印度最大的资产管理公司之一UTI Asset Management正在推出一只新加坡上市的交易所交易基金（ETF），这可能为投资南亚国家股市提供一条更具税务效率的途径，而目前高额税收正在阻碍外国投资者。
Asset Management, one of India’s largest money managers, is launching a Singapore-listed exchange-traded fund that may offer a more tax-efficient route to gain exposure into the South Asian country’s stocks at a time when high levies are deterring foreign investors.
UTI India Nifty 50 Index ETF VCC计划于11月12日在新加坡上市，将投资于一只在岸印度上市ETF，而非直接购买股票。根据其招股说明书，这种联接基金结构使其能够根据印新税收协定申请豁免，避免长期持仓12.5%和短期投资20%的资本利得税。
The UTI India Nifty 50 Index ETF VCC, scheduled to list in Singapore on Nov. 12, will invest in an onshore India-listed ETF rather than buying shares directly. According to its prospectus, the feeder structure allows it to claim an exemption under the India-Singapore tax treaty, avoiding capital gains taxes of 12.5% on long-term holdings and 20% on short-term investments.
此次发行可能成为一个早期测试，检验税务效率结构能否在不进行更广泛税制改革的情况下，帮助印度争夺全球资本。较高的投资税收、相对较高的估值以及有限的AI热潮敞口，削弱了印度的吸引力，导致其股市基准指数有望录得11年来首次年度下跌。任何税收拖累的减少，都可能在融资和借贷成本担忧考验全球AI交易之际，提升印度相对于其他新兴市场的竞争力。
The launch may provide an early test of whether tax-efficient structures can help India compete for global capital without a broader change to its tax regime. Higher investment taxes, relatively rich valuations and limited exposure to the AI boom have weighed on India’s appeal, leaving its stock benchmark on course for its first annual decline in 11 years. Any reduction in the tax drag may improve India’s competitiveness against other emerging markets as concerns over funding and borrowing costs test the global AI trade.
UTI International Singapore首席执行官Jermyn Wong表示：“推出一只为投资者提供低成本、透明的投资印度解决方案的ETF，时机已成熟。印度大盘股估值目前看起来很有吸引力。”据UTI称，该产品将成为新加坡首只Nifty 50 ETF，也是首只获新加坡金融管理局（MAS）授权、直接投资于印度注册基金的零售联接基金。虽然印度的国际金融服务中心GIFT City已提供具有税务优势的基金结构，但那些结构未必可与公开交易的ETF相提并论。
“The time is ripe to launch an ETF providing investors a solution to access India that is low-cost and transparent,” said Jermyn Wong, chief executive officer of UTI International Singapore. “Large cap valuations in India are currently looking attractive.”The product will be Singapore’s first Nifty 50 ETF and the first MAS-authorized retail feeder fund investing directly into an India-domiciled fund, according to UTI. While GIFT City, India’s international financial services hub, already offers fund structures with tax advantages, those aren’t necessarily comparable to a publicly traded ETF.
值得注意的是，招股说明书提示了潜在税务风险：尽管该基金预期可就出售印度共同基金单位的收益申请协定豁免，但印度当局可能会对该立场提出质疑。
To be sure, the prospectus flags a potential tax risk: while the fund expects to claim a treaty exemption on gains from the sale of Indian mutual-fund units, Indian authorities could challenge that position.
该ETF将在新加坡交易所（SGX）以美元和新加坡元交易，并将95%至100%的资产投资于在印度上市的UTI Nifty 50 ETF，每年收取最高0.43%的费用。首发发售将持续至11月6日，每股发行价1美元，Phillip Securities Pte.、Flow Traders Asia Pte.和North Point Global Pte.担任做市商。
The ETF will trade on the SGX in US and Singapore dollars and will invest 95% to 100% of assets in the India-listed UTI Nifty 50 ETF and charge up to 0.43% a year as fees. The initial offer runs through Nov. 6 at $1 a share, with Phillip Securities Pte., Flow Traders Asia Pte. and North Point Global Pte. as market makers.