The IFSCA (Fund Management) Regulations, 2025 (“FM Regulations, 2025”), have been published in the official gazette on February 19, 2025, repealing the IFSCA (Fund Management) Regulations, 2022 (“FM Regulations, 2022”).
Under the FM Regulations, 2025, the validity period of the private placement memorandum (PPM) for Venture Capital Schemes and Restricted Schemes is 12 (twelve) months as against 6 (six) months specified under FM Regulations, 2022. Additionally, under FM Regulations, 2025, the minimum corpus requirement for various schemes, including Venture Capital Schemes and Restricted Schemes, is reduced to USD 3 million as against USD 5 million specified under the FM Regulations, 2022.
In accordance with the FM Regulations, 2025, the Venture Capital Schemes and Restricted Schemes filed under the FM Regulations, 2022 will be able launch under the new regulatory regime, if –
- These schemes were taken on record by the Authority during the 6 (six) months period ending on February 19, 2025; or
- These schemes had obtained approval from the Authority for extension of the validity of their PPM and such extended tenure ends on or after February 19, 2025.
