Basiz Fund Services Spreads its Wings to North East India; Signs MoU with Government of Tripura

-  Basiz Fund Services extends its efforts to the state of Tripura and invests in ITeS sector -

MUMBAI, India, Dec. 27, 2021 /PRNewswire/ -- Basiz Fund Services, India's sole global fund administrator embarked on a new journey by signing a Memorandum of Understanding (MoU) with Government of Tripura in presence of Shri. Manoj Kanti Deb, Minister of Industries, Government of Tripura; and Shri Dr. P.K. Goyal, Principal Secretary Industry, Government of Tripura.

The first-ever two-day investment summit, 'Destination Tripura' organized by the Department of Industries and Commerce, Government of Tripura with the active support of the Indian Chamber of Commerce (ICC) and Invest India garnered immense enthusiasm among the investors community and received a business investment of Rs. 2,564 crores from different private partners.

Basiz Fund Services participated in the Summit under the ITeS category. The MoU aims to build state-of-the-art ITeS centre with world-class facilities in Tripura. This investment will generate substantial employment opportunity in the state, with direct employment for 100 people.

"Tripura is brewing growth opportunities, and we are privileged to sign this MoU with the Government of Tripura," Mr. Aditya Sesh, Founder & Managing Director of Basiz Fund Service Private Limited, remarked of the development. "The MoU represents a long-term partnership between the Tripura government and Basiz Fund Services, with the shared goal of improving the state's ITeS sector. I am sure that with initiatives like these, the north-eastern state will become a gateway between Southeast Asia including Bangladesh, which will offer immense potential for the whole country."

Given the obvious social and economic benefits that the investments provide, the Tripura government has committed to assisting in the simplification of regulatory processes and clearances for the project in order to improve overall ease of doing business. With initiatives like these, the summit attracted investment to the state, allowing units to be established while utilising locally available resources, adding value, and expanding employment opportunities in the state.

Earlier this year, the company also received authorisation from the International Financial Services Centres Authority (IFSCA) Nod to open branch in GIFT City. The authorisation enabled Basiz Fund Services to offer a full-fledged range of professional services to the Alternative Investment Fund Industry in funds domiciled in GIFT IFSC and elsewhere.

About Basiz Fund Services:

Basiz Fund Service Private Limited (www.basizfa.com) has been in operation for the last 15 years with clients and manpower spread across Singapore, India (Mumbai, Chennai, GIFT City - Gandhinagar), Bahrain and USA (New Jersey). CA. Aditya Sesh is a Chartered Accountant by training & a Fellow Member of the Institute of Chartered Accountants of India. He is the Founder & Managing Director of Basiz Fund Service Private Limited and has been closely associated with the financial services industry, notably the international fund accounting and administration industry for the past 25 years.

Basiz, which is an Ops Global Singapore Company, is the first Fund Administrator to be approved to operate in Gujarat International Fin-Tec (GIFT) City, India's first offshore financial destination. The company has a current AUA of around USD 4 bn which is rapidly moving towards the USD 5bn mark with a history of over USD 18bn, spread across various asset classes.