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 thisGIFT IFSC · Fund Management Entities
Every GIFT IFSC fund rule, in plain English.
IFSCA (Fund Management) Regulations, 2025, as amended up to 10 September 2026
Explore the FME regulatory framework, amendments, circulars, practical compliance guidance, key thresholds, tools and chapter-wise practice questions — all in one place.
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CS Prashant KumarCompany Secretary & Compliance Officer at an IFSCA-licensed investment banker Talk on WhatsApp
Net worth, Authorised FMEUSD 75,000
Quarterly report to IFSCADue 21 Oct
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India’s International Financial Services Centre
Compare with SEBI AIF GIFT IFSC is regulated by the International Financial Services Centres Authority (IFSCA), set up under the IFSCA Act, 2019.
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Scheme 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.
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A working compliance calendar, quarterly reporting to IFSCA, records, KMP changes, annual reports and board support.
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A clause-by-clause review of what the 2026 amendment changes for your FME and schemes, and the documents to update.
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Frequently asked questions
View all FAQsWhat is the minimum net worth for each FME category under the IFSCA (Fund Management) Regulations, 2025?
Under the Second Schedule, read with regulation 8: USD 75,000 for an Authorised FME, USD 500,000 for a Registered FME (Non-Retail) and USD 1,000,000 for a Registered FME (Retail). A Retail FME relying on the second track-record route in regulation 6(2)(a)(ii) must have net worth of at least USD 2 million.
How many investors can a Venture Capital scheme have?
Regulation 20(1): a Venture Capital scheme shall not have more than fifty investors. Investors other than accredited investors must invest at least USD 250,000 (USD 60,000 for employees, directors or designated partners of the FME).
What is the minimum corpus of a restricted scheme?
Regulation 35(2) sets a minimum corpus of USD 3 million for restricted schemes. An open-ended restricted scheme may start investing once it has raised USD 1 million and must reach USD 3 million within 12 months of the placement memorandum being taken on record.
Who needs to register as an FME?
Any entity that wants to carry on fund management in an IFSC must first obtain registration from IFSCA as a Fund Management Entity. (Reg 3)
What are the FME categories and what can each do?
Authorised FME: VC schemes by private placement and a Family Investment Fund for a single family. Registered FME (Non-Retail): all of that plus restricted schemes, PMS (including a multi-family office) and investment manager for privately placed REITs and InvITs. Registered FME (Retail): all of that plus retail schemes, ETFs and investment manager for publicly offered REITs and InvITs. (Reg 3(4))
What net worth does an FME need?
USD 75,000 (Authorised), USD 500,000 (Non-Retail) and USD 1 million (Retail), or USD 2 million for a Retail FME using the second track-record route. Third-party fund management adds USD 500,000. Net worth must be maintained at all times, not just at registration. (Reg 8, Second Schedule)
What happens if net worth falls below the minimum?
Under IFSCA's February 2024 circular, which continues under Reg 148(5), the FME cannot launch new schemes, take on new clients or new business until the shortfall is made good.
Can an LLP or a branch be an FME?
Yes, except that a Retail FME cannot be an LLP or a branch of an LLP. A branch can register if its parent is already registered or regulated for similar activity; the parent must ring-fence the branch, and the net worth capital may be held at parent level, earmarked for the branch. (Reg 5)
What extra conditions apply to a Retail FME?
A board of at least four directors, at least half independent and not associated with the FME (Reg 5(4)); a track record — five years in fund management with AUM of at least USD 200 million and more than 25,000 investors, or the controllers route (Reg 6); and a fund management KMP before the first retail scheme or ETF (Reg 7).
Can an FME change its category later?
Yes, with IFSCA's prior approval, and only after meeting the higher category's net worth, board and KMP requirements. (Reg 13(2))
Meet the expert
CS Prashant Kumar
Company Secretary & Compliance Officer, Global Horizons Capital Advisors (IFSC) Private Limited — an IFSCA-licensed investment banker
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.
13+years in compliance and governanceFCSFellow member, ICSIIFSCACompliance Officer at a licensed intermediaryAuthorCo-author, Audit Under Fire
01What is the minimum net worth for each FME category under the IFSCA (Fund Management) Regulations, 2025?
Under the Second Schedule, read with regulation 8: USD 75,000 for an Authorised FME, USD 500,000 for a Registered FME (Non-Retail) and USD 1,000,000 for a Registered FME (Retail). A Retail FME relying on the second track-record route in regulation 6(2)(a)(ii) must have net worth of at least USD 2 million.
Key numbers02How many investors can a Venture Capital scheme have?
Regulation 20(1): a Venture Capital scheme shall not have more than fifty investors. Investors other than accredited investors must invest at least USD 250,000 (USD 60,000 for employees, directors or designated partners of the FME).
Key numbers03What is the minimum corpus of a restricted scheme?
Regulation 35(2) sets a minimum corpus of USD 3 million for restricted schemes. An open-ended restricted scheme may start investing once it has raised USD 1 million and must reach USD 3 million within 12 months of the placement memorandum being taken on record.
Key numbers04Who needs to register as an FME?
Any entity that wants to carry on fund management in an IFSC must first obtain registration from IFSCA as a Fund Management Entity. (Reg 3)
Registration05What are the FME categories and what can each do?
Authorised FME: VC schemes by private placement and a Family Investment Fund for a single family. Registered FME (Non-Retail): all of that plus restricted schemes, PMS (including a multi-family office) and investment manager for privately placed REITs and InvITs. Registered FME (Retail): all of that plus retail schemes, ETFs and investment manager for publicly offered REITs and InvITs. (Reg 3(4))
Registration06What net worth does an FME need?
USD 75,000 (Authorised), USD 500,000 (Non-Retail) and USD 1 million (Retail), or USD 2 million for a Retail FME using the second track-record route. Third-party fund management adds USD 500,000. Net worth must be maintained at all times, not just at registration. (Reg 8, Second Schedule)
Registration07What happens if net worth falls below the minimum?
Under IFSCA's February 2024 circular, which continues under Reg 148(5), the FME cannot launch new schemes, take on new clients or new business until the shortfall is made good.
Registration08Can an LLP or a branch be an FME?
Yes, except that a Retail FME cannot be an LLP or a branch of an LLP. A branch can register if its parent is already registered or regulated for similar activity; the parent must ring-fence the branch, and the net worth capital may be held at parent level, earmarked for the branch. (Reg 5)
Registration09What extra conditions apply to a Retail FME?
A board of at least four directors, at least half independent and not associated with the FME (Reg 5(4)); a track record — five years in fund management with AUM of at least USD 200 million and more than 25,000 investors, or the controllers route (Reg 6); and a fund management KMP before the first retail scheme or ETF (Reg 7).
Registration10Can an FME change its category later?
Yes, with IFSCA's prior approval, and only after meeting the higher category's net worth, board and KMP requirements. (Reg 13(2))
RegistrationThis 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.
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.