360 ONE lands SEBI nod for GIFT City offshore fund operations
The asset manager can now offer fund management and advisory services from Gujarat's international finance hub through a new IFSC subsidiary.
What's new
- SEBI issued a no-objection letter allowing 360 ONE's subsidiary to operate from GIFT City.
- The new entity, 360 ONE Global Asset Management (IFSC) Ltd, can serve offshore funds, insurance pools, and foreign portfolio investors.
- Capital infusion and final registration are pending before operations begin.
Why this matters
The approval opens a regulated pathway for 360 ONE to tap into GIFT City's growing pool of offshore capital and foreign investors. For a large-cap domestic asset manager, this is a low-cost entry into cross-border fund flows, though the venture's scale remains unquantified.
What we're watching
- The size of the capital 360 ONE plans to inject into the IFSC entity.
- Timeline for obtaining final registration from the IFSC Authority.
- First fund launches and initial assets under management from the hub.
The full read
360 ONE has a clear runway into GIFT City. SEBI issued a no-objection letter to its subsidiary for a new entity, 360 ONE Global Asset Management (IFSC) Limited, to manage and advise offshore funds, insurance pools, and foreign portfolio investors. The approval is the regulatory green light. The company still needs to infuse capital and get final registration from the IFSC authority before it can deploy money. For a large-cap asset manager, this is a logical move into a hub designed to attract cross-border flows. The unquantified piece is the capital allocation. Without knowing how much 360 ONE plans to commit, this is a licence, not a business line. It's a first step, not a transformation.
Questions answered
- What specific services will the new GIFT City entity offer?
- 360 ONE Global Asset Management (IFSC) Limited is approved to provide fund management and advisory services to offshore funds, insurance funds, and foreign portfolio investors from the International Financial Services Centre.
- Who within the 360 ONE group applied for and received the SEBI approval?
- The application was made by 360 ONE WAM's wholly-owned subsidiary, 360 ONE Asset Management Limited. The new operational entity will be a subsidiary of that firm.
- Is the new venture operational yet?
- No. The company must first infuse capital into the new IFSC subsidiary and then secure final registration from the relevant authority, likely the IFSCA, before commencing any operations.
- How significant is this for 360 ONE's business?
- The filing marks a strategic expansion into an international financial hub but lacks quantified materiality. The exact capital commitment and revenue potential are not disclosed, placing this at an early, exploratory stage.