Aditya Sesh Backed AIF Basiz Fund Services Receives IFSCA Nod To Open Branch In GIFT City
The authorization permits providing services relating to the preparation, compilation, and review of financial statements, book-keeping, and accounting services, and compliance & secretarial services, among other things.
Basiz Fund Service Private Limited, Ops Fund Services Private Limited, and Ops Global Capital Advisors Private Limited, ventures which are part and affiliates of Ops Global Singapore, has received authorization from the International Financial Services Centres Authority, Gandhinagar, Gujarat, India, to be registered as Ancillary Service Providers with the IFSCA. This authorization will enable the entities to offer a full-fledged range of professional services to the Alternative Investment Fund Industry in funds domiciled in GIFT IFSC and elsewhere. The authorization permits providing services relating to the preparation, compilation, and review of financial statements, book-keeping, and accounting services, and compliance & secretarial services, among other things. Ops Global, Singapore, has active business interests worldwide in the areas of Fund Accounting and Fund Administration Services, Proprietary Investments, Tax Services for USA and India & Software Development. Basiz Fund Services Group is India's sole global fund administrator.
Reacting to this approval, CA. Aditya Sesh, Founder, and Managing Director, Basiz Fund Service, said, “It is a great honor to be associated with the IFSCA. We are the first to suo motu apply to the regulator to be regulated as an Ancillary Service Provider. We believe that regulation is must for better Quality of Service and Standards. To us, association and participation in IFSCA, is also part of “Atma Nirbhar Bharat" Program. For years, we have always been in the "Made in India for the World" methodology. IFSCA has been most proactive in the entire process of our application with a business-oriented approach. In order to provide the vast array of services that we are planning, we plan to increase headcount across all the units to reach 40-50 high-end professionally qualified resources over the next three to five years. Most of these resources will be sourced locally.”
Mr. Dipesh Shah, Head (Development), IFSCA said, “We are seeing very good interest from Institutions for setting up operations in IFSC. We welcome Basiz Fund Services to IFSC, fund services would play an important role in developing IFSC as a Hub for Global Funds."
Basiz Fund Services is the first fund administrator to be licensed to set up shop in GIFT City, Gandhinagar. Operating from Chennai, Mumbai, and Gandhinagar, besides international offices in New Jersey, Bahrain, and Singapore, collectively with a 120+ qualified resources strength, Basiz is a major player in providing fund administration, accounting, and financial statements compilations services to the AIF industry, fund tech products, etc. for over the last 15 years. It also has entered into an understanding with a leading European organization to provide European VAT registration, filing, and recovery services for Indian exporters exporting to Europe. It has a fund accounting history of providing support to over USD 18 billion across many asset classes and structures globally. Basiz is a global leader in financial reporting for funds and also amongst the top service providers for fund administration. Basiz also provides US tax preparation and filing services from India in addition to our other services. Basiz also offers Software Products and People Bank Services to the fund Industry.