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September 2026
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FEMA & RBIBanks must value unquoted InvIT and REIT units at disclosed NAV — and at ₹1 if NAV is not disclosed as SEBI requires or the units are infrequently traded
InvIT/REIT units: NAV or ₹1ClarifiedRBI has inserted paragraphs 84A and 84B in the Commercial Banks investment portfolio Directions, 2025 to bring uniformity in how banks value units of Infrastructure Investment Trusts and Real Estate Investment Trusts. Quoted units follow the rules for quoted securities; unquoted units are valued at the NAV disclosed by the trust, failing which at ₹1. In force from 22 September 2026.
August 2026
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FEMA & RBIIFSCA Fund Management Regulations amended again: “associate” set at a 20% test, pre-first-close money ring-fenced, differential distribution enabled
Associate = 20% holding testRule changeThe IFSCA (Fund Management) (Second Amendment) Regulations, 2026 redefine “associate” on a 20 per cent holding test, require money received before first close to be parked only in liquid, capital-preserving investments, let Venture Capital schemes make follow-on investments in companies older than ten years, enable senior and junior units, and reset NAV disclosure and FME contribution rules.
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SEBINPS Point of Presence charges from 1 October 2026: ₹200 one-time onboarding per PRAN and 0.20% of AUM a year for all schemes and NPS Lite; dormant accounts not charged
PoP: ₹200 + 0.20% of AUMRule changePFRDA has revised what Points of Presence can charge for all schemes under NPS and NPS Lite from 1 October 2026: a one-time onboarding charge of ₹200 per PRAN, recovered at ₹50 a quarter, and an annual charge of 0.20% of AUM adjusted through NAV. Dormant accounts are not charged. Fully digital onboarding may attract a reduced ₹100 charge. GST is extra.
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