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Jan 30, 2026

Stewardship Code for Fund Managers and Funds Operating in GIFT City

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.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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