Constitution of the Fund / Scheme
Regulation 17
Constitution of the Fund / Scheme
IFSCA (Fund Management) Regulations, 2025No change in 2026Chapter II · Registration of Fund Management Entity (FME)
Chapter II · Registration of Fund Management Entity (FME)
Regulation 17 – Constitution of the Fund / Scheme
Critical importance about 4 min
Becoming an FME: Registration categories, legal form, track record, key personnel, net worth and fit-and-proper.
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In plain English
Before filing any document, the FME must appoint fiduciaries appropriate to the scheme's legal form — a Board of Directors (company), Designated Partners (LLP), or Trustees (, including a trustee company's board).
In plain English
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The rule, in its own words
Read the exact text of Regulation 17
17. (1) A FME may launch various schemes as provided under these regulations.
(2) A FME, prior to the filing of a scheme document with the Authority, shall appoint fiduciaries as follows:
(a) Board of Directors in case the scheme is set up in the form of a Company;
(b) Designated Partners in case the scheme is set up in the form of a Limited Liability Partnership; or
(c) Trustees (including the Board in case of a Trustee company) in case the scheme is set up in the form of a Trust.
(3) A FME shall ensure that all the fiduciaries meet with the fit and proper requirements as specified in this Chapter.
(4) A FME intending to launch retail schemes shall take prior approval of the Authority for appointing any person as a fiduciary.
(5) The fiduciaries shall comply with the Code of Conduct and obligations as detailed in Part B of Third Schedule.
Statutory text — Principal Regulations, 2025 (as amended to 30 January 2026), consolidated where amended. The notified Gazette text prevails. Tap a highlighted word for how it functions.
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What this means in practice
Practical effect
Fiduciaries must be in place before any scheme document is filed — get the sequence wrong and the filing itself is defective.Compliance actions
- Applies to
- All schemes, all FME categories
- Frequency
- Per scheme, before filing
- Trigger
- Prior to filing scheme document with the Authority
- Evidence
- Fiduciary appointment records; Trust deed / LLP agreement / board constitution as applicable
Common mistake
Drafting and filing the scheme document before the board/trustees are formally appointed.4
Where it connects
Refers to / depends on
Read alongside
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Check yourself
Quiz Centre
Test yourself on Regulation 17
16 questions in the unified bank test this regulation. Each explains every option and cites the provision.
What must an FME do before filing any scheme document?
For a scheme constituted as a trust, the fiduciary appointed under Regulation 17 is:
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Your notes
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