Basiz Fund Service Private Limited, Ops Fund Services Private Limited and Ops Global Capital Advisors Private Limited, ventures which are part and affiliates of Ops Global Singapore, has received the authorisation from the International Financial Services Centres Authority, Gandhinagar, Gujarat, India, to be registered as Ancillary Service Providers with the IFSCA.
This authorisation will enable the entities to offer a full-fledged range of professional services to the Alternative Investment Fund (AIF) industry in funds domiciled in GIFT IFSC and elsewhere.
The authorisation permits providing services relating to preparation, compilation and review of financial statements, book-keeping and accounting services and compliance & secretarial services, among other things.
Ops Global, Singapore, has active business interests worldwide in the areas of Fund Accounting and Fund Administration Services, Proprietary Investments, Tax Services for USA and India & Software Development. Basiz Fund Services Group is India's sole global fund administrator.
Reacting to this approval, CA. Aditya Sesh, Founder and Managing Director, Basiz Fund Service, said, "We are the first to suo motu apply to the regulator to be regulated as an Ancillary Service Provider. We believe that regulation is must for better Quality of Service and Standards….In order to provide the vast array of services that we are planning, we plan to increase headcount across all the units to reach 40-50 high-end professionally qualified resources over the next three to five years. Most of these resources will be sourced locally."
Dipesh Shah, Head (Development), IFSCA said, "We are seeing very good interest from Institutions for setting up operations in IFSC. We welcome Basiz Fund Services to IFSC, fund services would play important role in developing IFSC as a Hub for Global Funds."
Basiz Fund Services is the first fund administrator to be licenced to set up shop in GIFT City, Gandhinagar. Operating from Chennai, Mumbai and Gandhinagar, besides international offices in New Jersey, Bahrain and Singapore, it collectively has a 120+ qualified resources strength.
