IFSCA (Fund Management) Regulations, 2025Amended in 2026Chapter III · Schemes for Fund Management
Chapter III · Schemes for Fund Management
Regulation 24 – Disclosures to investors
Amended 2026 Critical importance about 3 min
Venture Capital schemes: Structure, eligible investors, permissible investments and the FME's own contribution for VC schemes.
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In plain English
Requires the VC to carry material disclosures, and (as amended) sets NAV and disclosure to investors at least yearly, from the FY the scheme starts investing, within PM-disclosed timelines.
In plain English
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The rule, in its own words
Read the exact text of Regulation 24
24. (1) The placement memorandum for Venture Capital schemes shall clearly include disclosures regarding the investment objective, the targeted investors, proposed corpus, investment style or strategy, investment methodology, proposed tenure of the scheme, fees and expenses, risk management practices, KMPs of the FME and other relevant details of the FME and the scheme. (2) 9[The FME shall ensure that the Net Asset Value (NAV) is disclosed to the investors at least on a yearly basis, starting from the financial year in which the scheme commences investment activities, excluding investments made in accordance with second proviso to sub-regulation (1) of regulation 22, and within such time per…
Show the full text
24. (1) The placement memorandum for Venture Capital schemes shall clearly include disclosures regarding the investment objective, the targeted investors, proposed corpus, investment style or strategy, investment methodology, proposed tenure of the scheme, fees and expenses, risk management practices, KMPs of the FME and other relevant details of the FME and the scheme. (2) 9[The FME shall ensure that the Net Asset Value (NAV) is disclosed to the investors at least on a yearly basis, starting from the financial year in which the scheme commences investment activities, excluding investments made in accordance with second proviso to sub-regulation (1) of regulation 22, and within such time period as disclosed in the placement memorandum of the scheme. (3) The FME shall ensure that the portfolio under the scheme is disclosed to the investors at least on a yearly basis, starting from the financial year in which the scheme commences investment activities, excluding investments made in accordance with second proviso to sub-regulation (1) of regulation 22, within one (1) month of the end of each financial year.] (4) Any other material disclosure, as considered suitable by the FME or the fiduciaries, shall be informed to the investors immediately. (5) The FME and fiduciaries shall comply with the disclosure requirements as may be specified by the Authority.
Statutory text — Principal Regulations, 2025, consolidated as amended up to 10 September 2026 (including the Second Amendment, 2026). The notified Gazette text prevails. Tap a highlighted word for how it functions.
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What this means in practice
Compliance actions
Applies to
Venture Capital scheme
Frequency
At least yearly
Trigger
FY in which scheme commences investment activities
Evidence
Placement memorandum; Annual NAV and portfolio disclosure communications to investors
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What changed in 2026
NAV disclosure to VC scheme investors: at least yearly, starting from the FY in which the scheme commences investment activities (excluding Reg 22(1) second-proviso pre-first-close investments), within the PM-disclosed timeline. Portfolio disclosure: at least yearly on the same starting-point basis, within 1 month of each FY end.
Practical effect
Clarifies the disclosure start-trigger (commencement of investment activity, not registration/first close) and carves out pre-first-close liquid investments from the disclosure base.
What to do
Recalibrate VC scheme disclosure calendars to the 'commencement of investment activities' trigger; confirm PM discloses the specific NAV disclosure timeline.
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Where it connects
Read alongside
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Check yourself
Quiz Centre
Test yourself on Regulation 24
5 questions in the unified bank test this regulation. Each explains every option and cites the provision.
As amended, at what minimum frequency must a VC scheme disclose NAV and portfolio to investors?
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Your notes
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