5 May 2022
EY Regulatory
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Alert
GIFT IFSC: IFSCA (Fund
Management) Regulations, 2022
Background
A Committee of Experts on Investment Funds was set up by International Financial
Services Centres Authority (IFSCA) to review global best practices and make
recommendations to the IFSCA on the roadmap for the investment funds industry,
and accordingly on 31 January 2022 a committee report together with draft
IFSCA (Fund Management) Regulations, 2022 were issued for public comments.
After receiving public comments, the IFSCA has issued final Fund Management
Regulations (Regulations) which will come into effect from 30 th day from the date
of passing notification in official gazette i.e., 19 April 2022. The Regulations
would, inter alia, supersede the existing framework for set up of funds in IFSC i.e.
SEBI (Alternative Investment Funds) Regulations, 2012 and the circulars issued
by SEBI and the IFSCA in this regard.
The Regulations have been issued in furtherance of IFSCA’s objective to develop a
best-in-class regulatory regime for funds and fund managers within IFSC that will
support the growing aspirations of the asset management industry and
development of IFSC as a leading global destination for the industry.
The highlights of the Regulations are as under:
• A unified registration for multiple fund activities by
regulating the fund manager instead of the existing
approach of regulating the Funds. A Fund
Management Entity (FME) will be registered with
IFSCA and will be able to manage different types of
funds and schemes subject to meeting the eligibility
criteria;
• A green channel route to launch Venture Capital
Schemes or non-retail schemes soliciting money
from accredited investors;
• Substance requirements for the FME have been
defined;
• Recognition of family investment fund;
• Liberal co-investment regime through a special
purpose vehicle (SPV) or through a segregated
portfolio by issuing a separate class of units;
• Introduction of Special Situation Funds (SSFs) to
invest in special situation asset to incentivize funds
with a distressed strategy1
• Innovation to fund activities (Fund Lab) by giving
power to the IFSCA to provide relaxations from the
applicability of all or any of the requirements of the
Regulations;
• Permission to funds to invest up to 20% of corpus in
physical assets such as real estate, bullion, art or
any other physical asset.
• Focus on Environmental, Social and Governance
(ESG): Funds with focus on ESG sectors/strategies
permitted to be launched. Relatedly, the
Regulations also specify disclosure and reporting on
matter relating to sustainability.
• Launching of retail schemes such as mutual funds
opening avenues for cross-border investments.
They can also launch Exchange Traded Funds
(ETFs), which can be either equity, debt,
commodity, hybrid, actively managed, etc. Gold
and Silver ETF fund managers can invest in Bullion
Depository Receipts;

This Alert summarizes the key details of the Regulations

in the form of separate tables which capture the
following:
• Table 1 - Framework for different type of FMEs
• Table 2 - Framework for different type of Schemes
or Funds
• Table 3 – Framework for ETFs
• Table 4 - Framework for Portfolio Management
Services (PMS) services by FMEs
• Table 5 - Framework for Family Investment Funds

1
Recently SEBI has also introduced SSFs as a separate sub-category
within its existing Alternate Investment Funds (AIF) Regulations

EY Alert 2
Table 1

The key highlights of the of regulatory framework governing FMEs is covered below:

Particulars Authorized FME Registered FME (Non- Registered FME (Retail)

retail)
Permissible • Managing Schemes • Managing Venture • Managing Retail Schemes3
activities investing in start-ups Capital and Restricted investing in securities,
or early-stage Schemes2 investing in financial products and such
ventures through securities, financial other permitted asset
Venture Capital products and such classes through retail or
Scheme other permitted asset restricted schemes
• Managing Family classes • Investment Manager of
Investment Fund • Portfolio Management Investment Trust (REITs
investing in Services (including for and InvITs) offered to public
securities, financial multi-family office) • Launch and manage ETFs
products and such • Investment Manager • All activities as permitted to
other permitted of Investment Trust Authorized FMEs and
asset classes (REITs and InvITs) Registered FMEs (for non-
offered under private retail Funds
placement
• All activities as
permitted to
Authorized FMEs
Type of • Accredited investors • Accredited investors Retail as well as non-retail
investors • Investors investing • Investors investing investors
permissible atleast USD 250,000 atleast USD 150,000
(USD 60,000 for (USD 40,000 for
employees/ employees/ directors/
directors/ designated designated partners
partners of FME) of FME)
Legal Structure Company, LLP, Branch Company, LLP, Branch Company or Branch of a
of the FME Company already registered or
regulated by financial sector
regulator in India or foreign
jurisdictions for conducting
similar activities subject to
certain additional conditions
such as ring fencing of
activities, minimum net worth/
capital requirements
Minimum net USD 75,000 USD 500,000 USD 1,000,000
worth
Minimum NA NA Atleast 4 (atleast 50% to be
number of independent)
Directors4
Minimum Employ such employees who have relevant • FME or its holding company
experience of has atleast 5 years of
Experience
FME experience in managing
AUM of atleast USD 200
million with more than
25,000 investors; or
• One person in control of
FME holding more than 25%
shareholding/ share in
profits carrying on business
in financial services for a
period of not less than 5
years

2
Means a scheme offered on a private placement basis, only to accredited investors or investors investing above USD 150,000 and shall not have more than
1000 investors or such other number as specified by IFSCA
3
Means a scheme offered to all investors or section of the investor for subscription with no ceiling as to the number of investors in the scheme
4
The Regulations does not specifically mention the requirement of having all directors to be based in IFSC.

EY Alert 3
 Particulars Authorized FME Registered FME (Non- Registered FME (Retail)
retail)
Minimum Professional qualification or post-graduate degree or post graduate diploma (minimum 2
Qualification of years) in finance, law, accountancy, business management, commerce, economics, capital
the Key market, banking, insurance or actuarial science from a university or an institution
Managerial recognized by the Central or State Government or a recognized foreign university or
Personnel institution or association; or a certification from any organization or institution or
(KMPs) association or stock exchange which is recognized/ accredited by Authority or a regulator
in India or Foreign Jurisdiction
Minimum At least five years in related activities in the securities market or financial products
Experience of including in a portfolio manager, broker dealer, investment advisor, Wealth Manager,
the KMPs research analyst or fund management
Minimum 1 2 3
number of
KMPs5
Infrastructure Necessary to effectively discharge its activities and commensurate to the size of
requirements operations in IFSC

Table 2

The FMEs are permitted to launch the following types of funds/ schemes. The key regulatory framework for the
schemes is summarized as under:

Particulars Venture Capital Restricted Schemes (Non- Retail Schemes

Schemes
Permissible • Listed or unlisted
investments securities (in India
or foreign
jurisdiction), money
market instruments,
debt securities,
securitized debt
instruments, other
venture capital
schemes, units of
mutual funds and
alternate investment
funds (AIFs),
investment in LLPs
and such other
assets as may be
specified
Investment Atleast 80% of the asset
restrictions under management
(AUM) in investee
companies incorporated
for less than 10 years
or other venture capital
schemes
retail schemes)
• All investments
permitted to Venture
Capital Schemes plus,
derivatives (including
commodity derivatives)
• Close ended scheme may
invest up to 20% of the
corpus in other physical
assets such as real
estate, bullion, art or any
other physical asset as
may be specified
NA
• All investments
permitted to Venture
Capital Schemes plus
derivatives (including
commodity derivatives)
• Maximum investment in
a single investee
company: 10% of AUM
(15% with prior
approval of fiduciaries),
no restriction for Index
schemes
• Maximum investment in
a sector: 25% of AUM
(50% in case of financial
services sector), no
restriction for sectoral,
thematic or Index
Scheme

5
The Regulations require the principal officer (responsible for overall activities of the FME), Compliance and Risk Manager and additional KMP responsible
for overall management of the Fund to be based in IFSC.

EY Alert P a g e |4
Particulars Venture Capital Restricted Schemes (Non- Retail Schemes
Schemes retail schemes)
Investment in Permissible, subject to Permissible, subject to prior 25% of the AUM
associates of the FME prior approval of approval of 75% investors in
the scheme by value
75% investors in the
scheme by value
Investment in unlisted No restriction • Open-ended schemes: • Open-ended schemes:
entities Maximum 25% of the Maximum 15% of the
corpus AUM of the scheme
• Close-ended schemes: • Close-ended schemes:
No restriction Maximum 50% of the
AUM of the scheme
Corpus of the Scheme • Minimum: USD 5 min • Minimum: USD 5 million • Minimum: USD 5 million
• Maximum: USD 200 • Maximum: NA • Maximum: NA
million
Tenure • Minimum 3 years • Minimum 1 year for close • Minimum 3 years for
• Extension upto 2 ended scheme close ended scheme
years permissible • Extension upto 2 years • Extension upto 2 years
with permissible with permissible with 2/3rd
2/3rd investor’s 2/3rd investor’s consent investor’s consent
consent
Minimum number of NA NA Minimum 20 investors,
investors in the with no single investor
Scheme investing more than 25%
Maximum number of 50 investors 1,000 investors No restriction
investors in the
Scheme
Minimum • Accredited investors • Accredited investors • Open ended scheme:
contribution/ • Investors investing • Investors investing Nil
atleast USD atleast USD 150,000 • Close ended scheme:
commitment from the
250,000 (USD 40,000 for Nil (USD 10,000 in case
investor in the scheme
(USD 60,000 for employees/ directors/ investment in unlisted
employees/ designated partners of exceeds 15% of the
directors/ FME) AUM)
designated partners
of FME)

For Venture Capital

Funds launched by
Registered FME, the
condition of Restricted
schemes would apply
‘Skin-in-the-game’ • Minimum 2.5% for • Open ended scheme Lower of 1% of the AUM of
contribution by FME* targeted corpus less o Minimum 5% for the scheme or USD
than USD 30 Mn and targeted corpus < 200,000 (for both open
USD 750,000 for USD 30 Mn and USD and close ended scheme)
target corpus more 1.5 mn for target
than 30 Mn corpus > USD 30 Mn
• Maximum 10% of o Maximum 10% of
corpus corpus
• Close ended scheme:
o Minimum 2.5% or
USD 750,000 (in
case of targeted
corpus more than
USD 30mn)

o Maximum 10% of
corpus
Leverage Permissible, subject to Permissible (except in case • Not permissible except
disclosure in the of Special Situation Fund), to meet temporary
subject to disclosure in the liquidity needs for the
private placement
PPM and consent of purpose of redemption
memorandum (PPM)
investors or payment of interest

EY Alert P a g e |5
 Particulars Venture Capital Restricted Schemes (Non- Retail Schemes
Schemes retail schemes)
and consent of or dividend to the
investors investors

• Maximum borrowing
permissible is 20% of
the AUM for a duration
not exceeding 6 months
Disclosure of net asset Yearly • Open ended scheme: • Open ended scheme:
value (NAV) Monthly Daily
• Close ended scheme: • Close ended scheme:
Half yearly Weekly
Co-investment Permissible, subject to Permissible, subject to NA
conditions conditions
Registration with Green channel status Green channel status for Draft offer to be filed
IFSCA i.e., the schemes filed restricted schemes atleast 21 days before
can be open for soliciting money from launch of schemes
subscription by accredited investors
investors immediately For other - Application to be
filed atleast before 21
working days before the
launch of schemes
Taxation Construed as Category • Venture Capital schemes launched by FMEs are
I AIF for tax purpose construed as Category I AIF

• Schemes that involve complex trading strategies,

investments in listed or unlisted derivatives are
construed as Category III AIF for taxation purposes

• Residual schemes that do not fall under the above two

are construed as Category II AIF for taxation purposes

*Not mandatory in case of relocation of Funds/ Schemes and Fund of Funds investing in scheme with similar
requirements. Also, not mandatory for Authorized FME and Registered FME (non-retail), if approval received from
atleast 2/3rd investors or if atleast 2/3rd investors are accredited

In addition to the above, Registered Fund Management Entity may launch ETFs, PMS and Family Investment Funds,
ReITs, InvITs, the key regulations are captured below:

Table 3
Exchange Traded Funds (ETFs)
We have outlined the key regulatory framework for ETFs as under:

Particulars Key points

Who can launch ETFs? • Only registered FMEs (Retail)
Registration and • A draft offer document to be filed with the Authority at least 21 working
validity days before the launch of the ETF.
• The offer document shall be valid for 12 months from the date of
observation letter of the Authority.
Listing requirements • ETF shall be mandatorily listed and traded on a recognized stock
exchange
• An ETF in IFSC shall use the identifier ‘IFSC ETF’
Type of Schemes and • Equity Index based ETFs - Replicates an Equity Index of IFSC or Indian
key norms to be or foreign jurisdiction. Key norms: (a) Minimum of 10 stocks as its
complied with constituents (b) To replicate the underlying index to the extent of at
least 95% of the total assets.

• Debt Index based ETFs - Replicate a debt Index of IFSC or Indian or

foreign jurisdiction. Key norms: (a) Minimum 5 issuers as its constituents
(b) No single issuer to have more than 25% weight in the index (c) The
rating of the constituents of the index to be investment grade (d) To
replicate the underlying index to the extent of at least 90% of the total

EY Alert P a g e |6
 Particulars Key points
assets. Conditions (a) and (b) shall not be applicable to index-based
funds investing in Government securities.

• Commodity based ETFs - Investment in specified commodity or

commodity related security/ instrument. Key norms: (a) To invest at
least 90% of the total assets (b) FME to ensure that a KMP with 5 years
of experience in dealing with commodities is designated as a Fund
Manager.

• Gold/Silver ETFs – Investment in Gold/Silver or bullion instruments such

as Bullion Depository Receipts with underlying Gold and Exchange
Traded Commodity Derivatives with gold as the underlying/ with
underlying Silver Traded Commodity
Derivatives (ETCD) with silver as the underlying. Key norms: (a) To
invest at least 90% of the AUM in aforesaid instruments. (b) To be
benchmarked against the price of spot Gold/ Silver at the recognized
stock exchange or any other benchmark price as may be specified (c)
For investment in physical Gold/ Silver, the Gold/Silver should be
supplied by a certified refiner. (d) Physical Gold/ Silver shall be stored
with a vault registered with the Authority and its physical verification
shall be carried out by an independent agency capable of undertaking
such activities.

• Actively Managed ETFs - ETFs for which the FME has discretion over the
composition of its portfolio. Draft offer document should be filed by the
ETFs with the RSE.
Management and NAV • A FME shall appoint a market maker who shall be responsible for
liquidity in the trading of ETFs by way of providing two-way quotes.
• Market makers to be permitted to create units and seek redemptions
directly from the FME.
• NAV to be computed and published on a daily basis.
• Procedure and methodology for calculating the NAV should be fully
documented.
Redemption • Investors (other than market makers) may also directly approach the
FME for redemption of ETFs, and no exit load shall be charged if certain
conditions are fulfilled.

Table 4

Portfolio Management Services

We have outlined the key regulatory framework for Portfolio Management Services as under:

Particulars Key Points

Who can undertake • Registered FME may offer PMS to its clients
PMS activity
Eligible clients • Person resident outside India and NRI
• Resident non-individual Indian eligible to invest offshore under FEMA to the
extent of permissible outward investment
• Resident individual in India eligible to invest offshore under FEMA to the
extent allowed under LRS
Permissible • Permitted to invest in securities and financial products in an IFSC, India or
investments Foreign Jurisdiction
• Discretionary PMS: securities listed or traded on the stock exchanges, money
market instruments, units of investment scheme and other financial products
Written agreement • A FME shall enter into a written agreement with the portfolio management
client that clearly defines the inter se relationship and other prescribed
aspects.
Dealing with funds of • Minimum ticket size: USD 150,000 (not applicable to an accredited investor).
the client Existing portfolio managers having clients less than
USD 150,000 shall be grandfathered
• Funds to be kept in separate account, to be maintained in a banking unit

EY Alert P a g e |7
 Particulars Key Points
• To segregate each portfolio management client’s holding in securities in
separate accounts (not applicable if the investments of the clients are in
jurisdictions permitting omnibus account structure)
• FME to act in a fiduciary capacity and not derive any benefit from the
accounts
• FME not to borrow funds/ securities on behalf of the client
Investment • Money/ securities to be invested as per the agreement
restrictions • Not to invest in derivatives without express consent of the client
• Not to indulge in speculative transactions except the transactions in
derivatives
• Segregate each clients’ funds and portfolio of securities from its own funds
and securities
• To not hold the securities belonging to the portfolio account, in its own name
on behalf of clients
• To appoint a custodian in respect of securities managed or administered by it
(not applicable for those providing only advisory services)
Advisory services • Permissible to provide advisory services, subject to compliance with IFSCA
(Capital Market Intermediaries) Regulations, 2021 and code of conduct
prescribed therein
• Minimum ticket size: USD 150,000
Furnishing report to • PMS entity shall periodically furnish a report to the portfolio management
clients client in terms of its agreement with the client, containing details such as
composition and value of the portfolio, transactions undertaken during the
period, beneficial interest, expenses, details of risk relating to securities
recommended etc.

Table 5

Family Investment Funds

We have outlined the key regulatory framework for Family Investment Funds as under:

Particulars Key points

Eligibility conditions
Permissible activities and
instruments
• May be set-up as a Company, Trust (Contributory Trust only) or Limited
Liability Partnership or any other form as may be permitted. In case of
Contributory Trust Vehicle, it should be ensured that:
o The beneficiaries are identifiable based on Trust deed, even though
not specifically named;
o The share of each beneficiary should be capable of being determined
based on prescribed provision/ formula prescribed in the trust deed;
o Addition of further contributors shall not make the existing
beneficiaries unknown or their shares indeterminate
• Net worth condition not applicable. Minimum corpus – USD 10 mn
• May be open ended or close ended
• Leveraging and borrowing permissible, as per their risk management
policy
• Permissible activities: All activities related to managing family investment
fund as may be specified by IFSCA
• Permissible instruments:
o Securities issued by the unlisted entities
o Securities listed or traded on stock exchanges in India and foreign
jurisdictions
o Money Market Instruments and Debt securities
o Securitized debt instruments, which are either asset backed or
mortgage-backed securities
o Other investment schemes set up in the IFSC, India and foreign
jurisdiction
o Derivatives including commodity derivatives
o Units of mutual funds and AIFs
o Investment in LLPs
o Physical assets such as real estate, bullion, art, etc.
o Such other securities or financial assets or instruments as specified

EY Alert P a g e |8
REITs and InvITs

The Regulations also provide for a detailed consolidated regulatory framework for REITs and InvITs. An Investment Trust
is permitted to raise funds through:
(a) Public issue with units listed on a recognized stock exchange in IFSC; or
(b) Private placement with units listed on a recognized stock exchange in IFSC; or
(c) Private placement whose units are not proposed to be listed on any recognized stock exchange.

In case of private placement, any Registered FME may act as Investment Manager to such Investment Trusts. In case of a
public issues, a Registered FME (Retail) shall only be eligible to be appointed as an Investment Manager.

Comments From a taxation standpoint, Category III AIFs

in IFSC have been provided a separate
attractive tax regime under section 10(4D) of
the Income-tax Act for the specific
The Regulations have been formulated in line
instruments mentioned in that section. Fund
with global best practices and seek to
managers may need to closely review their
overhaul existing regulations framed by
investment strategy and its consequent
Securities and Exchange Board of India (SEBI)
classification under Regulation 30 for the
and the manner in which fund activities are
purpose of analyzing the tax implications on
presently regulated. The overall risk-based
the fund and the investors.
approach and regulating the manager instead
of the Funds provides significant operational The Regulations provide ease of doing
flexibility for Fund managers to launch business and a globally competitive financial
number of funds/ schemes without incurring platform for the comprehensive range of
significant cost or time. This could be one of international financial services to
the major drivers for setting up of Fund international issuers which would then tap
structures in Gujarat International Finance global capital flows to meet India’s
Tec-City (GIFT city) especially with narrow development needs.
deal timelines.

The regulatory relaxations such as co- For further details, please contact:
investment opportunities, permission to take Keyur Shah
leverage for Funds (non-retail) would simplify Partner
deal structuring, provide flexibility to Funds Financial Services - Tax & Regulatory
based in IFSC and investors to allocate more Services
capital to lucrative opportunities and ensure Email: keyur.shah@in.ey.com
the Funds based in IFSC are competitive with
other offshore fund vehicles. Having said this,
the exact rationale of introduction of 10% Subramaniam Krishnan
investment cap for sponsor contribution in Partner
venture capital or restricted schemes is Private Equity & Financial Services – Tax &
unclear and the Fund managers/ their Regulatory Services
associates intending to participate to the Email: subramaniam.krishnan@in.ey.com
extent of more than 10% in the Funds would
need to keep this aspect in mind while setting Tejas Desai
up Fund platform in IFSC/ GIFT city. Partner
Private Equity & Financial Services – Tax &
Regulations pertaining to Family Investment Regulatory Services
Funds make it easier for family offices to run Email: tejas.desai@in.ey.com
their own investment fund with minimum
restrictions. Innovation Sandbox and Fund lab
allows fund managers to test new strategies in
a controlled environment and develop new
track record for their Fund. Recognition and
regulation of purpose driven Funds such as
ESG Funds would allow international investors
to channelize and participate in ESG
transitions in India and other markets.

EY Alert P a g e |9

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