The government has been in discussions to promote such international financial services centres within India as alternatives to places like Singapore.
The government has brought in changes to the investment pattern for non-government provident funds, and superannuation and gratuity funds, enabling them to invest up to 5 per cent in the units of Category I and Category II alternative investment funds (AIFs), subject to some caveats. The development is part of the central government's strategy to channelise domestic savings and improve their returns to attract more investment in the said sectors. At present, these funds typically invest a minimum 45 per cent in government securities, besides new instruments, such as exchange-traded funds and real estate investment funds, while a portion in equity-related instruments.
Over 5 million alumni from the Indian Institutes of Technology, Mumbai University and Institute of Chemical Technology, Mumbai, plan to raise Rs 21,000 crore to start the world's largest infection testing lab in Mumbai.
Under Sebi guidelines, AIFs can operate broadly in three categories.
Banks are allowed to invest up to 10 per cent of the paid-up or unit capital in Category-I or Category-II Alternative Investment Funds
Under Sebi guidelines, AIFs can operate broadly in three categories.
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