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.

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.

The fund operates two share classes. 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.

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