India: Fund Management/ REITs

The Securities and Exchange Board of India (SEBI) through the circular HO/19/34/11(2)2026-AFD-POD1/I/13764/2026 dated 16 June 2026 (Circular) has issued guidelines for AIFs seeking ‘Inoperative Fund’ status. The Circular follows SEBI’s consultation paper dated 5 February 2026 titled ‘Flexibility to Alternative Investment Funds (AIFs) in Winding up the Scheme / Surrendering the Registration’, which proposed granting AIFs / VCFs greater flexibility to retain liquidation proceeds beyond the expiry of their permissible tenure in specified circumstances.

Securities and Exchange Board of India (“SEBI”), vide its circular dated April 30, 2026, has introduced a fast-track mechanism for the processing of private placement memorandums (“PPMs”) filed by alternative investment funds (“AIFs”) with SEBI, as an ease of doing business measure.

India's GIFT IFSC continues its transformation into a global financial hub through strategic regulatory reforms, institutional expansion, and international partnerships. From high-frequency trading approvals to aircraft leasing frameworks and treasury centre establishments, the jurisdiction is rapidly evolving its capabilities across banking, capital markets, insurance, and fintech sectors.

India’s fund management industry has traditionally operated on two distinct regulatory tracks. Mutual funds are regulated as retail pooled investment products under the SEBI mutual fund framework. Alternative investment funds, on the other hand, are regulated under the SEBI ...

The IFSCA on January 16, 2026, issued a Circular streamlining the procedure for registered Fund Management Entities (‘FMEs’)...

GIFT IFSC, India's first international financial services centre, continues its rapid evolution as a globally competitive financial hub under the unified regulation of IFSCA. Recent developments span critical regulatory frameworks for capital raising, aircraft leasing SPVs, cybersecurity mandates for market infrastructure, pension fund regulations, and landmark approvals including India's first foreign family office registration.

SEBI by way of circular dated 06.03.20261 (“MF Circular”), has introduced a voluntary lock in / debit freeze facility for Mutual Fund (“MF”) folios.

SEBI by way of circular dated 04.03.2026 (“Custodian Circular”), has issued updated guidelines for registered Custodians, following the amendment to the SEBI (Custodian) Regulations, 1996 (“Custodian Regulations”) issued by notification dated 18.09.2025.

The Variable Capital Company (‘VCC') model was first conceptualised in Singapore through the Variable Capital Companies Act, 2018. VCC model is a unique corporate structure tailored to support...