‘Indirect’ hurdle is posing problems to overseas fund managers’ India plans

The Finance Bill’s restriction on resident Indians investing more than 5% indirectly in offshore funds is hindering global fund managers from moving to India. This 5% limit, aimed at preventing round-tripping, is difficult to track and deterring fund management activity in GIFT City. The Finance Bill’s restriction on resident Indians investing more than 5% indirectly in offshore funds is hindering global fund managers from moving to India. This 5% limit, aimed at preventing round-tripping, is difficult to track and deterring fund management activity in GIFT City.  Economic Times