The International Financial Services Centres Authority (IFSCA) on January 28, 2026, issued the International Financial Services Centres Authority (Fund Management) (Amendment) Regulations, 2026, to further amend the International Financial Services Centres Authority (Fund Management) Regulations, 2025.
The following has been stated namely: -
• Clause (5) of regulation 7 has been substituted namely: -
“In addition to the qualifications mentioned under clause (a), an experience of at least five (5) years in related activities in the securities market or financial products in an eligible institution:
Provided that for the KMP referred under sub-regulation (2), the experience mentioned in clause (b) shall be required for a minimum period of 3 (three) years, if such KMP possesses a professional qualification:
Provided further that an individual with post-qualification experience of at least 2 (two) years in an eligible institution in IFSC, India or any foreign jurisdiction and who holds valid certification(s), as specified by the Authority, shall be considered eligible for the KMP referred under sub-regulation (2):
Provided also that individuals with a post-qualification experience of at least 3 (three) years in an eligible institution in IFSC, India or any foreign jurisdiction and who holds valid certification(s), as specified by the Authority, shall be considered eligible for the KMP referred under sub-regulations (1), (3) and (4).”
• The proviso under sub-regulation (3) under Regulation 19 has been substituted namely: -
“Provided that if a FME fails to achieve the minimum size of corpus, as specified under sub-regulation (1) of regulation 23, within the specified time period, it shall have the option to extend the validity of the placement memorandum, wherein each such extension shall be for a period of six (6) months starting from the day after the expiry of the existing validity of the placement memorandum, by filing an application at such time when the placement memorandum is still valid, accompanied by a fee equal to –
i) For the first extension, twenty-five per cent. (25%) of the applicable fee for filing of a fresh scheme, as may be prevalent at the time of such extension; and
ii) For each subsequent extension, fifty per cent. (50%) of the applicable fee for filing of a fresh scheme, as may be prevalent at the time of such extension.”
This shall come into force on January 28, 2026.
[Notification No. IFSCA/GN/2026/006]
