Gujarat International Finance Tec-City (GIFT City) has issued its first license for establishing a family investment fund, marking a significant development in the management of private wealth within the financial hub.
The permit has been granted to Poornam Asset Management IFSC Pvt Ltd, according to an official from the GIFT City financial regulatory authority who was not authorized to speak to the media. This move highlights GIFT City’s goal of establishing a globally competitive and flexible regulatory framework for foreign family offices and private wealth structures.
Amid geopolitical tensions in the Gulf, some affluent Asians are looking for alternatives to Dubai. Poornam Asset Management, based in London, has an authorized capital of $75,175.86 and is led by Vineet Kulbandhu Sharma, who manages two funds headquartered in Hong Kong and London.
Previously, GIFT City had provided in-principle approval to family offices associated with Indian billionaire Azim Premji and the family fund of Infosys co-founder Narayana Murthy, known as Catamaran Artha. However, these entities have yet to receive a final license to manage wealth from GIFT City, due to concerns regarding the potential flight of Indian capital, the official added.
Published on April 20, 2026.
