The International Financial Services Centres Authority (IFSCA) on February 16, 2024, issued a notification regarding the Maintenance of net worth by the Fund Management Entity.
Without prejudice to IFSCA’s power to take action for non-compliance with the regulation as mentioned earlier, in case the net worth of any FME falls below the specified net worth, such FME shall not–
•launch new schemes in IFSC;
•onboard new clients towards any of the activities or undertake new business activities permitted under the Fund Management Regulations;
till the time the net worth is restored.
[Notification No. IFSCA-IF-10PR/1/2023-Capital Markets/2]
