An organisation is formed with the association of twenty-five Chief Financial Officers of the Venture Capital companies and investment managing companies or the private equity firms known as the Private Equity and Venture Capital CFO Association (PEVCCFOA) to support effective compliance of the capital with the help of specific consolidated regulations.
The newly established organisation is said to function to the side with the International Financial Services Centres Authority (IFSCA) at the Gujarat International Finance Tech- City (GIFT City) in the state of Gujarat to facilitate fresh capital and to give feedback on the subjects related to the functioning to make it easy to work out from the IFSCA.
About the Newly Formed PEVCCFOA Organisation
The organisation was leased in the month of September this year however, after several meetings with Mr Injeti Srinivas, the chairperson of the International Financial Services Centres Authority (IFSCAA) and Mr Tapan Ray, the Managing Director and the Chief Executive Officer of Gujarat International Finance Tech- City (GIFT).
The Secretary of the Private Equity and Venture Capital CFO Association (PEVCCFOA) Mr Siddarth Pai reported that the representatives of the organisation aims to have a total of 100 members in the organisation at the end of the year 2023.
With respect to the issue the organisation released a statement which include that the members have discussed certain issues related to the functioning of the organisation and also the establishment of the PE-VC funds from the GIFT city, which led to the discussion of the solutions regarding the simplification of the functioning of the fund.
The statement also consisted that the chairperson of the IFSCAA Mr Injeti Srinivas suggested on adopting digital sources by the IFSCAA authority to make application processes easy and also the everyday functional compliance.
The Members of the PEVCCFOA organisation
The Private Equity and Venture Capital CFO Association (PEVCCFOA) organisation is founded by Shweta Agarwal Ex-Chief Operating Officer of SBICAP Ventures also operates as the president of the Organisation.
The other members in the group consist of the Chief Financial Officers of the HDFC Capital, 3one4 Capital, Kotak Investment Advisors, ICICI Capital, Blume Ventures and National Investment and Infrastructure Fund (NIIF).
Photo Credit- The Hindu Business Line
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