IFSCA (Fund Management) Regulations, 2025No change in 2026Chapter III · Schemes for Fund Management
Chapter III · Schemes for Fund Management
Regulation 43 – Eligible FMEs and Filing of Offer Document
High importance about 3 min
Retail schemes: Launch process, investor protection, concentration limits and disclosure for retail schemes.
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In plain English
A ">retail scheme cannot be launched unless a draft is filed with the Authority, with fees, at least 21 working days before launch. The offer document is valid for 12 months from the on-record communication. The Authority's comments must be incorporated before launch, and no retail scheme is filed unless the fiduciaries have approved it.
In plain English
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The rule, in its own words
Read the exact text of Regulation 43
43. (1) No scheme shall be launched unless a draft offer document is filed with the Authority along with the applicable fees at least twenty-one (21) working days before the launch of the scheme.
(2) The validity of the offer document for launch of the scheme shall be twelve (12) months from the date of communication from the Authority to the FME that the offer document has been taken on record.
Explanation.- For the purpose of the Income Tax Act, 1961, the communication received by the FME from the Authority that the offer document has been taken on record, shall be construed as Certificate of Registration.
(3) The FME shall ensure that the comments of the Authority are incorporated in the …
Show the full text
43. (1) No scheme shall be launched unless a draft offer document is filed with the Authority along with the applicable fees at least twenty-one (21) working days before the launch of the scheme.
(2) The validity of the offer document for launch of the scheme shall be twelve (12) months from the date of communication from the Authority to the FME that the offer document has been taken on record.
Explanation.- For the purpose of the Income Tax Act, 1961, the communication received by the FME from the Authority that the offer document has been taken on record, shall be construed as Certificate of Registration.
(3) The FME shall ensure that the comments of the Authority are incorporated in the offer document prior to launch of the scheme.
(4) The FME shall ensure that any material changes from the information disclosed in the draft offer document are informed to the Authority immediately.
(5) No retail scheme shall be filed with the Authority unless it has been approved by the fiduciaries.
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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Exceptions and conditions
Taken from the wording of this provision — the carve-outs and conditions worth reading closely.
(1) No scheme shall be launched unless a draft offer document is filed with the Authority along with the applicable fees at least twenty-one (21) working days before the launch of the scheme
(5) No retail scheme shall be filed with the Authority unless it has been approved by the fiduciaries
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What this means in practice
Compliance actions
Applies to
Registered FME (Retail)
Frequency
Per scheme launch
Timing
File at least 21 working days before launch; validity 12 months
Evidence
Draft offer document filing with timestamp; Fiduciary approval record; On-record communication
Common mistake
Filing fewer than 21 working days before the intended launch date, which delays the launch.
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Where it connects
Read alongside
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Check yourself
Quiz Centre
Test yourself on Regulation 43
9 questions in the unified bank test this regulation. Each explains every option and cites the provision.
A retail scheme's draft offer document must be filed with the Authority at least how long before launch?
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Your notes
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