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From Benedicte Gravrand, Geneva: Mr. Pratik Sharma, of Atyant Capital, talked to Opalesque about his absolute return fund, explaining why it focuses on small and mid-cap stocks on Indian stock exchanges. He also announced the launch of a new global macro fund.
The Fund
“The Atyant Capital India Fund-I was launched in October 2005. The Fund is registered with Indian authorities as an FII sub-account. I myself am based in Berkley, California and I have a research team based in India. The fund is domiciled in Mauritius,” Mr. Sharma said.
FII means an entity established or incorporated outside India which proposes to make investment in India; a sub-account includes those foreign corporates, foreign individuals, and institutions, funds or portfolios established or incorporated outside India on whose behalf investments are proposed to be made in India by a FII.
“Many India-focused funds are domiciled in Mauritius because Mauritius and India have a double taxation agreement, and so funds that invest in India via the Mauritius route can avail of favourable tax treatment on capital gains,” added Mr. Sharma. India and Mauritius have indeed strong historical links and Mauritius is increasingly attractive to Indian professionals. Mauritius’ Finance Minister, Mr. Ramakrishna Sithanen, announced recently further tax reductions for individuals and corporations; it will be a uniform tax rate of 15%, making the island...................... To view our full article Click here
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