A
People and entities
Who is responsible for what?
All 14 termsFund Management, Explained
Fund jargon in plain English: what each term means, an everyday comparison, a real example and how it differs from look-alike terms. For anyone, with or without a finance or legal background.
Comparisons people ask about
AIF vs PMS vs mutual fundSEBI AIF vs IFSCA fund management schemeCategory I vs II vs III AIFFME categoriesMaster fund vs feeder fund vs fund of fundsTrust vs LLP vs company as a fund vehicleSponsor vs manager vs trusteeCommitment vs drawdown vs contributionIRR vs MOIC vs NAVRestricted scheme vs retail scheme (IFSC)Domestic fund vs offshore fundDirect investment vs through an SPVDiscretionary vs non-discretionary PMS
Plain-English explanations to aid understanding. Regulatory points cite their source; general finance concepts are explained as commonly used. Not legal or tax advice.
Plain-English glossary · GIFT IFSC and SEBI
Fund jargon, in plain English
What each term means, an everyday comparison, a real example and how it differs from look-alike terms
Written for anyone, with or without a finance or legal background. Start with a topic, look up a word, or test yourself in five minutes.
Look up a term
83terms
6topics
13comparisons
71practice questions
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Term of the day · People and entities
Auditor
An independent accountant who checks the fund's accounts and gives an opinion on them.
Think of it like thisThink of an examiner marking an answer sheet that someone else wrote. The auditor does not prepare the fund's accounts; it checks them and gives an independent opinion on whether they are true and fair.
Real example
Read the full explanation An audit firm reviews the fund's annual financial statements.
How it works
- 1AdministratorPrepares accounts
- 2AuditorChecks them independently
- 3Audit reportOpinion on the accounts
- 4Investors and regulatorRely on it
Quick check
Who gives an independent opinion on a fund's financial statements?
Browse by topic
Six topics, from who is who to cross-border
Each topic answers one simple question. Tap any term to open it directly.
B
Fund structures
How are the different entities connected?
Master fund and feeder fundFund of fundsParallel fundCo-investmentSPVHolding companyUmbrella fund and sub-fund
All 10 terms C
Fund products and strategies
What does the fund invest in, and how?
Mutual fundVenture capitalPrivate equityPrivate creditVenture debtInfrastructure fundReal estate fund
All 14 terms D
Money and investor economics
Who puts money in, who gets paid, and when?
All 17 termsE
Regulation and documents
What is permitted, and under which rulebook?
All 17 termsF
India and cross-border
Where are the money, the fund and the investors?
Domestic fundIFSC fundOffshore fundOnshore and offshore investingFeeder into an offshore fundTax residencyWithholding tax
All 11 terms How every term is explained
Eight short steps, the same for all 83 terms
Tap any step to see all eight in action for today’s term, Auditor.
- 1One-line meaningWhat it is, in one sentence
- 2Everyday comparisonA picture from daily life
- 3How it worksThe flow, step by step
- 4Real exampleWith names and numbers
- 5Why it mattersWhat goes wrong if you miss it
- 6Look-alike termsSide by side, so you never mix them up
- 7What the rules sayWith the regulation it comes from
- 8Practice questionCheck yourself, answer explained
Comparisons people ask about
The look-alikes, side by side
The pairs and trios that confuse most people, compared point by point.
AIF vs PMS vs mutual fundSEBI AIFvsPortfolio management (PMS)vsMutual fund5 points compared SEBI AIF vs IFSCA fund management schemeSEBI AIFvsGIFT IFSC scheme5 points compared Category I vs II vs III AIFCategory IvsCategory IIvsCategory III4 points compared FME categoriesAuthorisedvsRegistered (Non-Retail)vsRegistered (Retail)3 points compared Master fund vs feeder fund vs fund of fundsMaster fundvsFeeder fundvsFund of funds3 points compared Trust vs LLP vs company as a fund vehicleTrustvsLLPvsCompany3 points compared Sponsor vs manager vs trusteeSponsorvsManagervsTrustee3 points compared Commitment vs drawdown vs contributionCommitmentvsDrawdownvsContribution3 points compared IRR vs MOIC vs NAVIRRvsMOICvsNAV3 points compared Restricted scheme vs retail scheme (IFSC)Restricted schemevsRetail scheme4 points compared Domestic fund vs offshore fundDomestic fundvsIFSC fundvsOffshore fund3 points compared Direct investment vs through an SPVDirect investmentvsThrough an SPV3 points compared Discretionary vs non-discretionary PMSDiscretionaryvsNon-discretionary2 points compared
A to Z
Every term on one screen
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D
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Plain-English explanations to aid understanding. Regulatory points cite their source; general finance concepts are explained as commonly used. Not legal or tax advice.
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.