The International Financial Services Centres Authority, through Circular dated April 1, 2026, has mandated a certification requirement for Key Managerial Personnel (KMPs) and employees engaged in core fund management activities under the IFSCA (Fund Management) Regulations, 2025. The specified course, “Regulatory Framework for Fund Management in IFSC: AIFs and Retail Schemes,” offered by Institute of Company Secretaries of India, must be completed by September 30, 2026. Fund Management Entities (FMEs) and their controlling persons are responsible for ensuring compliance with eligibility criteria and timely certification. While mandatory for core personnel, the circular also encourages employees in support roles and related ecosystem entities to undertake the certification to enhance competence and regulatory preparedness. Issued under statutory powers of the IFSCA Act, 2019, the circular aims to strengthen professional standards, ensure regulatory compliance, and promote operational excellence within IFSC-based fund management entities.
International Financial Services Centres Authority
Circular No. IFSCA/13/2026-Capital Markets/1 Dated: April 01, 2026
To,
The Fund Management Entities (FMEs) in the International Financial Services Centres
Dear Sir/Madam,
Sub: Amendment to Circular on Appointment and Change of Key Managerial Personnel (KMP) by a Fund Management Entity (FME)
1. Reference is drawn to the IFSCA circular dated February 20, 2025, titled “Appointment and Change of Key Managerial Personnel by a Fund Management Entity.” (‘KMP Circular’)
2. Upon review, it has been decided that Paragraph 4 of the aforementioned KMP Circular, shall stand omitted with immediate effect.
3. All other provisions and conditions specified in the KMP Circular, shall remain in effect.
4. This Circular is issued in exercise of the powers conferred by Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with regulation 7 and sub- regulation (1) of regulation 146 of the FM Regulations, and shall come into force with immediate effect.
5. A copy of this circular is available on the website of the International Financial Services Centres Authority at www.ifsca.gov.in.
Sd/-
Pradeep Ramakrishnan Executive Director
International Financial Services Centres Authority
Circular No. IFSCA/13/2026-Ca pital Markets/1 | Dated: April 1, 2026
To,
All Regulated Entities in the International Financial Services Centres (IFSC).
Dear Sir/Madam,
Sub: Specification of Certification Course for Key Managerial Personnels (KMPs)/Employees under the International Financial Services Centres Authority (Fund Management) Regulations, 2025
1. Reference is drawn to sub-regulation (6) of Regulation 7 of the International Financial Services Centres Authority (Fund Management) Regulations, 2025 (hereinafter referred to as ‘FM Regulations’), which empowers the Authority to specify certification courses for the employees of Fund Management Entity (‘FME’) in IFSC.
2. In exercise of the aforesaid powers under sub-regulation (6) of Regulation 7 of the FM Regulations, the Authority hereby specifies the following certificate course for KMPs and all other employees discharging the core fund management activities, as under:
“Regulatory Framework for Fund Management in IFSC: AIFs and Retail Schemes” offered by The Institute of Company Secretaries of India.
3. The FME shall ensure that its KMPs and all other employees discharging the core fund management activities, successfully complete the aforementioned certification courses on or before September 30, 2026.
4. The FME and the person(s) in control of the FME shall be responsible for ensuring continuous adherence to the eligibility criteria for KMPs as laid down in IFSCA (Fund Management) Regulations, 2025, connected circulars, guidelines, etc., and the timely completion of the specified certification course(s) by its employees as specified in this circular.
5. Further, employees of the FMEs involved in providing non-operational / support services and entities supporting the fund management ecosystem in GIFT-IFSC including but not limited to Trustees, Intermediaries, and Fund Administrators are encouraged to undertake this certification to enhance professional competence, ensure regulatory preparedness, and promote higher standards of operational excellence within the IFSC.
6. This circular is issued in exercise of the powers conferred under Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, read with sub-regulation (6) of Regulation 7 and sub-regulation (1) of Regulation 146 of the FM Regulations, and shall come into force with immediate effect.
7. A copy of this circular is available on the website of the International Financial Services Centres Authority at ifsca.gov.in.
Sd/-
Pradeep Ramakrishnan
Executive Director
