Neovision Wealth Management has launched the DSP Equity Opportunities Feeder Fund PC in the Abu Dhabi Global Market, giving eligible investors in the UAE dollar-denominated access to Indian listed equities from a minimum of $100. The fund is registered with the FSRA as a Public Fund, a Feeder Fund and a Passported Fund, allowing it to be offered to retail investors onshore in the UAE through licensed promoters.
The structure feeds into the Direct Plan Growth Option of the DSP Large & Mid Cap Fund, managed by DSP Asset Managers’ portfolio team under lead portfolio manager Rohit Singhania. Investor onboarding, transaction processing and portfolio tracking are handled digitally through Valura.AI, which holds a UAE distribution licence.
Removing friction for NRI investors
For Indian professionals based in the UAE, the conventional route to Indian equity exposure has involved opening an NRE or NRO account, obtaining a Permanent Account Number, completing KYC with an Indian intermediary and converting funds into rupees, typically across multiple institutions and offline touchpoints. The feeder structure relocates most of that burden to the fund itself: the vehicle is registered to invest in India, so currency conversion and Indian regulatory compliance happen at the fund level rather than at the investor level. Investors hold a US dollar share class and do not need an Indian bank account or PAN to subscribe.
Ashish Marwah, director and chief investment officer of Neovision Wealth Management and the ADGM fund manager, was clear that the dollar wrapper removes the conversion step, not the currency risk. “A US dollar share class removes the conversion step, not the currency risk,” he said. The fund does not hedge its rupee exposure, so dollar returns move with the INR/USD rate.
Structure, costs and the retail economics
The fund operates two share classes. The retail Class R carries a management fee of 1.50% per annum with total annual fund expenses capped at 1.80% of NAV. The institutional Class I carries a $500,000 minimum. Expenses of the underlying DSP fund are borne by the feeder proportionately, outside the cap. The daily dealing structure, mirroring the underlying fund’s liquidity terms, spreads fixed administrative costs across all investors, which is what makes the $100 floor commercially viable at scale.
Eligibility is restricted to investors outside India. The digital onboarding process applies eligibility and AML checks at the point of entry, with manual review reserved for enhanced due diligence cases. Investors provide tax residency self-certifications to support FATCA and CRS reporting obligations.
The fund is a protected cell of DSP Funds (OEIC) PCC PLC. That architecture allows further cells, each with segregated assets and a distinct strategy, to be added under the same ADGM registration and digital distribution model. Marwah indicated that Neovision is in active growth, with ambitions to extend access to public markets, private markets and hard assets through additional licensed distributors.
Regulatory and market context
ADGM has emerged as the preferred domicile for a growing cohort of cross-border fund managers targeting Gulf-based investors. Its FSRA regulator is an IOSCO member and applies English common law directly, making it legible to international institutional counterparties. A passported fund registered with the FSRA can be promoted across the UAE onshore market, including to retail investors, which is not possible for funds domiciled outside the UAE. That structural advantage over distributing an existing offshore vehicle is a significant driver of the ADGM-feeder model.
The launch follows Neovision’s 2024 tokenisation of a T-bill fund in ADGM, which the firm has characterised as a first for the jurisdiction. The Indian equity fund represents a different regulatory and commercial proposition: a retail-accessible, daily-dealing vehicle built on conventional fund law rather than distributed ledger infrastructure.
Neovision Wealth Management Limited is authorised and regulated by the FSRA. This article is for information only and does not constitute investment advice or a solicitation. Investment involves risk, including the possible loss of capital.
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