Investment advisory operations are all set to take off in the International Financial Services Centre (IFSC) at GIFT City with markets regulator Sebi giving license to Aavishkaar Capital to begin its operations. Aavishkaar Investment Advisers IFSC Private Limited, a wholly-owned subsidiary of Aavishkaar Capital, has become the first investment advisor to obtain the Sebi license to start operations in GIFT IFSC, GIFT City said in a statement on Thursday.

It will provide advisory services for foreign investors, including offshore funds. "Investment advisory operations at GIFT IFSC will open a new business opportunity and help to serve foreign clients, including offshore funds in a cost effective way.

"We are sure that presence of Aavishkaar will encourage more market participants to consider GIFT IFSC for setting up their investment advisory business," said Tapan Ray, MD and Group CEO at GIFT City. Vineet Rai, founder and CEO of Aavishkaar Capital, said GIFT City has created able options within India for the fund management industry.

"Our intention is to further strengthen our global fund management platform and a presence within IFSC will help us achieve that by allowing us to service our offshore clients more efficiently," Rai said. Sebi issued operating guidelines for investment advisors in IFSC in January and provided certain relaxations in February.