What Phillip Capital learned running a fund in GIFT City?

Nishit and Ankush from Phillip Capital have spent years working with NRI and global investors navigating India's financial ecosystem — and they are two of the clearest voices explaining why Gift City is changing everything. Gift City sits in a 34-kilometre stretch between Ahmedabad and Gandhinagar — technically in India, but operating as an offshore jurisdiction. NRI onboarding, which used to take 30 to 45 days, now happens in two. Funds that would cost a fortune to set up in Singapore or Mauritius are being built here at a fraction of the price. And yet, most retail investors still think it's just a tax haven — which it isn't. We sat down with Nishit and Ankush to explain what Gift City actually is and why it matters now. We spoke about why India needed its own offshore financial hub in the first place, how Gift City compares to Mauritius and Singapore as a gateway for global capital, what the onboarding nightmare for NRIs looked like before and why it's now largely gone, how the unified regulator IFSCA differs from SEBI and RBI and why that matters, what feeder funds are and how they give even smaller investors access to global equities, why the tax-free label is a myth and what the actual tax picture looks like, and what to actually watch if you want to track how Gift City grows from here — hint: it's not the headline NRI inflow number.   Phillip Capital - https://m.phillipcapital.in/ Nishit Shah - https://www.linkedin.com/in/nishit-shah-a0591315/ Ankush Datar - https://www.linkedin.com/in/ankush-datar-b00233126/   Timestamps - 0:00 – Introduction & What is Gift City? 1:02 – About Phillip Capital & Speakers 2:31 – Why Does Gift City Exist? (Origin & Problem It Solves) 4:10 – Gift City vs. Mauritius/Singapore Offshore Jurisdictions 5:57 – Why India Needed an Offshore Financial Hub 8:37 – Hassle of Investing Directly in India (FPIs, NRIs) 10:42 – How Gift City Simplifies NRI Onboarding 12:09 – Gift City's Regulator (IFSCA) vs. SEBI/RBI 15:01 – Cost Advantages of Gift City 16:05 – Summary: India Taking Control of the Capital Gateway 18:47 – Money Going Out: Global Investing Options Before Gift City 21:54 – Feeder Funds via Gift City for Global Exposure 23:37 – How Feeder Funds Differ from Indian MF/FOF Structures 25:00 – Operations: Fund Manager Perspective in Gift City 27:23 – Money Coming In: Key Players in Gift City 30:01 – Tax Structure: The Truth About Gift City & Taxes 32:17 – NRI Direct India Investment vs. Gift City Fund Route (Tax Example) 34:05 – Dollar Reporting Advantage for NRI Investors 35:55 – Should a Retail Investor Care About Gift City? 37:08 – 3 Reasons to Invest Globally via Gift City 39:07 – Common Misconceptions About Gift City 42:09 – Why Gift City is Safer Than Mauritius/Dubai Routes 45:17 – Tax Havens Explained & How They Compare to Gift City 47:37 – Closing Remarks