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Home / GIFT City (IFSC) / IFSCA FME Registration
Last updated: 2 October 2026
Fund managers in GIFT City IFSC register with IFSCA as a Fund Management Entity (FME) under the IFSCA (Fund Management) Regulations, 2025. The registration category decides which schemes and investors the FME can serve. Expertvuw supports the application, documentation and scheme filings, and the compliance that follows.
The IFSCA (Fund Management) Regulations, 2025 were notified on 19 February 2025 and have since been amended, including the July 2025 amendment on third-party fund management and the January 2026 amendment on key personnel eligibility and placement memorandum extensions. They set out three FME categories: Authorised FME, Registered FME (Non-Retail) and Registered FME (Retail).
An FME may be a company, an LLP or a branch, but a Registered FME (Retail) cannot be an LLP or a branch. Each FME must meet the net worth prescribed in the Second Schedule to the regulations, keep a dedicated office in IFSC and appoint a principal officer based in IFSC; a registered FME also needs a compliance officer.
Once registered, the FME files a placement memorandum or offer document for each scheme: venture capital schemes, restricted schemes (non-retail), retail schemes, and portfolio management services, each with its own investor and corpus rules. Expertvuw prepares the FME application and scheme documents and coordinates with IFSCA, custodians, bankers and independent licensed professionals, such as auditors, where the regulations require them.
Based on the regulations and circulars referred to on this page. Last updated: 28 September 2026.
IFSCA (Fund Management) Regulations, 2025, notified 19 February 2025, as amended in 2025 and 2026
Authorised FME, Registered FME (Non-Retail) and Registered FME (Retail) (Reg. 3(4))
Company, LLP or branch; a Registered FME (Retail) cannot be an LLP or branch (Reg. 5(1))
Principal officer, plus a compliance officer for registered FMEs, both based in IFSC (Reg. 7)
USD 3 million for venture capital, restricted and retail schemes (Regs. 23, 35 and 47)
Client funds or securities of at least USD 75,000, except accredited investors (Reg. 77(1))
Issues usually arise from category choice, personnel eligibility or scheme structuring.
Retail access needs a Registered FME (Retail) in company form; an LLP or branch cannot be used.
Principal and compliance officers must meet the qualification and experience criteria and be based in IFSC.
A placement memorandum is valid for 12 months to first close, subject to extensions permitted by IFSCA.
Related services.
SEZ approval, SWIT application and tax position for a new unit in GIFT City IFSC.
Finance company or finance unit registration for lending, treasury and leasing in IFSC.
SEBI registration of alternative investment funds for managers operating in domestic India.
SEBI portfolio manager registration for domestic portfolio management services.
We map the proposed investors and products to the right FME category and legal form.
The IFSC entity or branch is set up and office space arranged through a co-developer.
Key personnel are checked for eligibility and internal policies are drafted.
We prepare and file the FME application with declarations and documents on SWIT.
We coordinate responses to IFSCA queries until the certificate of registration is issued.
Placement memoranda or offer documents are prepared and filed for each scheme or service.
A registered FME must keep meeting its conditions of registration and report on each scheme.
Maintain the Second Schedule net worth and a dedicated IFSC office at all times.
Intimate IFSCA of changes; FMEs with AUM of USD 1 billion or more appoint an additional KMP.
Periodic reports, audits through independent licensed professionals and investor disclosures for each scheme.
Inform IFSCA of any material change in the information submitted at registration.
Share your query and our team will reply during business hours.
Authorised FME, Registered FME (Non-Retail) and Registered FME (Retail), under Regulation 3(4) of the IFSCA (Fund Management) Regulations, 2025.
Yes, except a Registered FME (Retail), which cannot be an LLP or a branch under Regulation 5(1).
USD 250,000 per investor for venture capital schemes and USD 150,000 for restricted schemes, with exceptions for accredited investors (Regs. 20(2) and 32(2)).
Yes. For venture capital and close-ended restricted schemes the FME contributes at least 2.5% of the target corpus; open-ended restricted schemes need at least 5%.
The July 2025 amendment permits third-party fund management with IFSCA authorisation, additional net worth of USD 500,000 and a dedicated principal officer.
ACS – Director, Expertvuw Management Pvt Ltd
Advisory and company secretarial work is handled by Expertvuw’s team. Audits, certifications and representation that the law reserves for Chartered Accountants, advocates or other licensed professionals are provided by independent professionals engaged for your case.