International Financial Services Centres Authority (‘IFSCA’), by way of a Circular dated September 11, 2026, has permitted Fund Management Entities (‘FMEs’) to seek extension of the validity of an expired placement memorandum of a venture capital (VC) scheme or a restricted scheme, even where the application is filed after expiry of the validity period. Such extensions are subject to: (i) an extension fee equal to 50% of the applicable fresh scheme filing fee for each six-month period; (ii) a late fee equal to 50% of the extension fee, to be borne by the FME and not passed on to the scheme or its investors; (iii) no material changes to the placement memorandum; and (iv) such additional information or declarations as IFSCA may require. Extensions will ordinarily be valid for six months and are without prejudice to IFSCA’s right to take action against the FME and its key managerial personnel for non-compliance during the expiry period.