New Fund regime introduced for Gift City

On 19 April 2022, the International Financial Services Centre Authority (IFSCA) published the International Financial Services Centre Authority (Fund Management) Regulations, 2022 (FM Regulations), overhauling the fund regime in International Financial Services Centre (IFSC). In a stark contrast to its initial approach of benchmarking the IFSCA funds regime against the fund ecosystem created by the Securities and Exchange Board of India (SEBI), the IFSCA has now consolidated the existing fund framework into one unified regulation, which will regulate the fund managers, while prescribing operating guidelines for funds. The FM Regulations become effective on 19 May 2022 (Effective Date).