Aditya Birla Sun Life AMC Ltd receives approval from International Financial Services Centres Authority

Aditya Birla Sun Life AMC Limited (ABSLAMC) has been granted approval by IFSCA on November 28, 2022 to act as "Registered Fund Management Entity (NonRetail)" and carry out Alternative Investment Fund (AIF) and Portfolio Management Services (PMS) through a branch office in International Financial Services Centre (IFSC) in India. ABSLAMC's move to set up a 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.

Commenting on this development, Mr. A Balasubramanian, MD & CEO, Aditya Birla Sun Life AMC Limited said, "GIFT City is emerging as a financial gateway of a country for investment in India and globally. Our international business at GIFT City will be an integral part of that journey. In a phased manner, India dedicated institutional mandates will be managed from GIFT City. We are in the process of launching multiple fundsfrom GIFT City for global investors looking to invest in India. We will also provide investment solutions for Indian and NRIs investors seeking global exposure."

Shares of Aditya Birla Sun Life AMC Ltd was last trading in BSE at Rs. 428.40 as compared to the previous close of Rs. 433.50. The total number of shares traded during the day was 10586 in over 1573 trades.

The stock hit an intraday high of Rs. 432.00 and intraday low of 423.05. The net turnover during the day was Rs. 4542630.00.

Source : Equity Bulls

Keywords

AdityaBirlaSunLifeAMC INE404A01024 ABSLAMC IFSCA RegisteredFundManagementEntity GIFTCity IFSC