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GIFT City is a special economic zone (SEZ) with multiple services. It houses India’s first International Financial Services Centre (IFSC) and a Domestic Tariff Area (DTA). It also includes a residential zone for people to enjoy a high-quality lifestyle.

Currently, GIFT City is under development. The focus is on creating excellent infrastructure and sustainable planning. The IFSC aims to compete with global financial centers like London, Shanghai, New York, Hong Kong, Singapore, and Dubai.

The Indian government recognizes GIFT City as a model Smart City among the upcoming 100 smart cities. This recognition positions it as a future financial hub, offering numerous benefits to businesses and investors.

Major exchanges in GIFT City:

• India INX:

The first international exchange in India, the India International Exchange (India INX), was inaugurated by Prime Minister Shri Narendra Modi in January 2017. India INX offers a wide range of financial products for trading, including equities, derivatives, debt securities, and currencies.

Image Source: IndNIX

• NSE IFSC:

Launched in July 2020, the NSE IFSC serves as a subsidiary of the National Stock Exchange of India (NSE) and provides trading opportunities in a wide range of financial products.

Source: NSEIX Presentation

 

Direct Stock Investing

• Investors can buy foreign shares directly through the BSE IFSC (India INX) using the direct share buying facilitator route, while the NSE IFSC employs the depositary receipt (DR) route.
• BSE IFSC enables investors to purchase foreign shares directly from over 130 stock exchanges in more than 31 countries. In contrast, NSE IFSC currently offers US stock investing options exclusively.
• An Indian demat account (opened separately with an IFSC broker) will hold NSE US stock DRs, while a foreign custodian or broker will hold BSE IFSC stocks.

Taxation on US Stocks:

• Tax from dividends: Flat 25%
• Long-term capital gains (>24 months) are taxable at 20% plus applicable surcharge and fees.
• STCG are taxed as per applicable income tax slab rates.

NSE IX International Exchange – Debt Securities Market

Interest on Long Term Bonds and Rupee Denominated Bonds listed only on a recognised stock exchange in IFSC has lower rate of 9% withholding tax on interest paid on debt securities. This makes debt investments attractive in IFSC.

AIFs

A privately pooled fund, known as an AIF, combines capital from multiple investors to make investments that ultimately benefit those investors. NRIs can invest in AIFs listed in the IFSC and enjoy various tax benefits.

The Central Board of Direct Taxes has clarified that non-resident investors will not face taxation on income generated from offshore investments channeled through an Alternate Investment Fund established within an International Financial Services Centre. Foreign investors are exempt from the requirement of obtaining a PAN (Permanent Account Number) and filing Tax Returns.

Any income in the hands of the non-resident investor from off-shore investments routed through the Category I or Category II are not taxed in India. But Category III AIFs are subject to fund level taxation. 

The IFSCA currently has approximately 63 AIFs, and some of them are displayed above.

 

Conclusion:

GIFT City, provides investors with cost advantages, including lower management and operational costs, making it an attractive option compared to hubs like Mauritius, Singapore, Dubai etc. GIFT City is a rapidly developing financial hub that offers a variety of investment opportunities for residents and NRIs alike. With its world-class infrastructure, tax benefits, and wide range of financial products, GIFT City is well-positioned to become a major player in the global financial landscape.

To know more about investing in the Gift city, register your details below:

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Read More About Which NRI account is right for you: NRE, NRO, or FCNR? A simple guide.

An NRI (Non-Resident Indian) is a person who lives outside of India for more than 181 days. People who live outside India usually have different banking and investment needs because they earn and save money in different currencies from other countries. NRIs have three types of bank accounts to choose from in India: NRE, NRO, and FCNR. and these accounts can be opened at almost every major bank and financial organization in India. In this article, we will delve into the details of these accounts to help you understand their features, advantages, and disadvantages, making it easier for you to decide which one suits your needs best.

Image Source: Freepik

NRO Account (Non – Resident Ordinary)

• This account is for NRIs who have some form of income source in India. Example: Rental income from property, dividends, equity returns etc.
• You can deposit funds in this account using either Indian or foreign currencies, but you can only withdraw them in INR.
• One disadvantage is that TDS will be applied to the accrued interest in this account.
• This account is available in various types, including savings, current, fixed deposit accounts etc.
• You can repatriate up to $1 million from it each fiscal year.
• Also, you can have a joint account with any of your family members in India and you can can also add nominee for your account.
• You can avail a loan with this account in Indian currency.

Who should open this account:

This account is good if you plan to use your money only in India. Individuals who have attained NRI status should inform the bank and convert their savings account into an NRO account. Similarly, NRIs who plan to settle back in India should convert their NRO account into a regular savings account.

F&O Trading:

• Participation in F&O requires an NRO saving bank account and a Custodial account, often with a minimum balance of 25 lakhs.
• Profits earned are subject to a 30% tax imposed by the income tax department.
• Also, profits made through this scheme cannot be repatriated.

NRE Account (Non – Resident External)

• This account is for NRI’s income sources outside India.
• So, the NRI can deposit their foreign currency earning into the NRE account, but it will be denominated in rupees.
  
• Interest income is not taxable and the money in the account is fully repatriatable.
• Similar to the NRO account, you can open a joint NRE account and also add a nominee to the account.
• Rupee depreciation can pose a disadvantage because the account denominates the money in INR.
• You can avail a loan with this account in Indian currency.

Who should open this account:

This account is good if you plan to use your money both in India and in the country where you make money. It is generally recommended to open a NRI account as soon as one attains NRI status.

Steps to Invest in the Indian Secondary Market

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• NRIs can invest in shares or convertible debentures of Indian companies under repatriation through a registered stockbroker on a recognized Indian stock exchange using the Portfolio Investment Scheme (PIS) Account.
• To participate in PIS, NRIs must open an NRE (Repatriation basis) account with one Designated Bank, following RBI guidelines. This designated bank account should exclusively handle PIS-related transactions, such as buying or selling shares, without any involvement in non-trading activities.

FCRN Account: (Foreign Currency Non-Resident)

Image Source: Freepik

• This account resembles a more advanced version of the NRE account.
• It keeps your money in the currency in which you deposit it (USD, GBP, JPY, EURO, AUD, CAD etc. which are approved by RBI).
•  Because the money is being held in those currencies, the risk of exchange rate fluctuations is eliminated.
• However, this account only allows term deposits, which you can withdraw prematurely with a small penalty if needed.
• You can avail a loan with this account in foreign currency, but with certain conditions.

Who should open this account:

This account is good if you make money in a different country and plan to use most of it outside India.

In general NRI accounts can be opened by:

• NRIs, PIOs (Persons of Indian origin), and OCIs (Overseas Citizens of India) can open NRI bank accounts.
• Individuals who are eligible under the India Citizen Act of 1955 due to their parents’ or grandparents’ Indian citizenship can also open such accounts.
• Those officially deputed abroad by the Government of India or PSUs are eligible to open these accounts.
• Individuals who have held an Indian passport at any point in time have the option to open such accounts.
• Spouses of Indian citizens or PIOs (Persons of Indian Origin) have the privilege of opening these accounts.
• Indian citizens settled abroad for work, studies, or business purposes have the opportunity to open NRI accounts.

To open know about NRI accounts and how to open them, mention your details below:

Read More: Golden Returns: Earn Interest and Capital Appreciation with Sovereign Gold Bonds

Sovereign Gold Bonds (SGBs) are government-issued securities that are denominated in grams of gold. As such, they provide a secure way to invest in gold, with the added benefit of offering potential capital gains alongside annual interest. Furthermore, SGBs also contribute to diversifying your investment portfolio.

Image Source: Zerodha

Key features:

• Issued by RBI:

The Reserve Bank of India issues SGBs, ensuring a secure investment option.

• Denominated in Grams:

These bonds use grams of gold to measure how much gold you have, so you can know exactly how much you own.

• Fixed Interest Rate:

SGBs offer a steady 2.5% interest rate, providing stable income.

• Tenor and Redemption:

SGBs have an eight-year tenor and permit premature redemption after the fifth year, exercisable on the interest payment date.

• Redemption Options:

SGBs offer redemption in cash or physical gold, granting flexibility to investors.

SGB Issuance Dates:

SGBs are issued in tranches, and each tranche has a different maturity period.
The subscription period for the next tranche is between September 11 and September 15, 2023, and it will be issued on September 20.
Additionally, people who want to immediately purchase it can do so through the secondary market

Taxation of SGBs:

• Interest Income:

Taxation of the 2.5% interest income aligns with the individual’s income tax slab, with no TDS applied.

• Capital Gains:

When selling SGBs in the secondary market, capital gains taxes apply.
Sale within three years classify as Short-Term Capital Gains (STCG) and are taxed per the individual’s slab.
However, if you hold onto them beyond three years, it falls under Long-Term Capital Gains (LTCG), subject to a 20% rate with the added benefit of indexation.
Notably, it’s essential to remember that redeeming with the RBI after five years incurs no capital gains tax.

• GST and STT:

Moreover, it’s worth mentioning that neither Goods and Services Tax (GST) nor Securities Transaction Tax (STT) apply to SGBs. This further enhances the tax efficiency for your investments.

Additional Information:

• Minimum Investment: Accessible to a wide range of investors, the minimum investment in SGBs is just one gram of gold.
• Maximum Investment: Investors may purchase up to 4 kg of gold per person per fiscal year through SGBs.
• Interest Payment: SGBs pay interest semi-annually, ensuring regular income for investors.

Image Source: TRCapital

Conclusion:

SGBs are a safe and secure way to invest in gold. Moreover, they offer the potential for capital gains, and they are also an excellent way to diversify your investment portfolio. Therefore, if you are looking for a way to invest in gold, SGBs are a good option to consider.

You can invest in Sovereign Gold Bonds with our partner, Zerodha.

You can signup with Zerodha here –> Sign up Here

Read more about Investment Avenues for NRIs 

In PART 1 we covered fixed income Investments and some of the Equity Solutions. In this article we will look at the rest of the equity solutions and some of the Alternative Investments.

Equity Solutions

3. Initial Public Offerings (IPOs)

Image Source: Freepik

NRIs can participate in IPOs of Indian companies, allowing them to purchase shares during the company’s initial listing on the stock exchange.

4. Pre-IPO shares

Image Source: Freepik

Obtaining shares of a company before it becomes publicly traded, typically in an over-the-counter manner.

Alternative investments

1. AIF

Alternative Investment Funds (AIFs) predominantly serve High Net Worth Individuals (HNIs) and Ultra High Net Worth Individuals (Ultra HNIs), with the goal of consistently outperforming both the index and mutual funds in India. Managed by SEBI-regulated fund managers renowned for their impressive track records, these funds are classified into three types:

INR AIF Funds cover public equity, private equity, real estate, and fixed-income etc. requiring a 3-year lock-in and INR 1 Crore capital.

USD AIF Funds offer offshore opportunities, mainly open-ended from Singapore, Mauritius, and GIFT City, with a $100k minimum investment.

2. Portfolio Management Services

Personalized investment strategies managed by SEBI registered professionals in the client’s own trading account, generating market-beating profits. Four key variants of PMS are explained below:

3. REITS (Real Estate Investment Trust)

REITs are companies that own and manage real estate properties, distributing rental income to investors as dividends, allowing both big and small investors to benefit from real estate ownership and dividend income. Properties in REITs include data centers, healthcare units, and more.

4. Startup Investments:

Image Source: Freepik

Startup investing involves providing funds to new and promising companies at an early stage, aiming to support their growth and potentially earn high returns. Investors become part-owners and share in the startup’s success and challenges.

Investors can invest in startups from Pre-seed stage to Series B and beyond.

Conclusion

To sum up, these are the ways NRIs can invest to make money. Each way has its own risks and rewards, and NRIs can pick the one that matches what they want to achieve with their money.

Author: Kevin Jose

To invest in India, reach out to us here –> Contact US

Image Source: Freepik

For NRIs seeking to nurture their financial growth, a plethora of investment opportunities are available especially in India. India’s flourishing economy makes it an appealing destination for investments that align with its growth trajectory. The following diverse range of options empowers NRIs to actively participate in and benefit from India’s ongoing growth story.

Fixed Income Investments

1. NRI Fixed Deposits:

NRIs have the opportunity to invest in fixed deposits through three distinct accounts: NRE, NRO, and FCNR. It’s important to note that each of these accounts comes with its own set of benefits and drawbacks. This variety empowers NRIs to make informed decisions based on their individual preferences.

2. Some of the other fixed income investment options are:

Government Bonds,
Corporate Bonds,
Money market instruments,
Debt Mutual Funds,
Pension Funds etc.

Equity Solutions

1. Direct Equity

NRIs can use a Portfolio Investment Scheme (PIS) to directly invest in the Indian stock market. This RBI-regulated requirement involves opening a PIS account with an authorized bank, serving as a link for stock transactions. This enables NRIs to trade shares of Indian companies on recognized exchanges while staying compliant with regulations and reporting. Indian Equity is subdivided as follows:

Image Source: Freepik

2. Mutual Funds

A mutual fund is like a big pot where many people put their money together. This money is used to buy different things like stocks and bonds. This helps people who don’t want to pick individual stocks or bonds, but still want their money to grow. Mutual funds are of various types:

Structure of Mutual Funds

Asset Classes

Investment Goals

Learn more about other Investment Avenues in Part -2

The Indian Investment Landscape

Have you thought about investing in India? It’s not just a land of rich culture and history. In fact, India offers a booming market and a young, vibrant population of 1.3 billion. Plus, it’s strategically located between the Middle East and Southeast Asia. The economy is growing fast. Also, there’s a highly skilled workforce, especially in IT and engineering. So, it’s easy to see why India is quickly becoming a top pick for global investors.

Why Invest in India now?

• India is a bright spot for investment. Firstly, the tech industry is set to grow big.
• Additionally, strong government support is fueling a startup wave. As a result, new companies are sprouting up all over. For instance, Bangalore is becoming India’s Silicon Valley, attracting tech talent worldwide.
• Moreover, the government has plans to expand fast internet to rural areas. Consequently, this move is opening new doors for digital investments.
• Meanwhile, the healthcare market is rapidly growing, driven by a health-conscious public.
• Lastly, major projects, like the ‘Smart Cities Mission,’ stand ready for investors, and these efforts are actively shaping India’s cities for the future.

Feeder funds vs Direct funds

Feeder Funds offer a convenient way to invest in a larger ‘master’ fund based in India, providing a simplified entry point into Indian assets.

Direct Funds, denominated in USD(NAV), allow direct investment in a variety of assets like equities, bonds, and alternatives such as real estate. These funds offer more control and choice for investors as they are mostly open ended funds with a choice to buy and exit at NAV.

For both Non-Resident Indians (NRIs) and foreign investors, these options offer unique avenues for diversification allowing them to invest in one of the world’s fastest-growing economies

The following is a list of India-focused USD funds, but it is not an exhaustive list. There are many other funds available, and investors should do their own research before investing.

These funds generally follow a monthly subscription model and the units can be redeemed at market price.

Taxation

Taxation Policy for Foreign Investors in India
Foreign investors in India generally face taxes only in their home country, thanks to India’s Double Taxation Avoidance Agreements (DTAAs) with over 90 countries.

UAE Nationals and Their Unique Tax Benefits
For our friends in the UAE, the deal is even sweeter. A special treaty allows profits earned in India to flow back to the UAE tax-free. It’s a win-win!

Understanding the Double Taxation Avoidance Agreement (DTAA)
DTAAs are investor friendly, preventing double taxation and ensuring favorable tax rates on income earned in India.

Conclusion: Are You Ready to Invest in India?

India stands as a beacon of opportunity, with a market that is both welcoming and teeming with potential. From its rich, diverse culture to its array of investment prospects, this nation is more than ready for investors looking to make a significant impact. For those eager to embark on this promising journey, expert guidance is readily available.

To know more about Investing in India, reach out to us below

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Fund Review: Rangoli India Fund-Series A

Overview:

The Rangoli India Fund, a sub-class under the K India Opportunities Fund Limited, targets long-term capital growth by investing in equity and equity-linked securities of Indian companies listed on Indian stock exchanges. The fund is managed by Kotak Mahindra (International) Ltd, Mauritius, with advisory services provided by Unifi Investment Management LLP, Gift City, India.

Investment Objective & Strategy:

• The fund follows a concentrated, long-only, flexi-cap, sector-agnostic strategy in listed Indian equities, anchored in the GARP (Growth at a Reasonable Price) principle, focusing on 15-20 exceptional businesses with a strong growth bias.
• This fund aims to expose its portfolio to the underlying drivers of India’s growth, including demographic factors, productivity gains, and public policy initiatives aimed at unlocking productivity.
• The funds invest in businesses led by exceptional entrepreneurs with unimpeachable integrity and industry-leading business acumen, focusing on non-speculative and inherently capital efficient business models.
• The fund’s valuation principles center on four critical metrics for minority investors: governance, sustainability of earnings growth, capital efficiency, and debt burden, aiming to find quality businesses at fair valuations.

Portfolio Breakup

Historical Performance:

                          Data as on September 30, 2023

Fee Structure:

Conclusion:

The Rangoli India Fund is poised to outperform due to its strategic focus on high-quality, growth-oriented businesses, its exposure to the key drivers of India’s economic growth, and its disciplined adherence to critical valuation metrics. This unique approach allows the fund to capitalize on the diverse opportunities in the Indian equity market, potentially delivering superior long-term returns.

If you want to explore PMS, please reach out to us.

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Read more about PMS Review: Sameeksha Capital Equity Fund 

Overview:

Sameeksha Capital’s fund invests in Indian companies with growth potential across different market sizes. Their approach involves choosing companies with strong business models and shareholder-focused management to deliver good returns. Investment strategy aims to deliver attractive risk-adjusted returns while safeguarding against permanent capital loss, making it a viable option for investors seeking superior long-term performance.

Data Source: https://pmsbazaar.com/Strategy/Sameeksha_Capital_-_Equity_Fund/Sameeksha-Capital-Pvt-Ltd

Fund Manager: Mr. Bhavin Shah

• Highly awarded professional with a decade-long number one ranking by the Global Institutional Investors.
• He has as over twenty years of experience and has led in building top-ranked Institutional Equity franchises at JP Morgan, Credit Suisse, and Equirus.
• Bhavin established Sameeksha Capital to manage his personal savings and provide others the opportunity to benefit from his expertise.
• Bhavin has appeared on various business TV channels and magazines to share his views on equities.
• He uses a 140-point checklist and a rules-based investment approach to identify good investment opportunities.

Investment Strategy:

Data Source:https://app.pmsaifworld.com/pms-details

Historical Performance

Data Source: https://sameeksha.capital/june-2023-outperformance-in-strong-month-at-the-top-again-for-the-five-year-period/

Reduced Risk, Enhanced Returns:

• The portfolio has Beta of 0.9.
  This means that the portfolio is less volatile that the index. For example, if the value if index drops by 10%, then the portfolio will only drop by 9% offering a level of stability and reduced risk.
• Sameeksha PMS has delivered an annualized alpha of 5.6%.(from inception)
  It means that the PMS fund has outperformed its benchmark index by 5.6% on an average annual basis. For example if the index has delivered 12% on average basis, then the fund delivers 17.6% (12+5.6%) on average. 

This shows that the fund delivers better returns than the index with lesser risk.

Fee Structure:

Variable Fee
AMC : 0.50% or 0.80% or 1.20%
Hurdle : 3% or 7% or 10%
Profit Sharing : 20% Profit Sharing Above Hurdle

Exit Load
1st year – 3%
2nd year – 1%
3rd year – 0%

Conclusion:

Sameeksha Capital’s fund, led by Mr. Bhavin Shah, offers a growth-focused investment strategy with reduced risk, delivering enhanced returns making it an appealing choice for investors seeking superior long-term performance.

Disclaimer: This research is for informational purposes only and does not constitute investment advice. Please do your own due diligence and consult your financial advisor before making any investments.

If you want to explore PMS, please reach out to us.

Read More about Financial Products: Fund Review: Rangoli India Fund – Series A