360 ONE WAM Unit Secures IFSCA Approval for Retail Fund Management in GIFT City

360 ONE WAM's step-down subsidiary, GAM, has received in-principle approval from the International Financial Services Centres Authority (IFSCA). This marks a significant step toward establishing fund management operations in India's International Financial Services Centre (IFSC) at GIFT City.

Key Takeaway: Expansion into GIFT City offers global reach, with final registration timelines being a key point to watch.

The Announcement

360 ONE WAM LTD announced on April 20, 2026, that its step-down subsidiary, GAM, received in-principle approval from the International Financial Services Centres Authority (IFSCA). This approval allows GAM to operate as a Retail Fund Management Entity within GIFT City. The company plans to inject the necessary capital into GAM, which will then pursue its final registration to begin asset and fund management business operations directly from GIFT City.

Strategic Importance

This development represents a strategic move for 360 ONE WAM to utilize GIFT City, India's primary international financial hub. Operating from GIFT City enables companies to access global markets and provide financial services under a competitive regulatory framework. The approval positions 360 ONE to offer retail fund management services from an internationally recognized centre, potentially enhancing its global offerings and competitive standing in alternative asset management.

Background

360 ONE WAM, previously IIFL Wealth Management, is a major player in India's wealth and alternative asset management sector, focused on growth through expansion and diversification. GIFT City, located in Gujarat, was established as India's first IFSC to compete with global financial centres, offering a favourable regulatory and tax environment to attract international business. The IFSCA serves as the unified regulator for all financial services in GIFT City, streamlining operations and encouraging fund management entities to develop the city's financial ecosystem.

Impact of the Approval

This approval enables 360 ONE WAM to establish a regulated fund management entity in GIFT City, facilitating international-scale operations. GAM will be positioned to offer retail fund management services from an international financial jurisdiction. The company's commitment to investing in GAM signals confidence in this venture, with the IFSCA approval serving as a key gateway for GAM's operations within GIFT City.

Key Risks

Key risks include the timeline for obtaining the final registration certificate from IFSCA and commencing business operations, which is currently described as "in due course." This introduces uncertainty regarding the exact launch date. Additionally, GAM will need to navigate the specific regulatory requirements and operational framework of GIFT City and IFSCA for its retail fund management activities.

Industry Context

Several financial institutions are increasing their presence in GIFT City to attract international capital. Competitors like Kotak Investment Advisors are active in alternative investment funds, and global firms like Brookfield are expanding their India operations, possibly targeting GIFT City for specialized services. This trend highlights a broader industry move towards internationalization and utilizing specialized financial zones.

Looking Ahead

Investors will be watching for GAM to secure its final registration certificate from IFSCA. Key developments to track include the official commencement date for GAM's asset and fund management business at GIFT City, details of the capital infusion, and any initial product launches or strategic partnerships.