FME Regulatory Intelligence, Learning & Practice · IFSCA (Fund Management) Regulations, 2025
Learn the FME regulations

The IFSCA (Fund Management) Regulations, 2025, taught regulation by regulation and grouped into practical modules — the rule, what it means, what changed in 2026, what to do, and a check at the end of every lesson.

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Module 1

Foundations & scope

What the regulations cover and the defined terms everything else depends on.
2 lessons
Module 2

Becoming an FME

Registration categories, legal form, track record, key personnel, net worth and fit-and-proper.
15 lessons
Module 3

Venture Capital schemes

Structure, eligible investors, permissible investments and the FME's own contribution for VC schemes.
12 lessons
Module 4

Restricted (non-retail) schemes

The core non-retail scheme regime — corpus, investors, disclosure, valuation and contribution.
12 lessons
Module 5

Retail schemes

Launch process, investor protection, concentration limits and disclosure for retail schemes.
11 lessons
Module 6

Special Situation Funds

Distressed-asset funds — what they can hold, how they are structured and their limits.
8 lessons
Module 7

Exchange Traded Funds

Index, debt, commodity and actively-managed ETFs, and how ETF units trade and redeem.
11 lessons
Module 8

ESG requirements

When ESG governance and disclosure obligations apply to an FME.
1 lessons
Module 9

Portfolio Management Services

Running PMS — agreements, reporting, investment restrictions and advisory services.
9 lessons
Module 10

Investment Trusts — REITs & InvITs

Setting up and running listed and unlisted Investment Trusts, from sponsor to distribution.
22 lessons
Module 11

Family Investment Funds & third-party management

Single-family funds and the third-party fund management framework.
4 lessons
Module 12

Listing

Listing schemes, ETFs and Investment Trusts, and suspension or delisting.
10 lessons
Module 13

Ongoing obligations & governance

Conduct, reporting, risk, custody, change in control and the day-to-day compliance load.
20 lessons
Module 14

Inspection, audit & enforcement

What happens in an IFSCA inspection, and the grounds for action against an FME.
6 lessons
Module 15

Relaxations, sandbox & closing

Relaxation powers, the sandbox, IFSCA's rule-making powers and the repeal/savings.
5 lessons
This is a learning and compliance-preparation tool. Plain-English readings, practical notes, 'what changed' summaries, the timeline and calculators are the portal's interpretation and do not replace professional advice or the notified Gazette text of the IFSCA (Fund Management) Regulations, 2025 and its amendments.

GIFT IFSC · Learning path

Learn the FME Regulations

15 modules · 148 lessons, from the basics to running an FME

Each lesson takes one regulation: the rule, what it means in plain English, what changed in 2026, what to do, and a quick check at the end. About three minutes a lesson.

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The learning path

15 modules in four stages

Work through them in order, or jump to the module you need. Each module ends with a short quiz.

1

Stage 1 · 2 modules · 17 lessons

The basics

What the rules cover and how to become an FME.
  1. 1
  2. 2
2

Stage 2 · 9 modules · 90 lessons

Schemes and products

Each kind of scheme or service an FME can run, and the rules for each.
  1. 3
  2. 4
  3. 5
  4. 6
  5. 7
  6. 8
  7. 9
  8. 10
  9. 11
3

Stage 3 · 2 modules · 30 lessons

Listing and running an FME

Listing, and the obligations that apply every day.
  1. 12
  2. 13
4

Stage 4 · 2 modules · 11 lessons

Supervision and the fine print

Inspection, enforcement, relaxations and closing provisions.
  1. 14
  2. 15
This is a learning and compliance-preparation tool. Plain-English readings, practical notes, 'what changed' summaries, the timeline and calculators are the portal's interpretation and do not replace professional advice or the notified Gazette text of the IFSCA (Fund Management) Regulations, 2025 and its amendments.
Prashant Kumar

Meet the expert

CS Prashant Kumar

Company Secretary & Compliance Officer
Global Horizons Capital Advisors (IFSC) Private Limited — an IFSCA-licensed investment banker

13+ years of experienceFCS Fellow member, ICSIAuthor Audit Under Fire

Published in The Chartered Accountant (Jun 2025, Jan 2025, Mar 2024) and Chartered Secretary (Aug 2023)

Prashant Kumar is a seasoned Company Secretary and corporate governance strategist with more than 13 years of experience advising large corporates, promoter-led groups and global businesses on compliance, regulatory risk and board governance. In GIFT IFSC, the IFSCA regime is his day job rather than a research topic.