Kotak Mahindra Bank share price: Kotak Mahindra Bank down 2%; pvt lender signs memorandum of understanding with GIFT SEZ

NEW DELHI – Shares of fell along with the broader market, with the stock losing 2.3% in early trading on Friday. The private lender has signed a Memorandum of Understanding (MoU) with GIFT SEZ Limited (GIFT SEZ) to boost the financial services ecosystem at the International Financial Services Center (IFSC) in Gandhinagar.

The meter fell to a low of Rs 1,849.55 from Rs 1,892.60 at the previous close on the NSE. The stock last traded 1.73% lower.

Kotak Mahindra Bank and GIFT SEZ, a wholly owned subsidiary of Gujarat International Finance Tech-City, will cooperate in far-reaching activities aimed at improving overall financial services, according to reports.

According to the MoU, a priority area will be to facilitate market access and cross-border activities for the fund management community.

KMBL and GIFT SEZ will work jointly to promote GIFT IFSC jurisdiction for AIF fund structures, conduct seminars and knowledge series, expand financial infrastructure including custodial activities such as setting up custodial services worldwide, he said.

In May 2021, Kotak Mahindra Bank had issued the first-ever REIT license to a GIFT IFSC AIF, marking a new start in the journey of fund activity in GIFT IFSC, according to reports.

“The MoU between Kotak Mahindra Bank and GIFT SEZ will further enhance and strengthen our relationship as we work closely together to enhance GIFT’s financial services ecosystem for AIF structures and global depository services. Our endeavor is to provide easy market access for domestic and foreign financial entities who are planning to set up their operations in India’s financial and technology gateway”, KVS Manian, Full Time Director and Member of the Board of Management of the group, Kotak Mahindra Bank, was quoted as saying in the reports.


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