FME Regulatory Intelligence, Learning & Practice · IFSCA (Fund Management) Regulations, 2025
How the framework evolved

The regulatory position for GIFT IFSC fund management, from the first framework to the current amended text. Only events supported by the source material are shown.

  • 2022

    IFSCA (Fund Management) Regulations, 2022

    The first dedicated fund-management framework for GIFT IFSC, later repealed by the 2025 regulations.
    Superseded
  • 2025

    IFSCA (Fund Management) Regulations, 2025

    The current principal regulations. On commencement they repealed the 2022 regulations and superseded two 2024 circulars, with savings for prior actions.
    Principal
  • Jan 2026

    Principal regulations amended (to 30 January 2026)

    The base text now in force reflects amendments up to 30 January 2026 — including the custodian transition window and the additional winding-up grounds.
    Amendment
  • Sep 2026

    Second Amendment Regulations, 2026

    IFSCA/GN/2026/015, in force 7 September 2026. Restructured the FME contribution formulae, redefined 'associate', extended the annual-report timeline, updated the PMS advisory cross-reference to the 2025 CMI Regulations, and added new contribution exemptions.
    Latest
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.

SEBI AIF · Regulatory timeline

How the framework evolved

From the 2012 Regulations to the 2026 amendments

The regulatory position for SEBI Alternative Investment Funds, step by step. Only events supported by the source documents are shown, and each one links to the regulations it touched.

At a glance

  1. 2012Principal
  2. Nov 2025Amendment
  3. Apr 2026Amendment
  4. Jun 2026Circular
  5. Jul 2026Latest

Current position: the 2012 Regulations as amended up to July 2026, read with the Master Circular (last updated 7 September 2026).

  1. 2012

    SEBI (Alternative Investment Funds) Regulations, 2012

    Principal

    Published in the Gazette on 21 May 2012. They created the AIF framework and repealed the SEBI (Venture Capital Funds) Regulations, 1996, with savings for existing funds.

    Regulations touched:Reg 1Reg 39
  2. Nov 2025

    Third Amendment Regulations, 2025

    Amendment

    Notified on 19 November 2025 (SEBI/LAD-NRO/GN/2025/274), with effect from the same date. Among other changes, “large value fund for accredited investors” became “Accredited Investors only fund” across the Regulations. This was the last amendment before 2026.

  3. Apr 2026

    Amendment Regulations, 2026

    Amendment

    Notified on 16 April 2026 (SEBI/LAD-NRO/GN/2026/303). An individual investing in a social impact fund that invests only in not-for-profit organisations registered or listed on a social stock exchange can now invest from ₹1,000 (earlier ₹2 lakh). Sale of assets on winding up is subject to conditions SEBI may specify, and a new Regulation 29(10A) lets an AIF be tagged as an inoperative fund.

    Regulations touched:Reg 10Reg 29
  4. Jun 2026

    Master Circular for AIFs issued

    Circular

    Issued on 3 June 2026, replacing the Master Circular of 7 May 2024 and covering circulars up to 31 May 2026. It requires a limited Quarterly Activity Report, the first one for the quarter ending June 2026. Updated on 16 June 2026 (winding up and ‘Inoperative Fund’ status), 30 July 2026 (GARUDA green channel for placement memoranda) and 7 September 2026 (angel fund accredited investor timeline).

    Regulations touched:Reg 28Reg 29
  5. Jul 2026

    Second Amendment Regulations, 2026

    Latest

    Notified on 10 July 2026 (SEBI/LAD-NRO/GN/2026/313). Regulation 12 is reworked: the scheme fee is now paid under Regulation 12(1), where the first-scheme fee exemption also moves. The placement memorandum is filed at least ten working days before launch (earlier thirty days) with the documents SEBI specifies. SEBI’s comments go to the merchant banker or the Manager, who must ensure they are complied with (new 12(3A)). Accredited Investors only funds stay outside 12(2), (3) and (3A). For angel funds, the placement memorandum under Regulation 19D(4) no longer goes through a merchant banker, and 19D(5) is omitted.

    Regulations touched:Reg 12Reg 19D
See every 2026 amendmentThe earlier and current text, side by side.Read the lawThe full current text, chapter by chapter.
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.