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

Regulation 51

Computation of NAV

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

Chapter III · Schemes for Fund Management

Regulation 51 – Computation of NAV
Amended 2026 High importance about 3 min

Retail schemes: Launch process, investor protection, concentration limits and disclosure for retail schemes.

1

In plain English

NAV of every ">Retail scheme must be computed daily (open-ended) or weekly (close-ended), from the day/week investment activities commence, excluding pre-threshold liquid investments.

In plain English
2

The rule, in its own words

Read the exact text of Regulation 51
51. (1) 39[The FME shall ensure that the NAV of each retail scheme is computed on a daily basis in case of an open-ended scheme, and on a weekly basis in case of a close-ended scheme, starting from the day or week, as the case may be, in which the scheme commences investment activities, excluding investments made in accordance with second proviso to sub-regulation (1) of regulation 46, in such manner as specified by the Authority.] (2) The procedure and methodology for calculating the NAV should be fully documented, and such documentation should be regularly verified and amended.
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. 37 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. 38 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 the above requirement shall not apply in case of a fund of funds scheme that invest in scheme(s), regulated by a financial sector regulator, directly or through a manager, in IFSC or India or foreign jurisdiction(s), which are valued by any independent entity.”
  3. 39 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- “The FME shall ensure that the NAV of each retail scheme is computed on a daily basis in case of an open-ended scheme and on a weekly basis in case of a close-ended scheme; in such manner as specified by the Authority.”
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What this means in practice

Compliance actions
Applies to
Retail scheme
Frequency
Daily / weekly
Trigger
Day/week investment activities commence
Evidence
NAV computation workpapers
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What changed in 2026

NAV computation for Retail schemes: daily (open-ended) or weekly (close-ended), from the day/week investment activities commence, excluding Reg 46(1) second-proviso investments, in the Authority-specified manner.

Practical effect
Applies the commencement-trigger and carve-out to Retail scheme NAV computation frequency.
What to do
Align NAV computation calendar accordingly.
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Where it connects

Read alongside

6

Check yourself

Quiz Centre

Test yourself on Regulation 51

1 question in the unified bank test this regulation. Each explains every option and cites the provision.

How often must a Retail scheme compute NAV?
7

Your notes

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Retail schemes
Regulation 51 Chapter III · Part C Amended 2026 High · about 3 min