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India-November 2025
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Third-party fund management in India’s IFSC: a new regulatory chapter
Background
In a much-awaited update by the global investor community on 30 July 2025 India’s International Financial Services Centres Authority (IFSCA) published the IFSCA (Fund Management) (Amendment) Regulations 2025 (FM Amendment) to allow IFSCA-registered Fund Management Entities (FMEs) to set up and manage schemes on behalf of third-party fund managers (TPFM). The IFSCA (Fund Management) Regulations 2025 (FM Regulations) introduce a new framework for third-party fund management services (TPFMS) (the New Framework) the provisions for which (regs 107A-107M) are inserted under a new Pt D in Chapter VI: Other Fund Management Activities.
The New Framework was first discussed in the Consultation Paper on Review of IFSCA (Fund Management) Regulations 2022 published in August 2024 popularly terming it as “Platform Play”. The New Framework among other items was approved and...
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