The International Financial Services Centres Authority (IFSCA) on April 05, 2024, issued a notification regarding the Ease of doing business - Filing of Schemes or funds under IFSCA (Fund Management) Regulations 2022.
The following has been stated-
•In order to streamline the process and improve the ease of doing business in the fund management ecosystem at the International Financial Services Centre (IFSC), it has been decided that all schemes or funds launched under Chapter III (except Part C: Retail Schemes) of the Fund Management Regulations will require submission of a Private Placement Memorandum (PPM) along with other necessary documents to the Authority. These documents must ensure minimum disclosures and meet other outlined requirements. Once these documents are filed and all stipulated requirements are met, the Fund Management Entities (FMEs) may proceed to launch their respective schemes. Additionally, IFSCA will establish a web portal for filing scheme documents before an offer is made, further facilitating the process.
•The Scheme or Fund documents shall be submitted with the Authority in the Application Form specified in Annexure A attached to the document.
[Notification No. IFSCA-AIF/32/2024-Capital Markets]
