" data-end=\"4973\">Typically, ultra-high-net-worth families, fund managers, and global wealth advisors meeting IFSCA eligibility and compliance norms.<\/p>\n<h3 data-section-id=\"dde88y\" data-start=\"4975\" data-end=\"5033\">What are the tax benefits of GIFT City family offices?<\/h3>\n<p data-start=\"5034\" data-end=\"5062\">Eligible entities can avail:<\/p>\n<ul data-start=\"5063\" data-end=\"5154\">\n<li data-section-id=\"1gmmgq4\" data-start=\"5063\" data-end=\"5103\">0% capital gains (in specific cases)<\/li>\n<li data-section-id=\"12s15p4\" data-start=\"5104\" data-end=\"5127\">10-year tax holiday<\/li>\n<li data-section-id=\"nhybl8\" data-start=\"5128\" data-end=\"5154\">No STT on transactions<\/li>\n<\/ul>\n<h3 data-section-id=\"wntkpz\" data-start=\"5156\" data-end=\"5211\">How is GIFT City different from Dubai or Singapore?<\/h3>\n<p data-start=\"5212\" data-end=\"5344\">GIFT City offers offshore-style benefits within an India-linked jurisdiction, reducing the need to shift capital fully overseas.<\/p>\n<h2 data-section-id=\"dgff5e\" data-start=\"5351\" data-end=\"5418\">Final takeaway: First licence issued, but scale is the real test<\/h2>\n<p data-start=\"5420\" data-end=\"5545\">The IFSCA\u2019s approval of the first family office licence marks the operational launch of GIFT City\u2019s private wealth framework.<\/p>\n<p data-start=\"5547\" data-end=\"5755\">For now, the impact is limited. But if approvals accelerate and capital follows, this could reshape how Indian and Asian wealth is structured\u2014potentially shifting flows back from traditional offshore centres.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>April 20 approval marks rollout of India\u2019s family office framework inside IFSC On April 20, 2026, the International Financial Services Centres Authority (IFSCA) granted the first family office licence in Gujarat International Finance Tec-City (GIFT City) to Poornam Asset Management IFSC Pvt Ltd, according to a regulatory official. This is the first final approval under [&hellip;]<\/p>\n","protected":false},"author":4,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[615],"tags":[],"ppma_author":[1331],"class_list":{"0":"post-24717","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stock-market-news"}," _eael_post_view_count":0,"authors":[{"term_id":1331,"user_id":4,"is_guest":0,"slug":"sourabh","display_name":"Sourabh Sharma","avatar_url":{"url":"https:\/\/trending.niftytrader.in\/wp-content\/uploads\/2025\/11\/Sourabh-Sharma.png","url2x":"https:\/\/trending.niftytrader.in\/wp-content\/uploads\/2025\/11\/Sourabh-Sharma.png"},"0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":""}],"_links":{"self":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts\/24717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/comments?post=24717"}],"version-history":[{"count":1,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts\/24717\/revisions"}],"predecessor-version":[{"id":24719,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/posts\/24717\/revisions\/24719"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/media\/24718"}],"wp:attachment":[{"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/media?parent=24717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/categories?post=24717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/tags?post=24717"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.niftytrader.in\/markets\/wp-json\/wp\/v2\/ppma_author?post=24717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}