{"id":2302,"date":"2025-01-22T12:52:16","date_gmt":"2025-01-22T12:52:16","guid":{"rendered":"https:\/\/www.rnm.in\/blog\/?p=2302"},"modified":"2025-01-30T10:55:38","modified_gmt":"2025-01-30T10:55:38","slug":"gity-city-updates-december-2024","status":"publish","type":"post","link":"https:\/\/www.rnm.in\/blog\/gity-city-updates-december-2024\/","title":{"rendered":"Gity City Updates &#8211; December 2024"},"content":{"rendered":"<h2>IFSCA proposes amendments to FME regulations, aimed at improving enhancing ease of doing business<\/h2>\n<p><span style=\"font-weight: 400;\">GIFT City, India\u2019s first International Financial Services Centre (IFSC), modelled as a global financial and IT hub and spread over ~886 acres provides a seamless integration of cutting edge infrastructure with modern urban planning. It was established with an aim to position India as a competitive international financial market in the global landscape. Apart from world-class infrastructure, favourable regulatory frameworks under unique regulatory body IFSCA, access to international markets &amp; attractive tax incentives (under SEZ) are some of the striking benefits offered by GIFT City.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Banking and Investment Funds have played a pivotal role in the growth and development of GIFT City. As per the latest data available on IFSC website as on Dec\u201924, a total of 132 FMEs and 171 funds are registered with IFSC Authority. At its 42<\/span><span style=\"font-weight: 400;\">nd<\/span><span style=\"font-weight: 400;\"> meeting on Dec\u201919, 2024, IFSCA has proposed to make some pivotal changes in its regulations to further simplify and streamline the regulatory framework, enhance the ease of doing business and encourage FMEs to setup and expand their fund and portfolio management services operations in GIFT City.\u00a0<\/span><\/p>\n<h2>Some of the key proposed changes are:<\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reduction in minimum corpus requirement for VC schemes &amp; non-retail schemes (AIFs) from USD 5million earlier to USD 3 million.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Instead of requiring prior approval from the IFSCA for the appointment of a Key Managerial Personnel (KMP), the new regulation proposes only intimation to the IFSCA.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Increase in validity of private placement memorandum for the non-retail schemes from six months to 12 months from the date of filing with IFSCA or from the date of observation letter by IFSCA, whichever is later.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Allowing open-ended category III AIFs to commence investment activities upon reaching minimum corpus of USD 1 million, with requirement to reach the minimum corpus of USD 3 million within 12 months.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">RNM Capital FME IFSC LLP, the fund management entity of RNM Group is in its advanced stages of getting all the regulatory approvals. The in-principle approval, the Letter of Approval from the Department of Commerce, Government of India, and the FME approval from the IFSCA have already been obtained. However, the approval for the Bond-cum-Legal Undertaking (BLUT) from the IFSCA is currently awaited. We are looking forward to the formal launch of the RNM Equity Opportunities Fund \u2013 Non Resident soon.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Read Related Blog: <a href=\"https:\/\/www.rnm.in\/blog\/unlocking-growth-potential-with-gift-city\/\" target=\"_blank\" rel=\"noopener\">Unlocking Growth Potential with GIFT City Investment<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IFSCA proposes amendments to FME regulations, aimed at improving enhancing ease of doing business GIFT City, India\u2019s first International Financial Services Centre (IFSC), modelled as a global financial and IT hub and spread over ~886 acres provides a seamless integration of cutting edge infrastructure with modern urban planning. It was established with an aim to position India as a competitive [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[445],"tags":[],"class_list":["post-2302","post","type-post","status-publish","format-standard","hentry","category-gity-city"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gity City Updates - December 2024<\/title>\n<meta name=\"description\" content=\"Gift City Updates December - IFSCA proposes amendments to FME regulations to enhance ease of doing business and key proposed changes and their implications.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rnm.in\/blog\/gity-city-updates-december-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gity City Updates - December 2024\" \/>\n<meta property=\"og:description\" content=\"Gift City Updates December - IFSCA proposes amendments to FME regulations to enhance ease of doing business and key proposed changes and their implications.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rnm.in\/blog\/gity-city-updates-december-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"RNM India Blogs\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-22T12:52:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-30T10:55:38+00:00\" \/>\n<meta name=\"author\" content=\"Rnm\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rnm\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.rnm.in\/blog\/gity-city-updates-december-2024\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.rnm.in\/blog\/gity-city-updates-december-2024\/\"},\"author\":{\"name\":\"Rnm\",\"@id\":\"https:\/\/www.rnm.in\/blog\/#\/schema\/person\/c803658b38f2490f6a75863d05644438\"},\"headline\":\"Gity City Updates &#8211; 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