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committee constituted on variable capital company submitted its report to ifsca

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committee constituted on variable capital company submitted its report to ifsca

New Delhi, Jun 1 (PTI) The Committee on Variable Capital Company (VCC) constituted by the International Financial Services Center Authority (IFSCA) in its report has recommended adopting a VCC-like legal framework for fund management activities in IFSC.

The committee constituted under the chairmanship of former Skill Development Secretary K P Krishnan took a detailed look at the viability and suitability of VCC as a unit for fund management in International Financial Services Center in India.

IFCA said in a statement that fund management activities are an important pillar in the financial services environment.

The committee, in a report submitted to IFSCA Chairman Injeti Srinivas, assessed the characteristics of VCCs or similar institutions in regions such as the UK, Singapore, Ireland and Luxembourg.

Traditionally, funds in India are raised through three types of entities, according to the statement. These areā€¦ Companies with Limited Liability constituted under the Companies Act, 2013, Limited Liability Partnerships under the Limited Liability Partnership Act, and Trusts covered under the Indian Trusts Act, 1882.

It said the committee has recommended adoption of a VCC-like legal framework for fund management activities in IFSC.

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