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Every regulation in plain English, next to the legal text, with 2026 changes highlighted.
India’s fund & asset management regulatory knowledge platform
India’s fund regulations, made simple.
Understand India’s fund and asset management regulatory framework without getting lost in legal jargon. Explore GIFT IFSC, SEBI AIF and SEBI PMS regulations, understand provisions in plain English, track amendments, compare regulatory requirements, prepare through quizzes and mock tests, and use practical compliance tools — all in one place.
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CS Prashant KumarCompany Secretary & Compliance Officer13+ years in compliance and governance; works daily with IFSCA fund regulations. Talk on WhatsApp
272regulations explained
(148 IFSC + 78 AIF + 46 PMS)
(148 IFSC + 78 AIF + 46 PMS)
1,418practice questions
with detailed answers
with detailed answers
552026 changes tracked
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(old and new)
65key numbers
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Quizzes with an explanation for every option, flashcards and real-life scenarios.
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Timed certificate tests, scored on the server, with certificates you can verify and share on LinkedIn.
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Prepare for ICSI IFSC and NISM AIF exams
A free 20-question diagnostic, chapter and module tests, and full mock exams in the ICSI format (100 questions, 90 minutes), with a readiness score, mistake notebook and revision planner. Learning stays free; full mocks and unlimited practice are paid plans.
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Pass a chapter test, module test, full mock or the AIF test to earn a certificate with a live QR code that anyone can verify, and share it on LinkedIn.
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Fund Management, Explained
Feeder fund, carried interest, NAV, drawdown… 83 terms in plain English, with everyday comparisons, examples, diagrams and side-by-side comparisons.
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Quick answers
SEBI AIF and GIFT IFSC, side by side
| Question | SEBI AIF | GIFT IFSC FME |
|---|---|---|
| How much must I invest? | ₹1 crore in a SEBI AIF; ₹25 lakh for employees and directors; no minimum for accredited investors (Reg 10(c)). | USD 250,000 in a VC scheme and USD 150,000 in a restricted scheme; lower for insiders; no minimum for accredited investors (Regs 20, 32). |
| How many investors can a fund have? | Up to 1,000 per scheme, with accredited investors not counted (Reg 10(f)). | Up to 50 in a VC scheme and 1,000 in a restricted scheme (Regs 20, 32). |
| How much must the manager put in? | Category I and II: lower of 2.5% of corpus or ₹5 crore. Category III: lower of 5% or ₹10 crore (Reg 10(d)). | VC and close-ended restricted: lower of 2.5% or USD 750,000. Open-ended restricted: lower of 5% or USD 1.5 million (Regs 28, 40). |
| What is the minimum fund size? | ₹20 crore per scheme; ₹5 crore for a social impact fund (Reg 10(b)). | USD 3 million for VC and restricted schemes (VC: Reg 23(1); restricted: Regs 31, 35). |
| How is a scheme launched? | Placement memorandum filed through a merchant banker at least 10 working days before launch; SEBI's comments must be complied with (Reg 12, as amended in July 2026). | VC and restricted schemes use the green channel: launch once IFSCA takes the PPM on record (Regs 19, 31). |
| Can retail investors invest? | No. AIFs raise money only by private placement (Reg 10(g)). | Yes, through retail schemes run by a Registered FME (Retail) (Reg 3(4)). |
| Can the tenure be extended? | Up to 2 years with two-thirds of unit holders by value; up to 5 years for an Accredited Investors only fund (Reg 13(5)). | Up to 2 years with two-thirds of investors by value (Regs 21, 33). |
| Who needs a minimum net worth? | The AIF Regulations rely on the manager's continuing interest in the fund (Reg 10(d)). | The FME itself: USD 75,000 (Authorised), USD 500,000 (Non-Retail), USD 1 million (Retail) (Reg 8). |
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SEBI AIF essentials
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GIFT IFSC FME essentials
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Setting up a fund
About 20 minutes · 0/5- 1
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Compliance officer's kit
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Services for FMEs and AIFs
FME registration
Category choice, eligibility and net worth planning, KMP selection and certification, and the application on SWIT through to the certificate of registration.
Ask about thisScheme launch and filings
Placement memorandum and offer document filings for VC, restricted, retail, SSF, ETF, PMS, REIT/InvIT and FIF structures, with the fiduciary and service-provider line-up.
Ask about thisAnnual compliance retainer
A working compliance calendar, quarterly reporting to IFSCA, records, KMP changes, annual reports and board support.
Ask about thisSecond Amendment impact review
A clause-by-clause review of what the 2026 amendment changes for your FME and schemes, and the documents to update.
Ask about thisQuestion of the day · GIFT IFSC · Reg 8
What is the minimum net worth for an Authorised FME under the Second Schedule?
Jargon buster
Fund words, made simple
Category I AIF
Invests in start-ups, early-stage or social ventures, SMEs, infrastructure or other areas the government or regulators want to encourage. Includes venture capital, angel, SME, social impact, infrastructure and special situation funds. (Reg 3(4)(a))
Category II AIF
Any AIF that is not Category I or III and does not borrow or use leverage beyond what the Regulations allow, such as private equity and debt funds. (Reg 3(4)(b))
Category III AIF
Uses diverse or complex trading strategies and may use leverage, including through derivatives. (Reg 3(4)(c))
Continuing interest
The manager's or sponsor's own money in the fund, made as an investment and not by waiving fees. (Reg 10(d))
Accredited Investors only fund
A fund in which every investor, apart from the manager, sponsor and their staff and directors, is an accredited investor. (Reg 2)
Large value fund
A fund in which each investor, other than insiders, is an accredited investor investing at least ₹25 crore. (Reg 2)
FME
Fund Management Entity: the manager registered with IFSCA to run funds and schemes from GIFT IFSC. (IFSCA FM Regs, Reg 3)
Green channel
For IFSC VC and restricted schemes, the scheme can launch once IFSCA takes its placement memorandum on record. (Regs 19, 31)
From the blog
Analysis you can act on
Plain-English notes on amendments, registration and scheme rules, with worked examples. Each one cites the regulation it relies on.
SEBI PMS Regulations 2026: what changes on 1 April 2027The SEBI (Portfolio Managers) Regulations, 2026 replace the 2020 Regulations on 1 April 2027. What carries over, what is new, and the deadlines existing portfolio managers must plan for.By CS Prashant Kumar14 Oct 2026 · 2 min readRead the article
Latest articles
SEBI PMS · 14 Oct 2026 · 2 min readWhat is PRIM? SEBI's new PMS route for mutual fund investingSEBI PMS · 14 Oct 2026 · 2 min readPMS minimum investment, net worth and fees under the 2026 RegulationsSEBI AIF · 12 Oct 2026 · 3 min readSEBI AIF categories explained: Category I, II and III for beginnersSEBI AIF · 11 Oct 2026 · 2 min readLaunching an AIF scheme after the July 2026 amendment: filing, fees and first closeBrowse by topic
Meet the expert
CS Prashant Kumar
Company Secretary & Compliance Officer
Global Horizons Capital Advisors (IFSC) Private Limited — an IFSCA-licensed investment banker
13+ years of experienceFCS Fellow member, ICSIAuthor Audit Under Fire
Published in The Chartered Accountant (Jun 2025, Jan 2025, Mar 2024) and Chartered Secretary (Aug 2023)
Prashant Kumar is a seasoned Company Secretary and corporate governance strategist with more than 13 years of experience advising large corporates, promoter-led groups and global businesses on compliance, regulatory risk and board governance. In GIFT IFSC, the IFSCA regime is his day job rather than a research topic.
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This is a learning and compliance-preparation tool. Plain-English readings, practical notes, 'what changed' summaries, the timeline and calculators are the portal's interpretation and do not replace professional advice or the notified Gazette text of the IFSCA (Fund Management) Regulations, 2025 and its amendments.