Aditya Birla Sun Life AMC Ltd receives approval from IFSCA to carry out PMS from GIFT City, Gandhinagar

Aditya Birla Sun Life AMC Limited (ABSLAMC) has been granted approval by International Financial Services Centres Authority (IFSCA) on January 20, 2022 to carry out Portfolio Management Services (PMS) through a branch office in International Financial Services Centre (IFSC) in India. ABSLAMC's move to set up new unit at the Gujarat International Finance Tec-City (GIFT City) is a strategic step towards growth of its international business to expand its reach and service global clients, including NRIs for investing in India. ABSLAMC is the fourth largest asset manager in the country with presence in over 280 locations pan-India and already has a presence in international markets such as Dubai, Singapore and Mauritius.

Commenting on this development, Mr. A Balasubramanian, MD & CEO, Aditya Birla Sun Life AMC Limited said, "This is a significant development in the overall business model of ABSLAMC. Through our GIFT IFSC branch we will be able to provide investment management and advisory services to prospective and existing clients across Sovereign Wealth Funds, Family Offices, Global Funds, Institutional Investors, High Net worth Individuals, among others. We will also provide investment avenues to Indian investors for making investments in competitive products in IFSC and outside India. ABSLAMC through its GIFT City unit will contribute towards the Government's initiatives to boost growth of IFSC in India".

Shares of Aditya Birla Sun Life AMC Ltd was last trading in BSE at Rs. 550.35 as compared to the previous close of Rs. 558.95. The total number of shares traded during the day was 18369 in over 2205 trades.

The stock hit an intraday high of Rs. 563.00 and intraday low of 548.15. The net turnover during the day was Rs. 10121323.00.

Source : Equity Bulls

Keywords

AdityaBirlaSunLifeAMC INE404A01024 ABSLAMC IFSC PMS IFSCAApproval