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On October 23, 2025, the IFSCA issued a Circular under the IFSCA (Fund Management) Regulations, 2025 ('FM Regulations') setting out a stewardship code framework ('Stewardship Code') for Fund Management Entities ('FMEs') and other institutional investors (such as alternative investment funds and retail funds) operating in the IFSC (collectively referred to as 'Applicable Entities'). Applicable Entities can adopt the Stewardship Code or an equivalent code stipulated by: (i) a financial sector regulator in their home jurisdiction; (ii) a financial sector regulator in India such as SEBI; or (iii) a statutory professional body such as the Institute of Company Secretaries of India; if the core principles are aligned. They must publish the code on their website and ensure regular reporting to both IFSCA and on their website. An FME of a Fund of Funds may disclose and publish the Stewardship Code of the underlying funds in lieu of formulating its own. Applicable Entities must ensure regular and transparent reporting in accordance with the code on their website as well as report to IFSCA.
Originally published 30 January 2026
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