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With a view to develop the framework for investment funds in IFSC, the International Financial Services Centre Authority has proposed to issue IFSCA (Fund Management) Regulations, 2022 (Draft Fund Management Regulations/Draft Regulations), based on global best practices, focusing on the ease of doing business.
A committee of experts on investment funds was set up by IFSCA to review global best practices and make recommendations to the IFSCA on the roadmap for the industry, and accordingly a committee report has been tabled before the IFSCA, and Draft Fund Management Regulations have been issued for public comments.
The Draft Regulations propose to govern retail schemes, non-retail schemes such as alternative investment funds, portfolio management schemes, investment trusts such as real estate investment trust and infrastructure investment trust, environmental, social and governance schemes, self-managed family investment fund and other fund management activities.
The draft regulations propose to inter alia repeal Securities and Exchange Board of India (AIF) Regulations, 2012, SEBI (MF) Regulations, 1996, with respect to their applicability in IFSC.
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