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Articles by ATB Legal
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India–Mauritius DTAA 2026: What It Means for Mauritius Funds
The Protocol amending the India–Mauritius DTAA entered into force on 10 August 2026. It adds a principal purpose test (new Article 27B): a Mauritius fund holding Indian investments can now be denied treaty benefits on an item of income if obtaining the benefit was one of the principal purposes of an arrangement. The Protocol contains […]
GIFT City
Family Investment Fund in GIFT City: Registration and Rules
A Family Investment Fund (FIF) is the GIFT IFSC vehicle for a single family’s own capital. It is registered with IFSCA in the Authorised FME category and may take money only from the family and family-controlled entities. It should have and maintain a minimum investment of USD 10 million within three years of registration, and […]
GIFT City
Who Can Invest in a GIFT City Fund: A Manager’s Guide
For a manager raising a GIFT IFSC fund, GIFT City investment is open to foreign investors, NRIs and OCIs, resident Indian individuals and Indian companies. Each comes in through a different legal route with its own limit. IFSCA’s FM Regulations set the ticket sizes and investor counts for every investor. SEBI’s FPI rules cap NRIs, […]
GIFT City
Launch a GIFT City AIF Without Your Own FME
GIFT City third party fund management lets a manager launch a fund without registering its own Fund Management Entity (FME). A Registered FME authorised for “third-party fund management services” sets up and manages the fund as a restricted scheme, which is filed as a Category I, II or III AIF (Reg. 30(1), FM Regulations 2025). […]
GIFT City
GIFT City Tax Benefits for Funds and Fund Managers
GIFT City tax benefits for funds and fund managers are in the Income-tax Act 2025. This article is specific to funds and fund managers; for the wider IFSC tax regime, see the GIFT City tax overview. A fund manager set up as a unit in GIFT IFSC can deduct 100% of its income from approved […]
GIFT City
Category I, II and III AIFs in GIFT City: Rules Compared
In GIFT City, Category I, II and III AIFs are, for restricted schemes, three filing labels for one product, which a Registered FME files with IFSCA. A Category III AIF is one following “diverse or complex trading strategies”; desirable sectors go in Category I and everything else in Category II (Reg. 30(1), IFSCA (Fund Management) […]
GIFT City
AIF Registration: SEBI AIF or GIFT City Fund?
AIF registration comes down to a choice of regulator: SEBI (onshore) or IFSCA (GIFT City). Where investors are mostly Indian residents putting in rupees for Indian deals, the SEBI route generally involves fewer cross-border steps. Where they are mostly foreign investors or NRIs, or the portfolio is global, an IFSCA-regulated fund in GIFT City is […]
GIFT City
GIFT City AIF Setup (2026): FME Registration to Fund Launch
To set up a GIFT City AIF, you first register a Fund Management Entity (FME) with the International Financial Services Centres Authority (IFSCA). You then file the fund’s placement memorandum (PPM) with IFSCA. IFSCA calls a private fund of this kind a “restricted scheme” and files it as a Category I, II or III AIF; […]
Uncategorized
Non-Compete Clauses in India: Licence, Distribution and Joint Venture Agreements
Short answer: Section 27 of the Indian Contract Act 1872 makes any agreement that restrains a party from carrying on a lawful trade or business void to that extent, and it applies to agreements between businesses as well as to employment contracts, with no general test of reasonableness [1][2][3]. Indian courts have upheld negative covenants […]
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Joint Development Agreements in India: Who Owns Jointly Developed Inventions
Short answer: Under India’s Patents Act 1970 the right to patent an invention starts with its inventors, and a company may apply for a patent only as their assignee, so each party to a joint development agreement needs written assignments from the employees and contractors who do the work [1][2]. If the parties end up […]
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India–UK trade deal (CETA) in force: what UK businesses can use now
Short answer: Since 15 July 2026, UK businesses can use the India–UK trade deal, formally the UK–India Comprehensive Economic and Trade Agreement (CETA), and the separate Double Contributions Convention (DCC) for three things: lower Indian tariffs on goods that meet the rules of origin, up to 60 months in UK National Insurance for staff sent […]
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EU–India Trade Deal (2026): Status, FTA tariffs, Rules of Origin, CBAM and Investment Protection
Short answer: The EU–India trade deal (formally the EU–India free trade agreement) was concluded on 27 January 2026 and sent to the Council for signature and conclusion in September 2026, but as at 12 October 2026 it is neither signed nor in force; signature is reported for December 2026 and entry into force for early […]