FME Regulatory Intelligence, Learning & Practice · IFSCA (Fund Management) Regulations, 2025
Computation of NAV

Regulation 27

Computation of NAV

IFSCA (Fund Management) Regulations, 2025Amended in 2026Chapter III · Schemes for Fund Management

Chapter III · Schemes for Fund Management

Regulation 27 – Computation of NAV
Amended 2026 High importance about 3 min

Venture Capital schemes: Structure, eligible investors, permissible investments and the FME's own contribution for VC schemes.

1

In plain English

FME must compute VC NAV at least annually; as amended, this starts from the FY the scheme begins investment activities, excluding pre-first-close liquid investments.

In plain English
2

The rule, in its own words

Read the exact text of Regulation 27
27. (1) The FME shall compute the NAV of each Venture Capital scheme at least on an annual basis 12[, 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]. (2) The procedure and methodology for calculating the NAV should be fully documented, and such documentation should be regularly verified and amended, if required. Contribution by the FME in the scheme
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.
Amendment history (3 notes)

Footnotes from the consolidated text. They record earlier wording and are not operative law.

  1. 10 Substituted by the International Financial Services Centres Authority (Fund Management) (Second Amendment) Regulations, 2026, w.e.f. September 10, 2026. Prior to the substitution, it read as “In line with”
  2. 11 Substituted by the International Financial Services Centres Authority (Fund Management) (Second Amendment) Regulations, 2026, w.e.f. September 10, 2026. Prior to the substitution, it read as- “Provided that this requirement shall not apply in case of a fund of funds scheme that invests in scheme(s) regulated by a financial sector regulator, directly or through a manager, in IFSC, India or foreign jurisdiction(s), which are valued by any independent entity.”
  3. 12 Inserted by the International Financial Services Centres Authority (Fund Management) (Second Amendment) Regulations, 2026, w.e.f. September 10, 2026.
3

What this means in practice

Compliance actions
Applies to
Venture Capital scheme
Frequency
At least annual
Trigger
FY scheme commences investment activities
Evidence
NAV computation workpapers
4

What changed in 2026

NAV computation frequency for VC schemes (at least annual) now explicitly starts from the FY in which the scheme commences investment activities, excluding Reg 22(1) second-proviso pre-first-close investments.

Practical effect
Same start-trigger clarification as Reg 24, applied to NAV computation.
What to do
Align NAV computation calendar with the investment-activity-commencement trigger.
5

Where it connects

Read alongside

6

Check yourself

Quiz Centre

Test yourself on Regulation 27

2 questions in the unified bank test this regulation. Each explains every option and cites the provision.

At what minimum frequency must a VC scheme compute NAV?
7

Your notes

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Venture Capital schemes
Regulation 27 Chapter III · Part A Amended 2026 High · about 3 min