Investment Manager
Regulation 87
Investment Manager
IFSCA (Fund Management) Regulations, 2025No change in 2026Chapter VI · Other Fund Management Activities
Chapter VI · Other Fund Management Activities
Regulation 87 – Investment Manager
High importance about 3 min
Investment Trusts — REITs & InvITs: Setting up and running listed and unlisted Investment Trusts, from sponsor to distribution.
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In plain English
For private placement, any may be the Investment Manager; for public issues, only a Registered FME (Retail) may act as Investment Manager.
In plain English
2
The rule, in its own words
Read the exact text of Regulation 87
87. (1) In case of private placement, any Registered FME shall be eligible to be appointed as Investment Manager.
(2) In case of a public issues, only a Registered FME (Retail) shall be eligible to be appointed as an Investment Manager.
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
Compliance actions
- Applies to
- Investment Trust (Investment Manager)
- Frequency
- At appointment
Common mistake
Appointing a Non-Retail FME as investment manager for a public issue, which is not permitted.4
Where it connects
Read alongside
5
Check yourself
Quiz Centre
Test yourself on Regulation 87
2 questions in the unified bank test this regulation. Each explains every option and cites the provision.
For a PUBLIC issue Investment Trust, which FME category may act as Investment Manager?
6
Your notes
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Investment Trusts — REITs & InvITs