The International Financial Services Centres Authority (IFSCA) on February 20, 2025, issued a circular regarding the Appointment and Change of Key Managerial Personnel by a Fund Management Entity.
The following has been stated: -
•This circular outlines the process for Fund Management Entities (FMEs) in International Financial Services Centres (IFSCs) to appoint or change Key Managerial Personnel (KMPs). FMEs must file an intimation with the IFSCA in a prescribed format, ensuring the proposed KMP meets eligibility criteria.
•The Authority will provide feedback within seven working days, and vacancies must be filled within six months.
•The circular is effective immediately, with compliance required for all KMP changes.
The detailed circular is given in the document below.
[Circular No. F. No. IFSCA-IF-10PR/1/2023-Capital Markets/6]
