What Is IFSCA? GIFT City's Unified Financial Regulator
By Anup Vatyani, AMFI-registered Mutual Fund Distributor (ARN 106715)
Last reviewed October 2026
The short answer. IFSCA, the International Financial Services Centres Authority, is the one regulator for banking, capital markets, insurance, pensions and funds inside India's International Financial Services Centre at GIFT City. Before IFSCA, four regulators shared that job. If you invest in a GIFT City fund, IFSCA is the regulator of the fund and its manager.
Four regulators became one
RBI
Banking and foreign exchange
SEBI
Securities markets and funds
IRDAI
Insurance
PFRDA
Pensions
IFSCA
Unified regulator, headquartered in GIFT City, Gandhinagar
IFSC Banking Units
Exchanges and brokers
Fund Management Entities and funds
Insurance and pensions
Key facts
| Full name | International Financial Services Centres Authority |
| Law | International Financial Services Centres Authority Act, 2019 |
| Established | 27 April 2020 |
| Headquarters | GIFT City, Gandhinagar, Gujarat |
| Regulates | Financial products, services and institutions in IFSCs in India |
| Fund rules | IFSCA (Fund Management) Regulations, 2025 |
| Website | ifsca.gov.in |
How IFSCA regulates GIFT City funds
- It registers the manager. Every GIFT City fund is run by a Fund Management Entity (FME) registered with IFSCA in a category that decides which schemes it may run, for example a Registered FME (Retail).
- It sets the scheme types. Retail schemes, restricted schemes, venture capital schemes and portfolio management services each have their own investor eligibility and minimums. See types of GIFT City funds.
- It requires disclosure. Schemes file offer documents and report to IFSCA and investors.
- It does not guarantee returns. Regulation governs conduct and disclosure, not performance.
Checking a fund manager in three steps
- 1
Get the FME's legal name
From the offer document or factsheet
- 2
Search the IFSCA Directory
ifsca.gov.in, regulated entities
- 3
Match category and number
Registration must match the document
For the bigger picture, read What is GIFT City and IFSC, IFSCA vs SEBI and the GIFT City glossary.
Common questions
What are the main IFSCA regulations?
IFSCA has issued separate regulations for fund management, banking, capital markets, insurance, payment services and more. For investors, the most important are the IFSCA (Fund Management) Regulations, 2025.
What are the GIFT City FME regulations?
Fund Management Entities register with IFSCA under the Fund Management Regulations, 2025, which set registration categories, net worth, key personnel and the schemes each category may run. The regulations reduced the minimum corpus for schemes from USD 5 million to USD 3 million.
What compliance does a GIFT City AIF have?
A GIFT City AIF (restricted or venture capital scheme) must file its placement memorandum with IFSCA, appoint a custodian and auditor, follow investor and valuation rules, and report to IFSCA and investors regularly. The details depend on the scheme type.
What are the IFSCA (Fund Management) Regulations, 2025?
They are the rules for fund managers and funds in GIFT IFSC. They replaced the 2022 regulations and set out how Fund Management Entities register, which schemes they may run (retail, restricted, venture capital, PMS), the minimum investments and the disclosures they must make.
What is an IFSCA-registered Fund Management Entity?
A Fund Management Entity (FME) is the company that manages a GIFT City fund. It must be registered with IFSCA in a category that matches the schemes it runs, such as Registered FME (Retail). You can look it up in the IFSCA Directory.
What is IFSCA?
The International Financial Services Centres Authority (IFSCA) is the single regulator for financial products, services and institutions in International Financial Services Centres in India. Today that means GIFT IFSC in Gandhinagar, Gujarat.
When was IFSCA set up?
IFSCA was established on 27 April 2020 under the International Financial Services Centres Authority Act, 2019.
Does SEBI regulate GIFT City funds?
No. Inside the IFSC, IFSCA exercises the powers that SEBI, RBI, IRDAI and PFRDA hold in the rest of India. GIFT City funds are governed by the IFSCA (Fund Management) Regulations, 2025.
How do I check whether a fund manager is regulated by IFSCA?
Search the IFSCA Directory of regulated entities on ifsca.gov.in for the Fund Management Entity's name, and match the registration details with those in the fund's offer document.
Official sources
Rules change. Check the current position with the authority that sets it.
- IFSCA — International Financial Services Centres Authority — The regulator for all financial services in GIFT IFSC.
- IFSCA Directory of regulated entities — Check that a Fund Management Entity is registered.
- GIFT City — official website — Gujarat International Finance Tec-City.
Have a question about how this works?
Anup Vatyani explains GIFT City fund structures and the investment process in plain English. Educational conversation only, not personalised advice.
Talk to AnupThis page is educational and is not investment, tax or legal advice. Figures and rules are as understood at the date shown and can change; check the official sources and the scheme's offer documents. Investments are subject to market risks; read all scheme-related documents carefully.