The US has replaced Mauritius as the number one destination for fund managers to route their investment into the Indian equity and debt markets.
According to industry participants, the controversies surrounding India’s double taxation avoidance treaty with Mauritius made some of the fund managers operating out of Mauritius to re-structure themselves and explore other jurisdictions.
“Mauritius has also started putting certain conditions for operating from its territory. To avoid any risk at a later stage, some of the fund managers have been exploring other jurisdictions over Mauritius,” said Kishore Joshi, senior associate, Nishith Desai Associates.
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