Cayman Islands registers with IOSCO to invest in India
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Cayman Islands registers with IOSCO to invest in India
Bangalore: The Cayman Islands Monetary Authority has been officially admitted in the International Organization of Securities Commissions (IOSCO), which enables the Cayman to invest in the Indian capital market, reports the VCcircle. The IOSCO is an international body comprising of security regulators from across the world, including the Securities and Exchange Board of India (SEBI), which is registered as an ordinary member. The Cayman Islands is considered as a big international player with over 9000 registered funds. With its activities and proximity, the company has registered itself under the U.S. investor�s jurisdiction. As CIMA was not recognized under IOSCO as an 'ordinary member', SEBI never look favorably at applications which were made by the CIMA registered funds and fund managers. With its admission, funds and fund managers regulated by CIMA with interest in the capital markets in India may get themselves registered with the SEBI under the FII Regulations. Also, considering that Cayman Islands does not have a tax treaty with India, the structures with Cayman Islands based fund�s registered as a FII with its wholly owned subsidiary, situated in a tax-favourable jurisdiction, registering as a proprietary sub-account. Alternatively, the Cayman Islands based fund managers registering as a FII and setting up a pooling vehicle in a tax-favourable jurisdiction, to be registered as a broad based sub-account.

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