New Delhi, June 4 -- Moneybags from Mauritius, Singapore and Cayman Islands are yet to make the move to Gujarat's GIFT City given burdensome tax and compliance rules without commensurate benefits, industry executives said.

While GIFT City has seen a steady rise in new funds, it has struggled to lure funds out of established offshore centres. As of March, India's financial centre had 229 funds, as per IFSCA quarterly bulletin. However, according to an official aware of the matter, a mere 13 of them, including Alchemy India Long Term Fund, Mirae Asset India Midcap Equity Fund and Artha Global Opportunities Fund have actually migrated from foreign jurisdictions.

Among the reasons: Mandatory physical presence of employees, stiff compliance ...