11 IFSCA-registered retail schemes. Daily NAV. Daily dealing. USD 500 minimum to start. No lock-in. Tax handled at fund level. All in one place, with Tequity's view on each.
First: which direction do you need?
Money flows into India. You invest in India equity funds — large cap, mid cap, flexi cap, multi cap — denominated in USD, without needing SEBI KYC, NRE/NRO accounts, or FEMA paperwork.
See 6 inbound funds → OutboundMoney flows out of India. You invest in US equities, global portfolios, or Greater China — bypassing SEBI's overseas investment cap that still restricts domestic international funds.
See 5 outbound funds →All six inbound retail schemes are feeder funds — each one invests 90–100% of its assets into an existing domestic SEBI-registered Indian mutual fund. You get the same portfolio as an Indian domestic investor, in USD, without Indian account paperwork.
What is a feeder fund? A feeder fund collects capital in USD at GIFT City and deploys it entirely into a single domestic "master fund" in India. The domestic fund does the actual stock selection; the GIFT City feeder provides the USD denomination, IFSCA regulation, and tax exemption for non-residents. When you invest in a GIFT City feeder, you are effectively getting the same portfolio as lakhs of Indian investors in that fund — just accessed from abroad, cleanly, in dollars.
Dynamically allocates across India equity MFs and ETFs: 50–100% in core broad-market (large, mid, small cap) and 0–50% in a thematic satellite overlay — technology, energy, or healthcare. The manager adjusts the mix based on market conditions.
At USD 500, the lowest minimum of any GIFT City retail scheme — the cleanest entry point for an NRI testing India equity via GIFT City. The dynamic allocation (core + thematic satellite) adds a layer of active management that pure feeder funds don't offer.
Feeds 90–100% into Sundaram Mid Cap Fund — one of India's established mid-cap equity strategies. Mid cap historically delivers higher long-term returns than large cap, with higher short-term volatility. Suitable for a 5+ year investment horizon.
The only GIFT City retail scheme with a pure India mid-cap mandate. If you want the manager to decide the market-cap mix, look at the flexi-cap options; if you want a deliberate mid-cap tilt, this is the right product.
Feeds into PPFAS Flexi Cap Fund — one of India's most respected value-oriented equity funds. Invests in low-debt, high-cash-flow businesses at reasonable valuations, across market caps. Includes a small international allocation (20–35% typically). Disciplined buy-and-hold.
The strongest underlying track record of the six inbound schemes — PPFAS Flexi Cap has compounded at a level that few domestic funds match over 10 years. The 2% exit load in Year 1 signals this is not a short-term product. Suited for patient investors with a 3+ year view who align with PPFAS's quality-first philosophy.
Feeds 90–100% into NJ Flexi Cap Fund — a domestic SEBI open-ended dynamic equity scheme investing across large, mid, and small cap Indian stocks. NJ Group is India's largest mutual fund distributor network; NJ AMC is their fund management arm.
No capital gains tax for non-residents — confirmed explicitly in the fund's official documents. NJ AMC is a newer entrant to active fund management (NJ Group's strength is distribution, not asset management). Compare with the PPFAS Flexi Cap feeder above before choosing between the two flexi-cap options.
Feeds into Baroda BNP Paribas Multicap Fund — a domestic SEBI multicap scheme. Multicap mandates are required to hold at least 25% each in large, mid, and small cap stocks by SEBI rules, offering more balanced exposure across India's market-cap spectrum than a flexi-cap fund.
Baroda BNP Paribas also operates a separate Gift US Small Cap AIF at GIFT City — an outbound product with a completely different direction. Do not confuse the two. Reach out to Tequity once terms are confirmed.
Feeds into a domestic Edelweiss India equity scheme. Specific underlying fund pending confirmation. Broad India equity strategy — large to mid cap opportunities.
Note: Edelweiss also operates the Greater China Equity Fund at GIFT City — that is a completely separate outbound fund (invests in China/Taiwan/HK equities). This fund is inbound only.
Five funds investing outside India — in the US, globally, and in Greater China. Available to Resident Indians via LRS (up to USD 250,000/year) and to NRIs. These bypass the SEBI overseas investment ceiling that has restricted domestic international funds since 2022.
These funds invest in a UCITS ETF listed in Europe. The GIFT City fund is the USD wrapper; the ETF tracks the index. Low cost, predictable tracking, no active manager risk.
Passively tracks the S&P 500 Net Total Return Index via the Invesco S&P 500 UCITS ETF Acc — a physically-replicating ETF that holds all 500 US stocks in proportion to their index weight. Launched March 20, 2026.
At 0.35% all-in vs domestic international FoFs charging 1–2%+, this is the cheapest way to own the S&P 500 from India. No exit load makes it the most liquid of the five outbound retail funds. Top sectors (Mar 2026): IT 32.3%, Financials 12.5%, Communication Services 10.5%.
Passively tracks the Nasdaq 100 Net Total Return Index via the Invesco NASDAQ-100 Swap UCITS ETF Acc — a synthetic (swap-based) ETF. 65% tech-adjacent exposure: IT 50.2%, Communication Services 15.3%. Launched March 20, 2026.
Pure-play US tech. Costs 0.15% more than the S&P 500 sibling due to the underlying ETF's higher expense ratio. Choose this over the S&P 500 fund only if you specifically want concentrated technology exposure and understand the higher volatility that comes with it.
Feeds into JPMorgan Funds – Greater China Fund (Luxembourg SICAV, AUM USD 176.7M). The JPM fund invests in companies across Mainland China (58.4%), Taiwan (38.7%), and Hong Kong (2.8%) — focused on Technology, Carbon Neutrality, and Consumption. Benchmark: MSCI Golden Dragon Index.
The only GIFT City retail mutual fund giving concentrated access to China, Taiwan, and Hong Kong in one product. 5-year rolling returns near historical lows — which is exactly the mean-reversion case for this allocation. Redemption payout is T+10 business days (slower than all other outbound retail MFs). The tiered exit load reinforces a minimum 2-year view. Treat as a tactical allocation (10–15% of global portion), not a core holding.
| Factor | S&P 500 FoF | Nasdaq 100 FoF |
|---|---|---|
| All-in TER | 0.35% p.a. | 0.50% p.a. |
| Exit load | None | None |
| Since inception (Mar 20, 2026) | +10.02% | +13.94% |
| AUM (Apr 2026) | USD 6.43M | USD 7.44M |
| Underlying ETF type | Physical replication | Synthetic (swap) |
| No. of stocks | 500 (all sectors) | 100 (tech-heavy) |
| IT + Comm Services weight | ~43% | ~65% |
| Volatility profile | Lower (diversified) | Higher (concentrated tech) |
Both launched on the same date (March 20, 2026). Both have the same fund manager (Akshay Falgunia) and no exit load. The choice is entirely about concentration: broad US market vs pure US tech, and 0.15% more cost for the Nasdaq exposure.
These fund managers build a portfolio of individual global stocks directly — no underlying ETF or master fund. The GIFT City fund IS the portfolio.
Concentrated 27–30 stock portfolio built bottom-up, without constraint to any index. Deliberately underweight the US vs MSCI ACWI (29% vs ~65%). Zero AI hardware exposure by design. Cash held at 27.1% (Apr 2026) — not a market call, but a result of the manager not finding enough ideas at the right price.
DSP's underperformance since launch is real and documented — it reflects a value/quality manager in a market that rewarded US mega-cap momentum and AI hardware in 2024–25. The USD 28M AUM despite this track record suggests investors are backing the thesis, not the recent numbers. Suitable only for those who (a) believe US index concentration is a risk worth avoiding, (b) can tolerate 2–3 years of underperformance, and (c) have a 5+ year horizon.
Concentrated global equity around 4 structural megatrends: (1) Defence & Aerospace — annual global capex >USD 1 trillion; (2) Power Generation — 4% p.a. demand growth post-AI buildout; (3) Ancillary AI Capex — chip foundries & data centres (TSMC, Amphenol); (4) Luxury Consumption — iconic pricing-power brands. US-based research team (Arindam Mandal, New York).
Highest cost of the five outbound retail MFs (2% TER + 2% exit load). The premium is justified only with a 3+ year hold and conviction in the megatrend thesis. The retail scheme is new (registered May 2026) with no independent track record yet — the GCP PMS proxy data is illustrative, not representative of this scheme's actual performance. NRI/OCI eligibility not yet explicitly confirmed — check before investing.
Different funds, different eligibility rules. Use this as a starting filter — verify the specific fund's offer document before investing.
| Investor Type | Inbound Funds (India equity) | Outbound Passive (PPFAS) | Outbound Active (DSP, Marcellus) | Edelweiss Greater China |
|---|---|---|---|---|
| Resident Indian | ✗ Not eligible | ✓ Via LRS | ✓ Via LRS | ✓ Via LRS/OPI |
| NRI / OCI | ✓ Eligible | ✓ Eligible | ✓ Eligible | ⚠ US/Canada NRIs excluded (FATCA) |
| US/Canada-based NRI | ⚠ Verify per fund (FATCA) | ⚠ Likely excluded — verify | ⚠ Likely excluded — verify | ✗ Explicitly excluded |
| Foreign national | ✓ FATF-compliant countries | ⚠ Varies by fund | ⚠ Varies by fund | ✓ FATF-compliant |
| Indian Corporate | ✗ Not eligible | ⚠ Varies | ✓ Marcellus specifically includes | ⚠ Verify |
This table is a summary for general orientation only. Always verify eligibility in the fund's official offer document or with Tequity before proceeding.
The right choice depends on your investor category, corpus size, tax position, liquidity needs, and existing portfolio. We cut through the complexity and give you a clear, honest recommendation — no product pushing, no commissions influencing our view.